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Why Take The Risk? | Job Security vs Entrepreneurship - YouTube
Channel: Practical Wisdom - Interesting Ideas
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Job Security vs. Entrepreneurship, Why take
the risk?
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Paul is in his final year of college, and
of late he has been thinking a lot about what
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he wants to do for the rest of his life, after
graduation.
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Growing up, Paul had always been told by his
parents to study hard, get good grades, so
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you can accepted into a good university and
graduate with a good degree.
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Because having a good degree will land you
in a good paying job and in return, a good
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life.
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You see, this is the mentality that a lot
of us were told.
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For some people, this belief is hard to throw
away because it’s what we have been told
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since child hood.
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One afternoon while Paul was sitting outside
on a bench in the park, he started seriously
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thinking about what he wanted to do with his
life.
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He had always found the economic freedom and
allure that entrepreneurship presents enticing
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but on the other he also understood the challenges
that such a path presents.
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Being an entrepreneur is risky as about 50%
of all startups fail in the first 5 years,
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Paul recent read in an article online.
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On the other hand, being employed promises
a level of security, little risk, and although
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not much, a steady a paycheck every month.
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As Paul was contemplating his future, one
of his professors who was in the park, decided
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to sit next to him.
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The professor said hello to him, Paul (still
thinking about his future) said hello back.
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After a little moment of silence the professor
initiated a conversation and they started
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chatting for a bit.
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As they were talking, Paul decide to ask the
professor for his opinion, on whether he should
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give entrepreneurship a shot or just get a
normal 9-5 job like most people.
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What the professor told Paul is the basis
of today’s video.
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But right before we begin, if you like the
video so far, do me a favor and hit the like
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button.
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button and the bell notification icon so you
don’t miss any of our video.
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Now let’s begin.
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As Paul and the professor were sitting on
the bench talking, the professor said to Paul.
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Entrepreneurship can be an appealing career
option for independent individuals hungry
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for success, it’s a path which allows you
to do your own thing and pursue those things
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you feel most passionate about.
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You see, the entrepreneurial lifestyle allow
you to gain a deep sense of satisfaction and
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fulfillment from pursuing your chosen path
in life in a way that is difficult to replicate
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as an employee.
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But running a business is not for everyone.
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Before you commit to the path of entrepreneurship,
you should consider and weight the options
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between being a business owner and being an
employee as the two paths could not be more
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different.
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You see, a life of an entrepreneur is characterized
by risk, stress, longer work hours and often
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time’s loneliness.
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You’ve got to not only come up with an idea,
you’ve got to market and execute your vision.
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Even if you execute your vision, there’s
no guarantee you’ll be profitable.
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Think about all those small business owner
who borrow startup capital only to close down
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and lose all their investor’s money a couple
years later.
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On other hand, being an employee you are free
from the burden of making tough decisions
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that steer the progress of the company.
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This may not sound like much, but for most
people, they would rather be told what to
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do and how to do it, than crack their head
over charting a course that every other person
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in the company will follow.
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It may suck sometimes said the professor,
but at least you are assured a paycheck, food
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on the table and enough for small luxuries
every now and then.
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You see, the above benefits give excellent
reasons why any person seeking to start a
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career would go for a paying job, but why
then are many people growing dissatisfied
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with their jobs on a daily basis?
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According to The Conference Board, about 53%
of Americans are currently unhappy at their
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jobs, and this is quite alarming.
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But why is this so?
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Asked Paul
You see, said the professor, most of us have
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this drive to play by our own rules, to live
by our own terms and to only do what we love.
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This drive is seen first in the stubbornness
that kids display, and later on, in the strong-willed
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attitude that young adults display.
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For many people, this is later converted into
doggedness in fighting for the good life that
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they want.
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And yet, this drive still exist in one way
or the other.
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I have come to discover that the best way
to satisfy the inner desire we have to live
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on our terms and be our own bosses is to be
just that; be your own boss.
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You see, it may not be rosy at first, but
even during those dark and terrible early
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days, you will retain a sense of fulfillment
knowing you are chasing the thing you want
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and love.
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Let me tell you a short story about a guy
I know.
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Henry was a guy, who from his early days,
he wanted to be a man of his own.
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He would tell his friends at high school that
if the only way to make money was to get a
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job, then he would prefer going back to take
over his father’s horse ranch and manage
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it.
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But guess what happened to this young man
later.
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After college, Henry went to work for a firm
as a business manager, so he started as a
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staff in the development section.
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He worked hard and in five years, he was promoted
rapidly until he got to the position of deputy
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business manager, and that is where he was
stuck for years until he became tired of the
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routine.
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Henry, knowing he had enough knowledge to
run his own business, finally took the plunge
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and started his own business.
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At first, it wasn’t easy, and he had so
many challenges that he wanted to quit, but
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somehow, he kept on.
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Today, he has become successful in his own
right.
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There are still challenges, of course, but
he prefers facing them head-on to being stuck
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in one position for a long time.
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Henry’s story represents the reality of
most of our lives.
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You see, some of us become tired of the normal
life, the routine of being in one position,
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and being unable to make further decisions
concerning our careers.
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Although in Henrys case, instead of staying
in a position he felt stagnant in and hated,
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he decided to do something about it.
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He took a step of faith not too many are willing
to take.
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But it paid off for him, said the professor.
