Choosing a career path is the hardest and most important choice
in your life. By choosing the wrong path, all other aspects of your life will be affected.
The average person will change their career paths almost five times in their lifetime. So,
if you’re feeling stuck and a little bit confused over what path to choose,
you’re not alone. Over the past few years, there has been a lot of discussions everywhere across
blogs, on social media on whether being employed is better than entrepreneurship.
If you have been considering quitting your job and starting the entrepreneurship journey, you need to
watch this video. If you still don’t know what career path to take, watch this video too. You
will find the most valuable information that will guide your decision. Now, let’s begin, shall we?
Before we do, have you already subscribed? If not,
you’re missing out on a lot of amazing information.
Let’s start with looking at the advantages of being an entrepreneur.
Entrepreneurship isn’t an easy journey. It could possibly be much harder than taking
the 9-5 traditional route. Being an entrepreneur will involve plenty of sleepless nights, multiple
losses, uncertainties and is only built for the strong-willed. This path is quite risky but with
risk comes rewards. Successful entrepreneurs are in fact always juggling the risk vs. reward aspect
in every decision made. While it may be the harder route to take it comes with numerous benefits.
5) Working within Your Own Limits As an entrepreneur, you’ll be your own boss.
You get to make your own decisions, choose when you want to work, and you’re not answerable
to anyone else but yourself. However, you must manage yourself, create plans
and decide on all actions to be undertaken in your business. Unlike in a work environment
where you would have to comply with the rules and regulations created by another individual.
4) Reward for Efforts
They say the only way you can be truly compensated for your efforts is through entrepreneurship.
It may not make sense but let’s delve deeper into this. See, when you are employed you can only work
a certain number of hours a day and your salary at the end of the month will be the same. It won’t
matter if you worked harder than your colleagues, the salary is already defined and set in stone.
As an entrepreneur, by putting in more effort, you will realize more rewards. The more the effort the
more the returns in sales, the more your business grows and the more you can afford to take home.
3) Capacity to Increase Income Bracket It’s easier to get richer from being an
entrepreneur than from being employed. Yes, you could get rich from employment,
but it will be a whole lot harder than those that follow the entrepreneurship route.
This is because your salary can never multiply overnight and as mentioned above your earnings
won’t magically double because the company you are working for is growing. However,
as an entrepreneur, when your business does well, your net worth increases with it. And here’s an
interesting statistics, it’s reported that 72% of the rich built their wealth from their businesses.
2) Self-Satisfaction Doesn’t it feel good to build something
and watch it grow? Watching your inventions grow brings about some unmatched self-satisfaction.
When you are employed you are building someone else’s dream, but when you are running your
business you are building your own. While it may have many challenges along the way, going home
every other day knowing you are building something will keep you going. A survey was conducted and
the results indicated that 65% of entrepreneurs were satisfied with their career path
and only 15% of the employed were satisfied with their jobs. Now that’s something to think about…
1) Job Creation When you choose to
start your own venture once the business grows you will have to employ people.
By being an entrepreneur, you will contribute positively to the economy by creating jobs.
Now that we have looked at the benefits of entrepreneurship
let’s look at why a 9-5 may not be so bad.
1) Security Most people believe that having a job
gives you security. But it is really true? Let’s look at what is currently happening in the world.
Recently the whole world was hit by the corona virus pandemic and it is estimated that about 20%
or more people lost their jobs. People who work on minimal wage on an hourly basis are currently
jobless, so security isn’t really a benefit when it comes to unfavorable economic conditions.
2) Guaranteed Paycheck Yes sure at the end of every
month you will be guaranteed a specified pay. But soon enough if you get too comfortable you will
become a slave to your salary. Most people live from paycheck to paycheck, and depend on their
monthly earnings to survive. If by any chance they get laid off that will be completely tragic.
3) Capital for business The only reasonable benefit
for working a 9-5 job is to get capital for your business. This is the only reason why
we think you should go to work. Get a job only to give you money which you can save from.
Once you have saved enough, quit your job and pursue that dream you have always had.
Otherwise, if you don’t you will end up a slave building someone else’s dream.
While entrepreneurship may be the more lucrative option, it’s not built for
everyone. Here are five ways to know if you have what it takes to be an entrepreneur.
The challenge of being an entrepreneur isn’t in starting but in staying in business. It has never
been and will never be easy to start and run a successful company. The whole process is hard
but if you don’t pursue it, you will never really know if you stand a chance at being successful.
