To work for or to work with

The Presumed Right to Employment

Typically, a country’s legislation dictates that if you wish to become a private entrepreneur, you must first register as one. This implies that society presumes your default status to be that of an employee rather than an entrepreneur.

Consequently, the educational system often reinforces this notion, churning out compliant workers rather than innovative self-reliable visionaries. However, this isn’t necessarily detrimental.

The Appeal of Steady Employment

As an employee, you’re tasked with a specific set of responsibilities and receive a predetermined salary in return. Your working hours are also defined. On the other hand, entrepreneurs operate with fewer boundaries. One might argue that entrepreneurs embody true freedom, but this freedom isn’t without its drawbacks.

With freedom comes responsibility, a weight not everyone is ready to bear. As an entrepreneur, you alone are accountable for your income. If your ventures don’t yield profits, you earn nothing. In contrast, employees can usually anticipate when and how much they’ll be paid.

The Monetary Hesitation

It seems that financial security, or the lack thereof, is the primary deterrent from embarking on entrepreneurial endeavors.

The underlying fear is:  I fail, how will I manage my bills, rent, and other expenses?

The Entrepreneurial Journey

Having been an entrepreneur for about a decade, enduring both failures and successes, I liken entrepreneurship to constructing a railroad track just ahead of an advancing train. The track represents your income and assets, while the relentless train symbolizes your expenses and liabilities.

The goal is to ensure your income always outpaces your expenses. Interestingly, while you lay the tracks, it’s your clients and the market that supply the materials you need.

Defining the sufficient

Instead of fretting overpaying rent, the focus should shift to generating a sufficient income. The term sufficient is pivotal. If your income meets the threshold of sufficient, your business model is viable. The equation for sufficiency is straightforward:

Sufficient = Total business expenses + Reasonable personal income.

Maintaining this formula is the hallmark of a successful entrepreneur.

Understanding the ‘How’

Another vital aspect is understanding how are are going to shape your business endeavour. You can’t earn if you don’t know the means. The encouraging news is that all income generation follows a similar pattern: provide value to someone willing to pay for it.

This principle applies across industries, regardless of the business size. To thrive as an entrepreneur, consider answering following question:

• Can you offer something of value that others are willing to pay for?
• Are there enough potential customers to pay for your service or product?
• What is the right way to attract attention of potential customers to the value you offer?

Start by identifying your unique value proposition, then introduce it to the market. It’s a sequential process.

Take Action Now

It’s undeniable that motivation, inspiration, and a willingness to step out of one’s comfort zone don’t directly translate to business acumen. What truly matters is the ability to offer something of value and effectively market it. And there’s no better time than the present to hone these skills.

Maximize Your Free Time

If you’re currently employed, leverage your free time wisely.

Instead of succumbing to distractions like media and entertainment, channel your energy into creative pursuits:

1. Slow down and set aside your regular distractions.
2. Reflect on your skills and identify your unique value proposition.
3. Identify potential customers who would benefit from your offerings.
4. Determine the most effective channels to promote your value to these customers.

The Culminating Move

Now, with focus and dedication, begin your journey. Progress steadily and consistently.

Your evolution from an employee to an entrepreneur will unfold organically.