It is often said that an entrepreneur is a person who has started his or her own business. When we hear the term entrepreneur, we tend to associate it with a person who has or is starting their own ventures. This is indeed the case, as the formal definition of Entrepreneurship is that it is the process of starting a business or an organization for profit or for social needs.
An entrepreneur is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure.
From low-cost tools for marketing and design, to website and ecommerce solutions, to crowdfunding platforms, there have never been more resources for people interested in starting a new business venture. Being an entrepreneur, is transforming the status quo by solving the most pressing problems and pain points in our society, by introducing an innovative. Hi i6 product or service or creating new markets.
Though people may have different personal and professional motivations for going into entrepreneurship, there are a few common reasons why people go for entrepreneurship, they are included below:
1. Some peoples creativity does not fit the corporate world:
One of the biggest reasons people become self-employed is because they find it difficult to fit the corporate world, work for someone else, or be on someone elses timetable. As someone with great ideas, it can be challenging to convince others to invest in your plans or see the value of your goals. As an entrepreneur, you can marry your creativity with opportunity and fuel a great business idea with passion and determination to make it a reality.
2. No 9-5 working hours:
Being an entrepreneur makes you your own boss, and you can set your own work hours. The days of clocking in at 9 a.m. and clocking out at 5 p.m. every day are over. As an entrepreneur, you get to embrace odd work hours and report to only yourself. This means you may find yourself working 10 hour days one week and 4 hour days another, with the freedom to do your job as needed..
3. Independence and Autonomy:
Most entrepreneurs are people with a strong need for self-expression and a desire to create. Chefs, musicians, clothing designers, and builders have become entrepreneurs so they have a way to express their creativity, apply their skills, and solve challenging problems.
Being an entrepreneur is one of the most fulfilling things a person can do, but it also involves taking significant risks. To manage these, you must be prepared for the risks that you might have to take during your entrepreneurial journey. Also, once you venture into the world of business ownership, you could be too busy to secure or sustain an alternative line of income, so you might have to quit your current job to dive deep into entrepreneurship. Plus, in the first few months of a business, there is usually no guarantee of any personal income. In the first few years, youll need to work toward sustaining your company instead of envisioning a steady income. It is indeed a lot.
Yay or Nay?
You might be thinking which is better to be an employee or an employer? There is a vast difference between the two, especially on how they make money. There are pros and cons ofcourse. One should evaluate oneself first when choosing between these two options.
Being an employer gives you an opportunity to earn more money. It also allows you to make decisions for yourself. When you are an employer, you do not take any orders from anybody. You are your own boss. However, to succeed as one, you have to work harder. Indeed, you have to spend long hours at work, especially during start-up. You will trade time for money. In addition, you have to tolerate weeks or even months without earnings while establishing your business. Unfortunately, having your own business is not a guarantee that you will succeed. There are certain risks that cannot be predicted. Factors like technological obsolescence, economic turbulence, currency fluctuations, and even weather conditions are among the unseen risks that cannot be fully anticipated.
Starting a business means going into a very tough struggle with other businesses just like yours. Remember that they are also planning against you! You have to think of competitor reactions. This is your responsibility, as well as your accountability to your employees who are relying on you for their livelihood. Being an employee, you only work on a required skill or competency expected from you. Unless you work as a supervisor or manager, you do not handle people. The primary objective you strive for on being an employee is the competition for promotion. Nonetheless, if you exert all your efforts in excelling at your position, there is a great chance that you will be noticed. Getting up the career ladder will provide you a better salary, or more benefits.
Despite all the praises in favor of entrepreneurship it is not for everybody. Not everyone can be successful businessmen nor is it certain that an entrepreneur can be a great corporate employee.