If you want to know if you got what it takes to succeed as an entrepreneur, every successful
entrepreneur has the following skills, do you? 1) The Ability to Execute Ideas
Paul Graham once said that the Y-Combinator never invests in ideas but in the people. Execution is
everything to entrepreneurs. Anyone can have the best ideas and have all the money needed
to fund it, but if they fail at execution, they don’t have a business. To add on to this,
you won’t even need a new idea to execute it into a business. Dating has existed for years,
but Tinder found a new way to help people find online dates and executed the idea successfully.
Google wasn’t the first search engine, but it executed the idea brilliantly. People have ideas
all the time, there could be someone who even has the same exact idea as you have right now. The
only difference will come in the execution. Ideas can be bought off anywhere, but the execution
is what matters. So as you are deciding whether entrepreneurship is for you, ask yourself and be
very genuine about your answer, ‘Do I have what it takes to execute ideas into complete businesses?
2) Risk-taking They say in business
you cannot not take risks. Entrepreneurs are faced with risk all the time and they often
have to make the most critical decisions that will determine the future of their businesses.
One characteristic that stands out with all entrepreneurs is their risk-taking ability.
Let’s have a look at Richard Branson, one of the wealthiest men on earth. He is a self-made
billionaire who has had to take the greatest risks ever recorded in history. When he first
established Virgin Atlantic no one believed his airline would be able to take on British Airways,
one of the world’s leading airlines. He was faced with the challenge of either shutting down
or persisting through what is now referred to as one of the most brutal business wars of all time.
He persisted with his small market share despite the dirty unfair tricks from British Airlines.
With just one lane, he grew his company into a billion-dollar empire.
Do you have the same risk-taking ability? Are you willing to risk it all to see your business grow?
3) Ability to get over failures This may sound really obvious,
but it isn’t. The entrepreneurship journey will be full of surprises and disappointments.
This is where your limits will be tested. For most people being driven to the core
results in giving up but for others they use this to fuel their drive.
You could be running your business smoothly making all the profits you have ever dreamt of
then, bam, Coronavirus happens and you are forced to shut down until the pandemic ends.
Let’s say you are in manufacturing, and you decide to manufacture a ton of goods offshore
then on arrival you find out half of them are substandard or damaged.
This is exactly what happened to Greta Van Riel, the founder of Skinny Me Tea. She decided
to manufacture her goods in China and when the containers arrived the whole shipment was damaged.
In an instance she lost millions of dollars’ worth of items. What would you do if this happened to
you? Would you be able to pick yourself up and still pursue your dreams? Or would you call it
quits and look for another venture? These are the hard questions you need to ask yourself!
2. You Listen and are a Willing learner
Successful entrepreneurs spend a considerable amount of time reading and improving themselves.
The rules for success continuously change. Whatever works for Yahoo may not work for Google.
To be a great entrepreneur you have to constantly learn, unlearn and relearn new concepts every
other time. You have to constantly read books or listen to audio-books. And, of most importance
listen more than you talk. Listen to what your employees have to say, pay attention to the
reviews of your customers, be open to listening to other people's ideas as you may not always
have the right solution to every problem. There is no shortcut to success, well unless you hit
the jackpot, but for most of us we have to adapt to being a life-long learner. Warren Buffet spends
80% of his day reading. Richard Branson never went to college but has read more books than
the average person. Are you willing to dedicate a large percentage of your time to learning?
01) Being a Visionary Those who succeed are those who
dream big. To be a successful entrepreneur you have to be a visionary, no exception.
You have to visualize where you want your company to be within the next few years,
and when it gets there don’t settle and have more dreams. In order to have a successful business
it is believed that the founder has to delegate the work so that they can concentrate on the
vision of the venture. Without this, the company will have no direction or goals to achieve.
Most startups fail because of no of direction. So, you made your first sale,
what next? Are you the type of people who have vision boards? Do you draft out to do lists and
have goals to be met every other day? Well, if you are, then entrepreneurship could be right for you.
Well, that’s it for today, thank you for watching. We hope you learnt a couple of
things that would help you decide whether to go the traditional way
or to start a business. Whatever career path you choose we wish you all the best! Make sure you
watch our other educational videos that will make your life better. And, if you haven’t subscribed,
what are you waiting for? We have great videos every other day, so you better tap the bell
icon too, so you don’t miss out. With that said, have a great day! And see you in the next one.