Monday 1 June 2015

Battle Of The E's | Employment Vs Entrepreneurship

The decision to leave formal employment and opt for an entrepreneurial role is most often a vexing one. An entrepreneur by standard definition is "a person who sets up a business or businesses, taking financial risks with the hope of turning a profit". This is merely just a scholarly definition as it fails to embrace the various facets involved in entrepreneurship. I grew up with a father whose life goal was to open a vehicle garage yet never actually did it. His cushy position at a large enterprise deterred him from questing after his lifelong dream, and the comfort zone set it hard in stone. Such is the case for many people in formal employment today. Over this past weekend i reconnected with an old high school buddy through facebook, turns out he's working for the national dairy company yet he is unbelievably unsatisfied with his current remuneration. He in fact is looking to venture into mineral extraction and processing and already has all his documentation ready.

The misconception that most individuals have towards entrepreneurial endeavors is the inaccurate notion that everyone who turns to become an entrepreneur will make truckloads of money. It is of paramount importance to get it right from the start because life altering decisions cannot be undertaken lightly, especially based on assumptions and myths or what is more commonly referred to as "common knowledge". A lot of planning and research is required before one decides to become an entrepreneur. One does not simply wake up and decide to open a business, in fact for most successful entrepreneurs, it will seem as if it comes as naturally to them as breathing. Below is an extract from Dr. Thomas Stanley and Dr. William Danko's article on The Surprising secrets to America's wealth:

"Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants. Many of the types of businesses we are in could be classified as dullnormal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors." Clearly not every entrepreneur will end up a millionaire, even if their endavour successfully turns profits. Not every entrepreneur should brace for super-normal profits. To view the full article, click here

So Entrepreneurs Are Born?

It is folly to assume that people are born with an inherent aptitude to run a business. People are born in much the same way but it is how they are raised and nurtured which determines their character and personality and subsequently the path they will take in life. In African American society, as depicted in the movies, a child will watch his father making deals on the street and this culminates in the birth of the hustler in the child itself. Character is moulded by the environment in which one grows. Employment is not for everyone, inasmuch as entrepreneurship cannot be a by-public-demand undertaking. Where would entrepreneurs be without their corresponding workforce ( Finance, Marketing, Human Resources etc) for no single man can run all these functionaries successfully on a large scale platform all by himself. Where would the functionaries be without a visionary who provides them with a strata in which their abilities can be put to work. These two are dependent on each other if success is to be the final dish.Where then will the line be drawn, who takes up a job and who starts a business.

A large part of entrepreneurship stems from initiative. You do not necessarily need to have an inbuilt ability to establish a conglomerate and neither do you happen upon the powers of entrepreneurship through a freak accident like The Flash or Spiderman. In addition, not all business acumen will be acquired through educational institutions. The common denominator however for ALL entrepreneurs is that they notice a need or a lack within a particular environment and they endavour to bridge that gap. Any individual who enters into business with the sole reason of making money will be sorely disappointed. Most business require hard work, strategic planning and implementation, a lot of hand shaking and inordinate amounts of patience to start turning a profit. Recently read an article by Tito Philips Jnr on the 7 reasons why entrepreneurs fail and listed topmost was "Survival Driven (Seeking money before adding value)". The key to entrepreneurship is servicing a niche that had been in a shortfall prior, providing a product or service which the overall population will need or relate to.

There are advantages and disadvantages to both spheres, that is, employing and being employed which need to be particularly weighed. From a static standpoint, it would appear as if the merits for entrepreneurship far outweigh the merits for employment yet if one delves into the nitty gritties of it all, starting a business is no easy feat. The risk involved in that endavour alone is usually so immense that most people shudder at the mere thought of it, let alone the hours put in and the high chances of failure. Iv come to notice how glamaorous entrepreneurship is depicted to be. The glitz and the glamour of those who have finally made it graces our tv screens, computers and phones daily, rags to riches stories. The stories of lifetime failed attempts which amount in severe losses and extreme poverty never make it to the big screen, they do not sell yet they are more commonplace than success stories. Yes, being self employment means unlimited income and you manage your own time but that time might be wasted and you reap negative financial rewards for it.

Weigh your options deeply, soul-search if necessary. research long and hard, do a SWOT Analysis of the two and carefully analyze your own shortcomings before deciding to leave your job especially if the motivation for this decision lies in monetary benefits. In truth, there really are certain career options where:

, yet theSurvival Driven (Seeking Money before Adding Value) - See more at: http://www.naijapreneur.com/why-entrepreneurs-fail/#sthash.Mkh4KHHf.dpuf
1) Survival Driven (Seeking Money before Adding Value) - See more at: http://www.naijapreneur.com/why-entrepreneurs-fail/#sthash.Mkh4KHHf.dpuf
1) Survival Driven (Seeking Money before Adding Value) - See more at: http://www.naijapreneur.com/why-entrepreneurs-fail/#sthash.Mkh4KHHf.dpuf
1) Survival Driven (Seeking Money before Adding Value) - See more at: http://www.naijapreneur.com/why-entrepreneurs-fail/#sthash.Mkh4KHHf.dpuf
1) Survival Driven (Seeking Money before Adding Value) - See more at: http://www.naijapreneur.com/why-entrepreneurs-fail/#sthash.Mkh4KHHf.dpuf

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