Entrepreneurship is the Future of Employment
We are in the midst of a job revolution due to industry change and rapid evolution of technology. Exponential technologies like AI, robotics and automation are predicted to replace many jobs and new inventions will make old technology obsolete. The McKinsey Report states that 15-30% of jobs could be displaced by 2030.
However, it does not mean jobs will disappear entirely; they will be replaced by new jobs in new industries. In addition, the structure of “work” will change. In fact, it has already started. With “gig economy” jobs, like driving for Uber or delivering for InstaCart, traditional full-time employment is becoming less of the go-to standard, both for employers and employees.
What this means is that regardless of the industry in which you currently work, you would be wise to pay attention to changes in the marketplace and where your industry is going. Many people will need to re-tool their skills to pivot into new industries, as old ones fall away.
There is no need to panic though; we have been here before. And with each new wave of innovation, old technologies and industries have fallen away. But every single time industries have died, new ones have been born.
The electric refrigerator disrupted the ice industry. The gasoline automobile replaced the horse and buggy. In the same way, robotics are automating jobs once held by people, and smartphones have replaced the need for CDs, newspapers, books, magazines, cameras, calculators, GPS, and more.
Employment As A Pathway To Entrepreneurship
From the United Nations Sustainable Development Goals (SDGs), to municipal government policies, youth employment is recognized as one of the most pressing issues facing the Middle East and North Africa (MENA) today. With a youth unemployment rate of 30%, the MENA region continues to be the hardest place in the world for young people to land a job.
Nearly 60% of the region is under 30 years old, and governments face certain social and economic crisis if they fail to generate economic opportunities. There is an equally dramatic potential upside, too, if youth are enabled to contribute to economic growth and stability in the region. If the region can grow employment by just half a percent, real GDP growth would accelerate to 5.5% per year, and real per capita income would rise annually by 3.8%, according to the IMF.
With 5.5 million young people entering the labor market annually in a region that creates only 3.6 million jobs each year, many posit entrepreneurship and self-employment as an antidote to the current and growing youth employment crisis facing MENA. The International Monetary Fund (IMF) estimates that 27 million new workers will enter the labor force over the next five years. With public payrolls decreasing, and low levels of investments creating new jobs, it is natural to look to entrepreneurship to create employment opportunities that currently do not exist.
After all, in most developed economies the majority of new jobs are created by small business. In the United States, for example, 64% of new jobs were created by small businesses over the last decade, with most jobs added by firms with fewer than 20 employees. A report by Endeavor Insight posited that for every ten successful new enterprises, more than 2,500 jobs are directly created. So, the question becomes: how do we equip the MENA’s tremendous youth population to succeed in becoming job creators?
“Start as small as you can. When I started SkinnyMe Tea, I had $24 in the bank, and I was entirely self-funded. If you are not embarrassed by the first version of your product; you’ve launched too late.” -Gretta Rose van Riel, Founder of Hey Influencers
9 Reasons Why Being an Entrepreneur Is the Best Job
Most of us harbor dreams of becoming entrepreneurs and make it big in the business world, but not all of us actually make those dreams come true — very few of us are bold enough to do what it takes to become entrepreneurs.
There’s no denying that it takes immense dedication, discipline, and hard work to just survive, let alone make it big, in the business world. However, running our own businesses also allows us to follow our passions as well as empower us enough to do so.
Some may say that it’s all about the drive that makes certain people want to quit their jobs and strike out on their own. Having said that, it would only be natural for wannabe entrepreneurs to wonder as to what some of the world’s most renowned and successful business owners had on their minds when they decided to be their own boss and run their own show. There are several answers to that.
Do These 10 Things Before You Quit Your Job
If you are starting your own business and planning to quit your job, you are a brave person. Everybody wants freedom. But just like all the other great things in life, it has its own cost. Only a few people can pay for it.
Entrepreneurship involves certain risks. You have to make new plans, new teams, and make decisions at the right time. Therefore, proper planning is necessary. You should be familiar with all the pros and cons of the whole process. Otherwise, the plan might backfire for you.
Preparing for Entrepreneurship
Let me get this straight — entrepreneurship is not for the faint hearted. Taking risk is not something people should go into at the drop of a hat. The life of a Startup founder requires a lot of preparation and intent. Dropping everything to start your own company is always a dream for many people who want financial independence and progression. However, it is always necessary for you to critically prepare yourself for the lean years, before you leave your day job, and leap into entrepreneurship.
The first and foremost thing that you need to accept to become an entrepreneur is yourselves. Prepare yourself mentally. It isn’t about the product although it is a part of the process. Most of the startup success or failures have and emotional aspect connected. However big a small the profit you make, reality is you never stop riding the tiger. It’s always not about your expectations. Its practicality.
Consider most of your businesses is bound to fail before we even 3 quarters. Would you be emotionally ready to see your passion fall apart? Are you willing to put in more work and responsibility than you ever would? Are you prepared to leave your day job working for someone else and work for yourself with 10 times the most sincerity you had with your boss? Chances are you will end up working twice as hard and you will be responsible for not just yourself but your entire group of employees. Before you leap in and take entrepreneur journey of faith, make sure you are prepared to handle any circumstances that surprise you.
Role of Motivation in Entrepreneurship
Entrepreneurs are known for their tenacity and commitment – to lofty ideals, long hours, and success. They are hard workers who go into a project passionately and find success because they can convince other people of the value of their ideas. A key factor in sustaining this kind of energy, creativity, and drive is motivation. The role of motivation in entrepreneurship is foundational to their ultimate success.
Motivation services as the reason, or reasons, that compel someone to continue striving and working. It provides hope and clarity when circumstances become hard and discouraging. Entrepreneurial motivation, then, is fundamental in someone’s decision to embark on the journey of creating a business.
Motivation is also important to those that entrepreneurs work with and interact with. Entrepreneurs need to understand, tap into, and sustain their own motivation for starting a business, but they also need to be able to motivate others to buy into their idea. Whether it’s motivating investment groups to provide startup funding or motivating eventual employees during the early days, motivation is key to keeping everyone on the same page about the mission of the new business and working towards fulfilling that.
Entrepreneurial motivation is the process of transforming an ordinary individual to a powerful businessman, who can create opportunities and helps in maximizing wealth and economic development. It is defined as various factors stimulate desires and activates enthusiasm in entrepreneurs which make them attain a particular goal. Entrepreneurship is the process of identifying strengths and opportunities which help in the realization of one’s dreams for designing, developing and running a new business by facing threats and risks effectively.
To become an entrepreneur one should identify their strengths and opportunities from the external environment. Here motivation plays a major role in identifying their own strengths to become strong leaders or powerful entrepreneurs which make them to accepting risks and face uncertainty for the purpose of reaching pre-described goals.
Motivation makes entrepreneur by fulfilling higher level needs such as recognition, esteem, and self-actualization. Various theories explained motivation as an influencing concept, it can bring out hidden talents and creativity, and it contributes to the individual goals and society development. Maslow’s need hierarchy theory, Hertzberg’s two-factor theory, and David MC Clelland’s acquired needs theory proved that motivation can bring energy, enthusiasm, creativity and efficiencies in fulfilling the desired objectives.