The word “ENTREPRENEURSHIP” has gained popularity, especially in 2020, due to the COVID-19 pandemic.
The reason for this is mainly the huge job losses, that have occurred in the so-called “conventional” career options.
Thus “off-track” career options like that of ENTREPRENEURSHIP are something people are curious about.
Is ENTREPRENEURSHIP a feasible career option in 2023?
With that said, Is ENTREPRENEURSHIP a feasible career option in 2021? Let’s find out.
Definition of Entrepreneurship
So, firstly what exactly is ENTREPRENEURSHIP?
If we go by the definition, from Wikipedia
Entrepreneurship is the creation or extraction of value.
Although I hate to abide by bookish definitions, this statement summarises the word in the best possible manner. But let me tell you don’t confuse an entrepreneur with that of a conventional businessman.
A conventional businessman is mostly interested in the Profit and Loss Statement, but an entrepreneur is different.
An entrepreneur, according to me, is an opportunist problem-solver. Someone who has a vision, and will to solve a problem, thus creating value and wealth in the whole process of it.
An entrepreneur may eventually become a conventional businessman because ultimately, it’s the profit and loss statements that run the business.
Prospects of Entrepreneurship as a Career
Now, as the concept of entrepreneurship is clear to all of you, let’s get back to the prospects of it being a career option.
See, entrepreneurship is not like any other conventional career-option, where you sit in an office from 9 to 5, and get a paycheck, at the end of each month.
Here, you will be the one giving those paychecks, and that’s a huge responsibility on your shoulders.
If you become an entrepreneur, then you don’t have any pre-defined work-hours. You are constantly thinking about your idea, about your employees, and you can’t relax a bit till your targets are met.
Once you become an entrepreneur, the entrepreneurial journey will become an integral part of your life.
The word, entrepreneurship may sound fancy, because you gain independence, you become your own boss, and you don’t have to fear losing your job.
But, every coin has 2 sides.
You do gain independence and become your own boss, but you are still accountable to your consumers, partners, investors, employees, for each and every step. Even if out of 100 steps you take, 99 succeed and 1 fails, you are the one to blame.
It’s true that you don’t have to bear the insecurity of losing your job, but at the same time, you have far bigger insecurities, to face. Like if your plans, don’t work out as expected if you run out of money to carry out operations if your investor backs out, and the list goes on and on.
So if you have read this far, you can understand, that becoming an entrepreneur may sound cool, but the real story is different. You may succeed with flying colors, and at the same time, you may lose everything you have.
I am not discouraging you I just talked about the reality.
But even after knowing all this if you are determined to become an entrepreneur, then it is definitely a viable career option for you.
But if you are scared of the ifs and buts and the responsibilities, then you are better off choosing a conventional career-option.