Entrepreneurship vs formal employment
We need to get some things right. Not everyone can be an entrepreneur. There are some people who are born leaders. They can start something and nurture it. But most of the time we have seen that even if you are going to be a good entrepreneur, you need some minimum grounding to get insights on how to run a business. Either you have a mentor who is an entrepreneur or go into formal employment and learn from the best professionals.
The advantage of entrepreneurship is that you can cut a lot of time in your path to career success. Unlike formal employment where it will you take ten years to get to the top on the corporate ladder. To succeed in any given setting, you need to move through the ranks up until the Chief Executive. By the time you move from the lower ranks to top management positions, itmight take many years.
With an entrepreneur, you can start something and it becomes outstanding. It is a breakthrough and within a year, you are already a millionaire. That’s why many people will bet on entrepreneurship other than formal employment.
You don’t need a lot of money to become an entrepreneur. Find the pains and challenges of the people and provide the most compelling solutions and ideas.
So, what’s entrepreneurship? Entrepreneurship is identifying a problem in the community and finding a solution which beats any other idea. This means you are in the know of the challenges and pains of people. It becomes a business opportunity for entrepreneur. An entrepreneur is able to keep snooping for this kind of ideas and then come up with solutions.
This is why when people work with entrepreneurs, they get the mindset of thinking about not only problem solving but innovation. In that case, they are being prepared for excellence. So, I would go for entrepreneurship.
Do you need a lot of money to become an entrepreneur?Unfortunately, the biggest problem people have tried to use as an excuse for not being entrepreneurs is lack of money. Entrepreneurship requires two things;
Health and time. When you are beginning a business, you need to commit a lot of your personal effort. Sleep late in the night and wake up early in the morning. You immense yourself into the business so that it becomes part and partial of you.
In this context, the time and effort is your capital for the business. Even if you got Ugx1billion, inject into the start-up but you have no time and skill to put into the business, it will collapse.
You don’t need a lot of money to become an entrepreneur. Find the pains and challenges of the people and provide the most compelling solutions and ideas. Find friends, relatives and other people who buy in to your concept, bring them together as a community and make something outstanding.