According to the Guardian Business news, the International Monetary Fund has warned that the economy of the entire world risk another serious financial meltdown. This is due to the inability of the regulators and governments to carry out all essential reforms that will keep the system from spiraling down the drain.
The many unregulated parts of the financial sector could cause a global panic. This is because the global debt levels have risen. The International Monetary Fund further reported that indifference among regulators and disobedience against international agreements has jeopardized all efforts to prevent another global economic meltdown.
Of recent, the U.S experiences the lowest unemployment rate since 1969. It reached an all high value of 4%; placing the number of unemployed people to 6.0 Million. This unemployment affected teenagers, adult males and females especially. The report from Trading Economics further reported that the employment rate of 62.7% suffered a slight decrease.
All the above points to the fact that there is a need for an alternative means of livelihood for the people, a means that doesn’t depend on the government or other private bodies. This is why this article seeks to examine why being an entrepreneurship is the safest job in today’s economy. In an economy with a looming global crisis, an economy where the unemployment rate is not stable, there is the need for a better source of livelihood that puts your survival in your hand, rather than the government or other private individuals.
Gone are the days where being an entrepreneur is a pretty risky endeavor. Although, I will agree that it is unwise to put all your eggs in a single basket to open a business. However, considering entrepreneurship could be the safer route to a stable and fulfilling live. Many people and professionals are gradually realizing the fact that it is getting tougher to attain carrier success in today’s stagnant job market.
The State of Today’s Economy
The U.S. Bureau of Labor Statistics made its last release in May 2014. According to them, the number of job openings available for applicants was not very promising. A constant threat of sudden layoffs, as well as downscale of various companies, has made many people reconsider their stance.
Forbes reported that there is an average applicant of about 118 applicants for any job opening. While this number is even small, less than 20% gets invited for an interview. This brings the chance of an applicant eventually getting the job to very low.
These values are not only disturbing for people seeking to enter the job market; it is equally a motivation for everyone giving entrepreneurship a thought. As far back as 1995, Forbes reported that startup entrepreneurs have accounted for 65% of new job openings – a very promising figure. Asides, this number is expected to increase in value as many people consider entrepreneur.
Transiting from Employment to Empowerment
Most professionals suffer financially and emotionally. This is not surprising as outsourcing and layoffs are the order of the day in the job market today. Due to this, quite a lot of people are considering the safety that comes from being an entrepreneur.
With the many restrictions and frustration that the job market presents, many people are taking a proactive approach to take their career in their hand and to become self-sufficient. This, to many people, is a safe and better approach compared to reactive employment that risks happiness and fulfillment.
With the discussion above, it is certain that being an entrepreneur is a safe and viable path that can make many people better off. Here’s why:
1. Multiple Streams of Income
One of the things I so much hate about a traditional job is the fact that you can be laid off at any time without any concrete reason, and the fact that your income is pegged. This is pretty common and when it happens, there is nothing you can do about it which could be pretty devastating.
Being an entrepreneur, on the other hand, gives you some level of security. Thus, rather than being constricted to a single paycheck, you get to open multiple channels of income for yourself.
Consider online business, for instance, the possibility of earning is unlimited; in fact; you are the one to limit yourself. One can consider affiliate marketing, freelance, blogging and many more – in short, the earning potential is unlimited and incredible!
How beautiful, safe and comforting it is to know that you have income coming in from various sources! And asides, should one source be terminated, others could still be relied on. This is safer and better than being terminated and having no income at all that comes with the traditional job!
2. Career Security
With the rise and improvement in technology, we are gradually approaching a time that the entire skill set could get obsolete. This can easily happen in the corporate world. The introduction of the ATM banking system came as a shock in many African Countries where banks reduced their staffs immensely.
Asides, with how open corporate bodies are considering outsourcing and automation, it is a matter of time before millions of people realize their skills have gone obsolete. While the sensitive ones would have adjusted their career path before the occurrence of this, it will catch many unawares leading to unemployment.
As an entrepreneur, your major assignment is to seek, target, discover and exploit business opportunities. For an entrepreneur, as long as business opportunities exist, the career path is unlimited.
Asides, as long as there are a market and audience for your service, and you can keep up with competition, your career is secured. With a determined spirit, nothing can keep you out of business. This provides more security and peace of mind than a traditional job where the possibility of being laid off without any tangible reason abounds.
3. You are in Control of the Risk
Being an entrepreneur is a risky endeavor, I will not dispute the fact. However, if you start a business very prepared, you limit your risk of exposure and you are in total control of the risk. Important preparation before starting out a new business cannot be overemphasized.
