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Why You Should Own A Business

Why You Should Own A Business

The rate of unemployment has increased around the globe, most especially in Africa continent, which has motivated the spread of atrocities and events, that are not practically healthy, to the society. Many people still doesn’t see the reason they should own a business of theirs.

As at July 2021, the unemployment rate of the United States was 5.9 percent, according to statista.

According to trading economics, Nigeria is leading the unemployment rate by 33.3%, followed by South Africa 32.6. The country with the lowest employment rate is Qatar who has 0.1% percent
Having a job, is another definition of unemployment in disguise. This was obvious during the pandemic period. Although, many businesses went off the ground yet, it can’t be compared to the numbers of employees that became jobless during that time

 

What Is A Job?

A job is is considered to be a piece of work, most especially a specified task done, either as a routine of one’s occupation or for an agreed price.

It requires the employee to, work for a regular number of hours, consistently for a fixed and agreed wage that often exceed the legally approved amount of minimum wage.

Entrepreneurship

Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

An entrepreneur is an individual who creates a new business, bearing most of the risk and at the same time, enjoying most of the rewards.
The entrepreneur is believed to be a source of ideas and innovations, goods, services et business.

Why You Should Have A Business

Why Do People Prefer Job?

No matter what our action(s) is/are, we are always motivated to take that step based on certain reasons. Although, I find it funny when many individuals who has the potentials to bring any idea to live goes for a job, instead of becoming an entrepreneur but nevertheless, they have their reasons which are discussed below

1. Pay/Wage

One of the reason people prefer to become an employee is because of the steady pay. A fixed amount of money is deposited on a monthly basis into financial institutions, being used by the employee, by the employer.

Entrepreneurship isn’t for people who can’t survive without a paycheck. The entrepreneur may make nothing for months but employee get paid at the end of each month.

2. Fear

Many potential entrepreneurs, out of fear of loosing all what they have started resort to becoming an employee. They have the skill but don’t have the emotional guidance to withstand the failures and rough roads, which is basically necessary to be experienced, as an entrepreneur.

How To Be Successful In Your Business

3. Mindset

People believes they can never bring out a desired result provided they venture into becoming an entrepreneur.

Mindset is built on what we either see or heard and in most cases, we promote the negative aspect of it, than the positive.

At one of our discussion period amongst my peers, I was preaching diversification and one countered, with a question by saying is diversification that easy.

4. Patience

This is related to number one above which talks about Pay. Many individuals doesn’t and can’t wait for their idea to bring out a better result but being an employee gives reward at the end of the stipulated time.

Rather than building on their dream, which can lead to explosive growth, if properly managed.

Benefits of Starting A Business

There are numerous benefits when you start a business and these are;

1. Freedom

When you own a business, you own your freedom. You do what you like at your will wish can never be possible, when you’re working under someone

2. Choice

You decide for yourself here. As an employee, you need to take an approval before you decide on any personal issues of yours and if not approved, you dare not go against or it affects your pay

3. Time

Here, you decide how to utilize your time as an entrepreneur which isn’t possible for an employee. You choose when to come to work and when to leave unlike working as an employee.

You won’t be worn out from the regular waking up and getting to work by 8am and getting back late at night and you move again the next day.

 

NB

All images are extracted from the book titled Rich Dad; Poor Dad by Robert Kiyosaki