Why is Entrepreneurship necessary? Significance of Entrepreneurship in the digital era
Today Entrepreneurship is accepted with open and wide arms. Every other person wants to become an entrepreneur because, in this profession, personal freedom seems an obvious choice along with ease at work. One can do a little effort with caution at the beginning and get lifetime benefits. But is entrepreneurship really necessary to be adopted by every other person? Why has it gained so much popularity in just a little time? Why should one even consider entrepreneurship in the first place? This article provides you answers to all of these questions and takes an honest stance upon tracing the historical changes it has undergone and arisen as a necessity of this digital world.
So, let’s get you all a trip down memory lane.
Entrepreneurship in past, a profession of the intelligentsia
In the past, whenever a person established his own business, he was widely acclaimed in the social circles being described as a person who had something special within him. The talent got reflected in the skill of establishing a complete structure of the entire business. This was nothing ordinary because this one skill of managing a business of one’s own was something peculiar in its functioning.
Hurdles on the path to instant success in the past
Because of various constraints, it was never an easy task to risk your entire investment into the manufacture of a single product and wait for the end profit out of that. This made the manufacturers eminent among the general public. This was because in the past the effort was no less than a herculean task but once the effort became successful and bore fruits for the entrepreneur, the chief mind behind the idea was highly regarded for the strength and mindset.
The arrival of the modern mode of Entrepreneurship
But as civilization rose at its zenith, the ways to conquer the world based on capital became more than easier and the establishment of variable businesses for meeting up the local needs became more of a requisite. It is in human nature that we prefer variety along with quality so when technology started taking over the whole of the modern world, a new approach towards entrepreneurship was adopted due to which entrepreneurship became the center of every commercial exchange. Hence, it became a way of life where people started coming to the idea that being your own boss is the best thing because of savoring upon your individual freedom in the busy life.
Earlier entrepreneurship was an individual choice, then it became an ideology for many because people started realizing the significance this held.
It was not just limited to the profit or loss, but it was an experience, a skill test after so many academic years. People started finding it a very convenient method of challenging themselves by trying their fortunes and management skills within innumerable entrepreneurial fields.
How significant is entrepreneurship in the personal sphere?
It can never be denied that entrepreneurship comes at the top when we ask people about their future ventures today. But how significant it proves itself to be in the personal sphere is the real question? A number of times, many aspiring entrepreneurs find themselves caught up in a loop of nervousness because of the social remarks regarding their venture. They have multiple thoughts about the usefulness of their venture. This is because entrepreneurship for many does not turn out as well as they have expected, so it acts out as a potential barrier in the way of others who are aspiring to become an entrepreneur.
However, everything comes with its own pros and cons.
It is not like entrepreneurship is just risky at all but nothing else and at the same time, it is equally not always fruitful. So, you must be wondering about the middle way consequences it carries. Yes, it is an amazing field to give a try to but at the same time, all you need to do is to remain a bit careful while entering into it and taking one step at a time because it is always slow and steady who gets to the finishing line first.
Personal benefits of Entrepreneurship
So, personally, entrepreneurship has its own charms. Though they vary as per the ideas of every entrepreneur and then the experience also decides their significance but eventually there are some of the benefits which are commonly experienced by every single one in the field. So, we have curated an elaborated list of all these personal benefits entrepreneurship carries in its bucket showering upon those who risk their capital to invest.
- Personal independence is the greatest benefit you can ask for
- Financial independence is just another gift one receives
- You get to find your personal caliber
- You tend to become innovative
- Professional commitment and better communication sense is developed
- You become more experienced in terms of the market knowledge
- Personal independence (The greatest benefit one can ask for)
Think of all the times where you have worked 9 to 5 in the normal office routine. Your boss used to monitor your performance within a specific department only and you had to suppress your internal desire of working in the position or in the department where you were most comfortable. At the end of the month, a minimum sum of money is spent for all of your month’s hard work and you become nothing less than being a corporate slave. Well, this is the tale of every other person whose routine is fixed and there is a little or no place for any change. You can never expect your skills to fully nourish in an environment where you are being controlled by the higher authorities.
Entrepreneurship is interesting in a way that it is not restricting your personal growth in any way.