There are quite a number of ways the risk in a business can be controlled. One of the best ways one can see to this is to ensure that he starts the business prepared. Take the time to gather essential knowledge, as much as you can before commencing the business. Asides, feedback from the market is also essential. These are important tools and parameters that will help understand how you will fare at the market.
Irrespective of the industry you plan to embark on, there is a couple of risk factor that comes with being an entrepreneur. But it is in your power to control the little you can. This reduces the risk you are exposed to, which will likely keep you on a path of financial security and prosperity.
4. Financial Upside
Being an entrepreneur is also safe in that no matter how much you generate, the entire profit is yours. Should you realize millions of dollar in profit, you own everything after taxes and expenses. This is one of the reasons why being an entrepreneur is safe – the upside is yours. Even if you have people working for you, you own their financial upside. And if your staffs generate millions in profit for you, it is your sole decision to share the profit with your workforce!
Although there are some traditional jobs that can give one huge bonus, it is rare. Salespeople, for instance, can earn significant bonuses based on their performance, but this is the exception, not the norm. In most jobs, it is the sad reality that the financial upside is pegged. Getting a pay raise may be dependent on your performance or your temperamental boss.
Thus, you might work hard as an employee to bring your business a lot a value, but you may only get a few thousand dollars as a best case scenario. Being an entrepreneur, however, removes the limit and barrier on your finances. You can increase your income by adding customers, improving your product, or lowering expenses.
The amount of upside for entrepreneurs is unlimited, while the top upside for employees can be capped at a 3% raise per year.
5. Quality Time
Yes, we know that many companies campaign and advise on a having a healthy work-life balance. However, the sad part is only a few of them mean this. All some companies care about is coming to work at the agreed time, doing what is expected of you and moving the company forward. That you never get to attend your kid’s ball dance is none of the company’s business. Even if the job is taking a toll on your family affairs such that divorce is imminent, the company rather does not care. With entrepreneurship, however, you get to fix your working hour. Asides, as an entrepreneur with a reliable workforce, you could decide to take an impromptu time off your work since you have a reliable workforce handling your business. Even with this freedom, you are safe as long as you have got a quality workforce that you can trust!
While some jobs come with financial freedom, you get to work for it by their rules. They take most of your productive hours of the day all in a bid to meet up with the various financial obligations before you – paying bills, building your savings etc.
While starting out on being an entrepreneur doesn’t come on a platter of gold, it is definitely worth it in the long run. You will have to work very hard at first building a reliable team and residual income. With time, you get to the point where your workforce does the hard work and you get to manage important matters. Being an entrepreneur puts you on top of the company’s food chain. Thus, you gain from the sweat you have invested over time and the sweat of others. This brings peace of mind, security and enough time you need for personal matters!
6. The Chance to Have a Good Impact
Many people are so preoccupied with making money that they hardly care about making an impact. One of the tested ways one can make an impact on the society and economy is via entrepreneurship. Being in a world that gives you virtually everything that you need at your fingertip is good, however, bear in mind that most of these things came about as a result of inventors and entrepreneurs.
Thus, being an entrepreneur is not about having financial freedom or an unrestricted income, it is about making a contribution, irrespective of the size.
The world at large is characterized by an increasing number of entrepreneurs. There are people building brands and businesses meant to tackle specific problems in society. With these types of people, there is a proof that it is quite possible to make money and also cause tremendous and lasting impact in the society.
By making an impact that satisfies the need of people, there is a very high probability that the business will continually survive the test of time. This brings a lasting source of income to you and your generation unborn.
In conclusion
Going into entrepreneurship is risky; we are not disputing that fact. Yet, it is high time people stopped considering entrepreneurs as a mad risk-taker willing to launch out and either hit gold or go bankrupt.
It is high time people started considering entrepreneurs as pragmatic, sane and reasonable people. Entrepreneurs plan ahead meticulously and come up with plans to limit the possibility of failure. Entrepreneurs are level –headed and in it for the greater good. And yes, as they cruise on the entrepreneurial boat, they enjoy the tremendous benefits that come with being an entrepreneur. They enjoy unlimited income, multiple streams of income, career security and above all, peace of mind from having a working enterprise. They enjoy everything they would never have been able to enjoy should they be in their traditional job!
All in all, entrepreneurship is cool and worth the stress. You just have to be willing to give it all it takes to enjoy the benefits that comes with it.