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You see, Entrepreneurship is the way out for
you if you are not cut out for the normal
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9-5 work life.
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Said the processor to Paul, And No, I am not
saying the process will be easy, but eventually,
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it will pay off if you keep at it.
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Personally, I know friends who have experienced
tremendous satisfaction in surmounting challenges
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in business.
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They have experienced so much freedom in being
able to make decisions concerning their growth,
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development and business.
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You see, entrepreneurship is not as scary
as it sounds, neither is it for everyone.
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But again, most people can succeed as entrepreneurs
if they learn the ropes, and are diligent
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enough to follow through with their passions.
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Entrepreneurship is surely not a bed of roses,
but at least you have the decision on how
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to make the things work.
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There is also the satisfaction of knowing
that you only answer to yourself.
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Come with me said the professor; I want you
to meet one of my friends.
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That afternoon the professor took Paul to
a successful restaurant owned by his friend
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Tony.
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Tony welcomed them both to his restaurant
and invited them to sit down.
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This is one of my students, Paul, said the
professor.
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He’s not sure of what career path he wants
to pursue after college, and I thought it
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would be good if you could share some of your
wisdom, you have gained as an entrepreneur.
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So young man, you want to be an entrepreneur,
said Tony.
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That’s right said Paul.
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First, you have to understand, the life of
an entrepreneur is not that which you see
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on TV or social media, said Tony.
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It’s not a flashy life filed with endless
exclusive parties, invites to celebrity events,
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beautiful woman chasing after you, and buying
whatever your heart desires.
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Although, it can be, this isn’t always the
case.
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It’s not a life that the media has pictured
it to be.
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You see, granted, yes it can be a life filled
with euphoria, crazy adventures and a very
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nice fat bank account.
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But this isn’t always the case, most entrepreneurs
fail.
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You see, I know many friends who tried starting
their own companies, hoping to hit the jack
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and become very rich, only to end up losing
a lot of money, some their longtime relationships
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and marriages, and some even their houses.
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I’m not trying to say don’t be an entrepreneur,
said Tony, what I’m trying to say is…
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You need to understand what you are getting
yourself into.
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Don’t scare the young man said the professor...
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Tony smiled.
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You see, being an entrepreneur has its perks
said Tony.
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One, you determine your schedule.
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As an entrepreneur you have the liberty to
set your schedule to be as flexible as you
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want.
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You are not entirely pressured by anyone (except
your customers), and you can run your business
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based on whatever timeline you set.
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There are no forced deadlines, no compulsory
work hours, and rigid schedules that you cannot
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escape.
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And although entrepreneurship requires long
hours, you can build your business to the
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point where you have more time and freedom
to focus on your hobbies and other activities.
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Two, you become a respected business leader.
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Have you noticed that many employers are the
ones who end up receiving rewards and recognition
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for building a business even though they had
employees who bore the brunt of the work?
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I know this may not be a popular goal for
you Paul, however it’s still nice to get
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recognition as a business leader in your community
for the impact that your business has had
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on improving the local economy.
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Three, entrepreneurship is something that
will expose you to new challenges and exciting
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opportunities to test your knowledge and skills.
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When you open your own business, it won’t
be smooth sailing all the time.
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Challenges will come up, and it will be up
to you to pilot your business well.
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This is an exciting but equally frightening
time, it will however sharpen and develop
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your skills tremendously.
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Four, you get to build a career that aligns
with your passion.
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You see, as an entrepreneur, you get to build
a career in a field that aligns with your
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passion and not just doing any available job
in order to survive.
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Entrepreneurship is one of the best ways to
live your dream life, doing what you are most
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passionate about.
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Just look at me, I’m living my dream, cooking
food I love and putting smiles on people’s
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faces.
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Five, autonomy.
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You see, as an entrepreneur, there is almost
no limit to your authority and power concerning
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your business.
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You are the center of all decisions and can
exercise intelligible control based on expertise,
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experience, and market familiarity.
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Multiple studies have linked this to job satisfaction,
as many people tend to feel more satisfied
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if they had more control over their jobs.
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By now, you may already be seriously considering
starting your own business, said Tony.
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It’s not a bad thing in itself, but you
have to make sure you are ready mentally.
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You see, the journey of becoming an entrepreneur
although rewarding, is not always easy.
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You will have to throw in your best and more
to succeed.
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When I first started this restaurant, it looked
daunting.
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I would see other restaurants filling up with
customers and I would wonder when mine would
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reach that level.
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I had a clear blueprint I was going to follow,
but daily, as I came to work and cooked my
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best meals, I only got a few customers.
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I felt discouraged.
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But that was where the entrepreneurial spirit
proved to be very useful.
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I kept at it, constantly coming to work, cooking
my best dishes and giving it my all, knowing
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that sooner or later the recognition and customers
would come.
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Well, it’s been an upward call since then,
and quite the adventure…
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Tony laughed.
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A 9-5 job may suit a lot of people, but it
is definitely not the answer to the inner
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desire for freedom and flexibility that many
others have in them.
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While a steady day job may be less stressful,
more stable, and all that, in the end, being
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an entrepreneur will open you to so many opportunities
for personal and career growth than you ever
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thought was possible, said Tony.
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Thanks for watching!
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If you liked this video, give it a big thumbs
up, also please share it with a friend or
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two, and don’t forget to subscribe.
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With that said, I will see you in the next
one.
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