Learning the ways and means to be an entrepreneur

Are you unhappy in your present job? Do you feel that you’re not putting your skills to good use?

Do you worry that you might lose your job or that the company you work for might fail altogether? You’re not alone.

The Towers Watson “2014 Global Workforce Study” has found that 60 per cent of employees around the world are not fully engaged in their jobs. Many are just collecting their paychecks and looking for another position. After pay, job security is the biggest concern for workers.

HRO Today and Yoh Recruitment Process Outsourcing took a look at employee attitudes during the latter half of 2014. More than one in 10 US employees worried that they would lose their jobs and 56.8 per cent did not trust that their leaders made sound decisions for the company.

These are just some of the reasons that people are choosing to start their own businesses.

Small and medium-sized enterprises drive the economy, create jobs and foster innovation. The Association for Certified Chartered Accountants (ACCA) has found that in the Top 20 global markets, SMEs make up more than 85 per cent of the business population, account for 52 per cent of the private sector value and contribute to 67 per cent of employment.

According to Omani entrepreneur Qais Al Khonji, SMEs account for 40-46 per cent of the nominal GDP in Dubai, make up more than 60 per cent of the UAE GDP, and provide 86 per cent of the jobs in the private sector.

Distinct advantages

Would you like to be your own boss but worry that the economy is too unstable? A small business is more likely to survive during volatile times than a large corporation. And entrepreneurial activity is what contributes to economic stability.

SMEs have distinct advantages over large firms in that they are more agile and responsive to both local and global markets. They can quickly adapt, specialize and respond to changing markets, customer desires and trends.

As professors of global management Jose F.P. Santos and Peter J. Williamson report: “73 per cent of executives at large multinational companies considered that ‘local economies are more effective competitors than other multinationals’ in emerging markets”.

How much do you trust large corporations? Most people are more likely to trust a small business owner than the CEO of a multinational company. And your local shop owner is more likely to know what you’re looking for and customize their offerings accordingly than the market researchers of a major corporation.

Small businesses have the advantage in every way over big companies during volatile - and stable - times.

If you crave financial freedom and want to put your talents to their best use, the time is ripe for entrepreneurship. You don’t have to suffer the consequences of a volatile economy plagued by the short-term thinking and the greed of large corporations. You can become part of the solution.

You can learn how to find your best business fit, research the market and create a business model and strategy. These skills are essential if you want to thrive and not just survive as a business owner.

You can build a small business that contributes to economic stability, provides real value to people, creates jobs, sparks innovation and makes a real difference towards building a thriving, sustainable and morally-conscious global economy.

A great business idea is not enough. Too many people start businesses without proper planning and end up being self-employed rather than true entrepreneurs, struggling to stay afloat rather than adapting, growing and surfing the changing times.

Personal brand

Figure out what you’re not suited to do and network to build a partnership or team that addresses all of the aspects needed for a successful business. Determine your personal brand and create your business brand based on the intersection of what is unique and valuable about you and what matters and appeals to consumers. Use market research to determine g strategy and business model. Outsource what you can to operate lean.

Taking charge of your own financial security and working at something you feel good about is key to building a stable economy and society. The entrepreneurship revolution is about taking over the reins of your own life and the world you live in.

Are you ready to join?

The writer is the Founder of www.wduevents.com and Wealth Dynamics Unlimited.