More and more everyday, lots of people are exiting organized paid labour, through front and back doors in search of a career, or business that fufils their innate values and desires. Lots of people are re-considering living a life living a life constrained to nine-to-seven job, false sense of security created by the hope of earning a monthly salary, and the low-drive occasioned by the lack-luster attitude to work. This kind of cyclical kind of life lived for the satisfaction of an individual or organization is called the rat race. While some people are basically wired internally to function at their best capacity as a “big rats”, while others are configured to create their work environment and control it. Some have somewhere carved a balance between the two. If you have an eye for creativity, and is able to look within the immediate environment, generate ideas, gather resources and take advantage of that opportunity- You’ve caught the entrepreneur bug!
Despite the massive generation of entrepreneurs, it comes with its attendant challenges, but the gains far outweigh all obstacles needed to be overcome. The following are the challenges, advantages and gains of being self employed.
Challenges:
- Long irregular work hours.
- Unlimited responsibility.
- Learning never ends.
- Future of organization may be uncertain.
- Unstable and uncertain income.
- No fringe benefits-vacations and bonuses.
- Work maybe hard to delegate.
Advantages of Entrepreneurship:
1. What the society gains
- Generates employment for the society
- generates income to individual in the society
- they pay taxes, which provide revenue for the Government
- Provides products and services to the society.
2. Individual gains
1. Opportunity to lead, and influence employees.
2. Opportunity to implement innovative ideas.
3. Income potential is unlimited.
4. Provides room for initiative and creativity.
5. Independence and control of work environment.
6. Business expansion is unrestricted
Different types of entrepreneur based on job description (studied Rhonda Abrams’ points)
1. Consultant/ Adviser: Some entrepreneurs are paid for proffering solution and giving advice as consultants. This category includes lawyers, accountants, auditors, financial advisers, other outsourced personnel in human resources and consulting firms.
2. Event management/ Planner: this category is for people who have the in-born ability to organize and manage occasions? You can plan weddings, birthdays, supply decorating, eateries and catering, general events management, overseeing of outsourced projects, or taking care of processes and procedures in order to generate desired aim on behalf of another.
3. Handcrafts/ Builders/Creators: Artists, bakers, carpenters, and designers are examples of entrepreneurs driven to create something tangible where it did not exist before. It requires practical skill acquisition and involves production or making use of raw materials, through series or set of procedures and processes to generate a desired finished product.
5. Communicator/Trainer: (aka. infopreneur) If you can transmit information or communicate in different languages you might find demand in sales, marketing, writing, newspaper, public speaking, training or a variety of information services. This group also includes style and entertainment magazines and ‘infomags’.
6. Entertainer/Host: If you thrive on being with people, you may find an entrepreneurial opening in the hospitality industry or service industries such as tailoring, hairdressing. Or you may be an entertainer, actor, musician, or singer.
7. Investor/Owner/ Seller: If you have money to invest you can put your capital to work for you investing in stocks, real estate or businesses. This category also covers independent salespeople and brokers in our purchases, from real estate to insurance to art.
9. Technologist/Engineer: (aka. technopreneur) If you love figuring out computers, autos and engines, you may want to explore entrepreneurial opportunities in information and communications technology, software development; air, sea or land engineering or technology. This includes food and drink production outfits.
Where is your own niche?
