What is entrepreneurship and why has it become more popular?
What is entrepreneurship and why has it become more popular?
Have you ever wondered about how to work for yourself? Or what entrepreneurship is? Many have tried entrepreneurship, but many have also failed. This can discourage others when going through their own journey. But it can also build incredibly resilient people who build and grow a company from the ground up.
What is entrepreneurship?
Well, it states in the Oxford Dictionary that an entrepreneur is a person who makes money by starting or running businesses, especially when this involves taking financial risks. If you ask an entrepreneur what entrepreneurship is, they'll say freedom, responsibility, and that it's like who they are. But what helped them build these great businesses, that made them become free and responsible? Well they start with taking a problem. A problem they have or that people around them have. They then go through the process of trial and error, most times more trial than error. By creating a better or new product, they become problem solvers.
Why do so many entrepreneurs fail?
If you look at the traits of an entrepreneur, you'll see resilience, adaptability, and self-motivation. It takes a lot mentally to create a product that you're unsure will sell or not. So many give up and lose their motivation after many failed attempts. They lose the desire to fix a problem because of how mentally and physically draining it's been. Many that failed see no reason to continue they lost their spirit and motivation. But be the opposite of that many be the person that continues after hardship because you never know what could come after.
Let's return to the idea of why entrepreneurship is so popular?
Many think it's because it's a work-on-your-own-schedule job with no rules for you. Others think of it as an adventure and a healthier way of life. No more being stuck in a 9-to-5 office job. But some don't see that being an entrepreneur is harder than an office job. People are trained to sit in an office, answer phone calls, and submit papers, while entrepreneurs have to work without a guideline or safety rails. The only support they have is themselves. Yes, they can gain investors, but many rely on their own money. Gen Z is so interested in entrepreneurship because of how the media portrays it. Influencers/founders live luxury lifestyles in penthouses because they are entrepreneurs. Gen Z sees that and thinks, "I can do that too, and it must be easy." In reality, in the beginning, those influencers/founders worked very hard to even earn five dollars through their social media and businesses. So don't think entrepreneurship is easy or something anyone can do. You have to put time and effort into your future to be successful on your own.
What did we learn?
Being an entrepreneur is a mindset, not just a lifestyle. You must have what it takes to live the life of an entrepreneur. No, it might not be for everyone, so don't go headfirst thinking that you know everything based on seeing one person succeed. Do your research, complete trials and errors, and make your products better than before. Have an entrepreneur to look up to in the kind of industry you'd like to join. Don't forget to keep supportive people in your life, not others who doubt your capabilities.
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