Did the economy really recover after the financial crisis as the press has been claiming in recent years? If you remember, the financial crisis that occurred in 2007-2008 was not just a national crisis but an international one. In retrospect, it could very well have been the worst financial crisis since the 1930s when people worldwide suffered through the Great Depression.
Essentially, what’s different today from a sociological rather than an economic perspective is that the myth of getting good grades in school will lead to a good job appears to have been completely debunked. There are many intertwined reasons why there is far less job security now than ever before. We appear to be living in a time of an evolving ethos about work that suggests that you need to be able to create your own job to have a good job.
Let’s take a closer look at entrepreneurial opportunities open for entrepreneurs today and what it takes to be a good entrepreneur.
What opportunities are available for entrepreneurs today?
Opportunities for entrepreneurs can be broken into two broad categories: traditional businesses and online businesses. While there is some crossover, for instance, a traditional business may also have a website, an entrepreneurial business will fall under the umbrella of these two forms of business.
1) The traditional business model
A traditional business could be a retail store. While theoretically almost everything can be bought online, people still love to shop at stores. They enjoy looking over things, holding them in their hands, trying them on, asking product-related questions, and being able to get what they want immediately.
While opening up your own store is a way to become your own boss, few people who take this route survive more than a few years. Without prior retail knowledge and experience, it’s easy to make big mistakes that can cost you your business. Your chances of success will increase exponentially if you join a franchise. For example, with a UPS Store franchise, they teach you what to sell, how to sell it, and exactly how to run your business. Moreover, if you’re successful at running one store, there is nothing to stop you from doubling your income by getting another store and replicating your success.
2) The online business model
An online business could be either product or service-oriented. Both options require you set up and market a website. If you have a products-based website, it will have all the functionality of an eCommerce business. If you have a service-based website, you are providing some kind of consulting, freelance, or tutorial service.
Do you have what it takes to be a good entrepreneur?
There is a huge difference between being an employee and a small business owner.
As an employee, you’re only responsible for the role you play in an organization. On the surface, this is a convenient arrangement, but at a deeper level it can be uncomfortable because if you don’t like any aspect of your job description, hate your schedule, or don’t agree with company policy, then there is little you can do about it and still keep your job. On the other hand, you may be in a career you love and are willing to overcome any career obstacles that stand in your way.
As a small business owner, you’re responsible for everything, including those things that you have little or no interest, talent, or experience in. You have to wear many hats, even those that don’t fit you.
In his book, Never Get A Real Job, Scott Gerber recommends the following tips to being an entrepreneur.
- Tame your ego. If you don’t take difficult people and setbacks personally, you’ll do fine
- Follow the KISS philosophy: “Keep it simple, stupid.” Essentially, don’t overcomplicate the process, especially at the beginning
- Keep the worst-case scenario top of mind. Things take longer and cost more than you originally anticipated
In essence, then, you have what it takes to be an entrepreneur if you have a high tolerance for taking risks and dealing with disappointments.
“We have got to get back to where we accept risk,” said General John Hyten. Although, he was speaking about space exploration when he spoke these words at the 32nd Space Symposium in 2016, he might as well have been talking about the need for a more entrepreneurial spirit to alleviate the employment challenges of our current economy.
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