When you try to get out of your fixed routine with the aim of becoming your own boss. You are actually getting a way out to the freedom where you can easily build up your business on the basis of your very own idea. You find no restriction by anyone and no one is there to control you which bestows you power over yourself. A sense of personal authority is developed in an individual which is very essential for the mental health of a person. A number of times, individuals fail in their professional life because they are trying to fit in a place where they cannot really fit at all.
So, entrepreneurship gives you this idea that you do not belong to a single place throughout your life but it rather blesses you with the much-needed freedom to do whatever you want to accomplish in your life.
As per many mental health experts and researchers, it is a proven fact that if a person is committed to the kind of task he/she loves doing, then there are high chances of attaining perfection and success as the end results in that very discipline. So, entrepreneurship is the key to personal freedom allowing you to paint the picture in the way you like to paint it at your designated time and enjoying your work most of all because a lot of the entrepreneurs who have left their jobs to chase their dream of being successful got real-time success because of setting up their business according to the way they liked and worked in the order they wanted.
- Financial independence is ensured through entrepreneurship
The corporate culture became very popular at the peak of capitalism where people were made slaves of the corporate giants. This was highly disliked by the workers who were well aware of their potential. They knew that their price was a lot more than a few dollars which were paid off to them on a weekly or monthly basis. This still remains prevalent where people offer their services to the giants for minimal costs and the result is economic deprivation of the working classes. Despite possessing enough talent and knowledge within the field, they are still bound to work for their bosses at a minimum wage which is far less than their offered services.
Entrepreneurship is very effective in this way, in particular, you take the risk and at first put some of your money at the stake of trying to set yourself up as a strong contender.
As it is believed that hard work finally pays off. A number of successful entrepreneurs believe that this is actually a true fact because they noted that when they were keen and efficient towards the way they held their own separate business and worked for their own selves in the way they liked. The end results were surprising enough because the progress they made because of their efforts was not remarkable in terms of boosting up their self-esteem but it also ensured their much higher ratios of profit. The profit they made was much higher than what they earned earlier being a part of someone else’s company.
This financial independence is one reason why people are so keen today on entrepreneurship.
They are well aware of the fact that once they lay the foundation of their own business at solid grounds, initially the progress might be a little slower but eventually as the trust grows, the profit gets doubled up at each passing moment and hence they will be able to earn much more than the conventional corporate earning style which is stiff according to many entrepreneurs. So, who wouldn’t want to make a huge amount by working at their own pace in the manner which suits you the most rather than obeying a boss?
Isn’t it much better to be the boss of your own self and direct your own self to the rules to become successful?
- Discovering your own personal caliber
Whenever one becomes a victim of regular routines, we find ourselves experiencing a strange kind of creator’s block. This is what hinders a person’s creativity to a point that he ultimately forgets the skills present in himself which is the most dangerous thing for a person. As a person is defined by the kind of skills he carries, if one begins to lose all the skills one by one because of sticking to the tough office hours, you can never expect him to turn out efficient at the moment where professionalism is expected.
You all must have noticed that more often workers within an office despise excessive productivity because they have already turned into the kind of slaves who are acting and following the robotic code of instructions. It is very little or almost no space left for productivity in such cases, so you cannot expect perfection out of anything.
Entrepreneurship is not just a way of making yourself financially strong but it rather comes with the potential tests as well.
It is a way for you to assess your skills in their truest form. Rather than sitting in front of screens all day, you are actually doing something where your skills matter the most. So, it is not only a test for the success of your business but it is rather a test for your potential skills and their application in your business. You can truly find out how efficient you are in terms of doing what you love most or the area of your interest.
For example, if you are good at management skills, by setting up a business of your own, you can evaluate your individual performance side by side. You can find out your weaker areas and can also regulate how effective your skills have been in the success of your own business. In addition to that, you can try learning new skills side by side because when you are the boss, you know how important it is to be an all-rounder in entrepreneurship. Working efficiently on new skills is a blessing tending to boost up your creativity because the bosses who are efficient in terms of their individual performance are the ones who lead in the business field.
- Professional Commitment and development of fine communication skills
It is said that you can never experience something well until you are exposed to the situation by yourself. This applies correctly to the entrepreneurs who learn many new personality-building traits in order to develop their professional understanding. As an employee, one might become careless in terms of fulfilling commitments on time because, at the end of the day, it is a collaborative effort of the entire team, so sometimes, a bit of laziness is not considered bad. However, it works totally opposite when you are running a business of your own.
