Regardless of what career path you decide to take, the decision ultimately boils down to being employed by an organization or being self-employed.
The top 5 nuances you need to know before you quit your job to be an entrepreneur
Deciding on what to do to make ends meet is arguably the biggest decision one could make in their entire life. It is paramount that this decision is made after much thought, and eventually some clarity.
The decision to get a job is always motivated by a person’s ability and willingness to be a team player. Many individuals can play their part in the grand scheme of things, so they feel very happy and content being a part of an organization.
On the other hand, some people prefer to be sole proprietors, incurring all the risks and reaping all the benefits. With the narrative surrounding wealth today, this option seems to be preferable. While there are statistically more people under employment, most people, even those currently employed would love to be their own boss.
This option is mouth-watering because it presents the option to have control over how you spend your time and resources. However, this is very debatable.
With that being said, below is a list of nuances you need to know before deciding to quit your job and become an entrepreneur. This is not necessarily a list of facts and effects, but more so a list of subtle misconceptions no one seems to address.
Autonomy of choice: Ask, and you will realize that most people want to become entrepreneurs because they want to have more control over their lives. But, this is far from the reality of entrepreneurship. This narrative also makes the mythical assumption that employees don’t have control of their lives. Self-control and self-management are an effect of self-discipline and not a career choice. How one manages their time and finances have nothing to do with the career they’ve chosen, but the capacity and determination for self-development.
You’re your boss: This is another subtle misconception people don’t give much thought to. As long as you provide a service, you must answer to someone. So in retrospect, entrepreneurs have numerous bosses, seeing as they must answer to their customers. Also, as an entrepreneur, you may have to report directly to your investors and stakeholders, effectively making you their employee.
No better option: People that wish to become entrepreneurs immediately key into the idea that it is a better option. However, this is far from the truth. For whatever reason you choose to become an entrepreneur, it is not immediately or necessarily the best option. Happiness, freedom, and more financial flexibility are some key reasons people choose to leave their job and start their enterprises. But these things could be had even if you work for an organization, especially an organization that actively treats its employees like the valuable assets they are.
Starting a business: This is arguably the biggest misconception people have about entrepreneurship. Most people that opt for entrepreneurship do so on the grounds of starting a venture. However, entrepreneurship is not about starting a business, entrepreneurship is about solving a problem. If your desired venture does not immediately answer current or future market concerns then maybe you should rethink the decision.
Models trump market trends: You need to be a statistician to some degree to become a successful entrepreneur. Soft data is not nearly enough, and following trends are more likely to land you in trouble than afford you that dream life. For example, it is easy to get caught up in new trends like NFTS and the metaverse, but investing money in bringing metaverse tech to Africa could fall flat on its face seeing as there is very little internet penetration in the continent. This is not necessarily a bad decision, but before you quit your job and invest all your life savings in this new business that is trending and fetching a lot of money for numerous individuals, decide on a business model that could work for the target audience you intend to rope in.
So before you decide to turn in your resignation letter and chase your dreams, note that you are not opting for an easier or better option. With this knowledge, you will be more well equipped to chase your dreams and do so very successfully.
As a bonus point, here are five industries in Africa you can invest in right now to yield very high returns.
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