Why It Pays To Be An Entrepreneur Today
This is the era of the “omnipresent” entrepreneur, with more selection, more novelty, more transformations, more opportunity, and more possibilities. What’s driving the rise of the entrepreneur today?
Many are beginning to realize that they cannot depend on companies to offer the necessities life requires, in order to subsist; they must get it for themselves.
A New Breed In Times Of Need
Many factors have contributed to the need for individuals to “go it alone,” and try to make ends meet. From December 2007 and June 2009, the US experienced its largest economic collapse since the Great Depression. Named the “Great Recession,” the economic retrenchment saw GDP decrease 4% and unemployment doubled from 4.9% to 10.1%.
Now, more than ever, individuals are being encouraged and motivated to start their own businesses and become self-employed. The world has already experienced the likes of the Eastman’s, the Ford’s, the Carnegie’s and the Westinghouse’s. These entrepreneurs became successful during a time much like today; however, they created jobs; therefore, jobs were plentiful. It’s not the same today. Jobs are being created but outsourced, leaving a whole group of people behind who must now learn to play “catch-up.”
Reports show that 70% of high school students aim to become entrepreneurs at some time in their careers. Becoming an entrepreneur today is widely regarded as the best move one can make because it adds new products and jobs to the populace. Unmatched throughout history, entrepreneurs are becoming a factor in the political fixture. According to the Kauffman Foundation, entrepreneurs create 60% of all new jobs in the economy
Becoming an Entrepreneur is an Inside Job
Many people today feel something extraordinary is about to take place in the world, in fact, it is taking place right now! The days of depending solely on companies for our livelihood as our parents and grandparents once did are over. The days of finding the “perfect” job with guaranteed employment for the next 30 years is extinct. Company and employee loyalty seems to be a thing of the past. Nonetheless, becoming an entrepreneur is not an elite occupation requiring credentials to join. Anyone can become an entrepreneur; the only requirement is an idea for a business. Your idea can be:
- Something totally new or an invention that resolves a difficulty
- A modification of an idea started by someone or from somewhere else that does not violate any patents, trademarks, or copyrights
- An existing concept catered to a new market
- Creating something customary like opening a shop
What is without doubt is that having an idea is not the only requirement to become an entrepreneur. Together with their idea, an entrepreneur must draw qualities from within while utilizing outside resources. Essential qualities include willpower, zeal, ambition, keen intelligence, good timing, and momentum of execution. External necessities include finance, exploration, and support.
Entrepreneurs need to recognize their potential market, or at least have an intuitive understanding of the market they are attracted to. In addition, they will need to know if their product or service has the possibility to accommodate the demands of a commensurate number of people in order for their idea to pay off.
With Computers, Smart phones & Apps out nowadays, this means that aspiring entrepreneurs have access to millions of tools and resources at their finger tips. Which means that becoming a well equipped entrepreneur, just got easier!
Social Media networks make it easier to link and network with like-minded people and have proven to help entrepreneurs and startups raise the funds they need to juice up their business.
Building a business does not happen overnight. It will require all the willpower, ambition, persistence, and zeal that you can muster. You will need to believe in yourself when it seems like the odds are against you but you must also have the keen intelligence to know when to modify your plan. There is a saying “failure will never overtake you if your determination to succeed is strong enough.” Being an entrepreneur is an “inside job,” with a few outer hurdles to cross along the way.
If your mind is made-up, you will jump over those hurdles and succeed!