You become well aware of the fact that you cannot be irresponsible towards the professional duties which come on your way to running a fine business.
At that point, a little bit of risk might even prove itself to be a lethal factor killing the growth of your business. So, you are unlikely to commit such minor mistakes which makes you punctual in the sense that you become adaptable to fulfill the professional commitments on time. Since your ability to cope up with the commitments is going to create an eternal impression on the mind of your client. So, risking it would be no less than a grave danger and who wants to risk a great opportunity coming on the way simply because of a lack of abiding by the professional norms?
Communication skills are an essential part of every business.
Whenever you start a business, your mind only does the planning, the rest of the entire task is managed by your tongue. Your communication and persuading power are big factors that contribute to the success of your company. If you are not perfect in your communication skills, it means that you are a failure despite everything you have on your platform. This is because a large number of people become easily influenced by the way a company handles its clientele. This is not only limited to handling the clientele in general but also involves tackling down the professional complaints nicely. As a good businessman, one knows the power of persuasion and communication. The stronger your communication skills are, the better are your chances of success in it as compared to the other potential rivals.
It is not a day’s work that you learn the methods of persuasion finely. This is an organic process just like entrepreneurship itself.
As your business grows every single day, you learn to build your communication skills every day. You learn a new lesson each day which strengthens your experience alongside improving your communication and command power which in turn makes you win more clients.
- Enhanced Market knowledge
Consider the time when you were new in the field of business and were unaware of even the basic things which run within this entire system deeply. How much has changed since then? How much have you learned about the market trends and the business modules to bring your own business to the top? Your answer must be “A lot has changed”.
This is indeed a fact that once you enter the business world everything else goes somewhere in the background and your market knowledge gets on increasing day by day.
You get to find a number of new things. All these new things are then implemented by you in your business which corresponds to the practical application of the knowledge you get directly from the field.
This means that entrepreneurship is not only limited to setting up some kind of business but practically applying the new rules and regulations over it in the light of which you regulate your business growth. You find out your past weaknesses and tend to make amendments in order to double up the growth. A large number of entrepreneurs have stated that when they were new in the field, they have done the kind of mistakes which they will like to consider as “idiotic” as compared to where they stand today.
By the trial and error method, they found a number of new ways running smoothly in the market which helped them correct their past errors and become the new talk of the town.
They claim that after all these years of entrepreneurship, they are no longer the person they were once but have changed completely and have become more careful about managing the business and investing only when the need and chance call for it in the light of certain other factors as well.
- Entrepreneurship and Economy
Apart from personal space, the modernized concept of entrepreneurship has also changed the government’s policies with respect to it.
Now the governments who hold the authority in every state understand the significance of small businesses and their role in determining the economy of a country.
From cottage industries, modern entrepreneurship provides you with leading brands selling the regional products and not only selling them nationally but garnering international clients as well because of their agenda of highlighting the roots. This is not just limited to clothing or relics but even services are offered to a wider and international audience. In the end, a part of it benefits the economy as well because some percentage directly makes a part of the annual capital in the government treasury thus making the economy stable.
We have seen many examples from recent times where state-based entrepreneurship ultimately led to a boosting economy, thus in turn, strengthening the country.
Even the acclaimed superpower the U.S has seen the origin of small startups like Apple or Facebook at the beginning which later on changed the definition of entrepreneurship for the entire globe and the whole world witnessed the strongest shares of the time and other start-ups building their roots there eventually. Even Bengaluru in India has seen the significance of technology in strengthening the economy of India and that was how the world saw the biggest tech hub of the world inviting international start-ups in its embrace.
This reflects that entrepreneurship is not just an interest but with its growing importance and so many positive aspects, it becomes a need of time.
Especially, if one wants to take a risk that is worth taking. All one needs is to be a bit careful in terms of initiating a business, because haste always makes waste. It is not difficult to be an entrepreneur, the real difficulty is to make it profitable and this can be done if you lay the foundations strongly. You can get an idea about the most essential elements of entrepreneurship in one of our previous articles. Combining the elements and your willpower is definitely going to yield nothing but magic-worthy growth for your business.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.