Not many of us attended career day in elementary school and announce that they want to become entrepreneurs. Most of us said a teacher, doctor, lawyer, maybe even a firefighter. Why? Though at that tender age most of us didn’t know it, these are considered stable careers, safe careers. Our parents did not advocate us to start our own businesses but rather find a steady job with good pay. But, they ignored the importance of entrepreneurship and what it brings to the world as it’s the backbone of the economy.
Society’s need for Innovation
For capitalism to survive, there must be competition, growth and innovation. This is where an entrepreneur thrives. No, you don’t need a college degree to become an entrepreneur, however, as a person, you need to welcome competition and use it as a way to produce. These minds exist everywhere as 64% of jobs created were done so by small businesses. New businesses are usually never copies of older businesses, thus, they disrupt the established market leaving older companies no other choice but to change or risk losing business. For example, Netflix completely obliterated the video rental industry by allowing people to stream movie and tv series from their tv. Do you see a Blockbuster anywhere nowadays? This constant change and development are the economy is thanks to those that want to create and be innovative.
Entrepreneurship – A viable career option?
What’s an amazing thought is that people thought entrepreneurship wasn’t a career. Even though the entire economy is essentially created by people who are entrepreneurs, there’s this fear that surrounds the word. Being an entrepreneur makes people uncomfortable because it represents uncertainty. Many people joke around with the word, using it as a way to describe someone who’s unemployed or unmotivated to get a “job” but that’s not the case. Simply, they wish to create their own job which tends to through many people off as it’s not the traditional form of employment. It’s true, you don’t know what will happen to your idea as an entrepreneur, but you also don’t know if you’ll get laid off or not at your office. You may hear people say in response to entrepreneurship, “but is it secure?” First of all, it’s important to understand that there is no such thing as job security. Yes, finding a stable career sounds nice, but at the end of the day, there’s always someone higher than you that can let go. And they’ll let you go without much difficulty.
In today’s society, there is less and less “full-time employment” and more “part-time” or “contract” work. Essentially, in due time, there will not be any jobs which put you on a payroll with benefits. This is where entrepreneurship comes in. In a world with fewer and fewer jobs, entrepreneurs create their own employment. Sure, some of them fail, that’s just the risk of doing business, but half of the new businesses make it to their fifth year. The market is competitive, everyone knows that yet entrepreneurship is the motivating force behind the economy, it’s what increases employment rate as without new businesses, there would be no employment growth.
Taking the leap of faith
Entrepreneurship has always been a career option for people, however, many people lack the ability to take risks and choose careers which appear as a safer option. A Duke University survey found that over 90% of entrepreneurs came from upper-low to middle-class backgrounds. These entrepreneurs were not millionaires as many people think, but rather they decided to risk and overcome the societal fear of failing. But let’s not kid ourselves, though some do start a business with a simple wordpress website and develop their idea into an actual career there are other entrepreneurs have the financial means to take their big ideas to another level. Now, this doesn’t mean you should quit your job tomorrow and begin your life as an entrepreneur – of course, you can if you want. But, it’s important to know that entrepreneurship is not for everyone. But this can be said about every job. Not everyone is made to be a firefighter or a teacher as each job requires a specific ability and set of skills. Though being an entrepreneur is risky in comparison to work a 9 to 5 job, it’s only considered risky because you have no one supporting you. This is how entrepreneurs worked their way up, they realized that they were on their own from the beginning. Many industries have upended leaving the future bleak for many employees, thus, many are looking at ways to use their former career, transforming it through the means entrepreneurship. This is a great start since you’re not throwing away your acquired skills and prior career, you’re simply finding a way to use those skills in a different light. So why not take the risk and create your own career?