How many of you have heard this? Well, we all hear that if you want to become a billionaire then entrepreneurship is the key to earn more income. Is that the right thing or people don’t want to face the bitter truth that this is not the scenario at all. If you are a realistic person and approach to this realistically, then you will probably understand that entrepreneurship is not the easiest way out to earn more income. It is by no means a shortcut to earn more money and if you are looking at things this way then you probably need to reevaluate your thoughts.
What is entrepreneurship?
So what is the basic idea of this word? Do you have any idea about it or does it just strikes you really hard because you have some basic entrepreneurs on your fingertips who are now some of the most world known rich billionaires? The concept that drives people towards this huge word is that you are free from the barriers of a fixed salary. Yes, I won’t deny the fact that you can even earn millions but at the same time, you have no idea when you will start earning them. Entrepreneurship allows you to make your own value and set your own limits, without being set into boundaries. However, the idea does look manifesting and amazing but the road of success through entrepreneurship is not that easy at it might seem. Why? Here is why!
Chances of Failure
Don’t worry, I will be showing you the good stats too but it is always great to peek inside the bad side and stay prepared for the consequences. Anyways, the recent studies show that 90% of the people who startup anything as an entrepreneur (whether that be online business, influencer or blogging) come to an end really soon. The startups do fail but the stats aren’t able to show the time frame of failure or how often this happens. On the other hand, 50% of these 90% businesses keep struggling for at least 3 or 4 years to try their luck and pushing it too hard does help around 30 or 20% of them. This usually confuses people and they keep speculating that they have almost 50% chance of failing. However, this is not the case. You can land in the 20 to 30% of people who eventually flourish. But this study does unveil the immense efforts that one needs to put into any type of business they are planning to begin in order to succeed. And don’t forget that entrepreneurship requires invest and time and above all consistency. It might take a year or even two years for you to be noticed and it all depends on how much you are willing to invest your time and efforts into it.
Brighter Side of Entrepreneurship
So it is not that you are going to fail and you won’t be able to earn more through it but trust me when I say that is no way an easy method to earn more income. Sometimes, entrepreneurs are doing part-time jobs to bring in the money that they need for investing in their business startup. This way, they stay on the safer side of fewer risks and handle the losses well too. But entrepreneurship (being a long way though) still has some brighter sides. Here is what can motivate you to still become an entrepreneur!
- Entrepreneurship brings inner satisfaction to a person. The desire of building something on your own and leading a team and putting your skills to work is enough for a lot of people who look beyond the thought of a paycheck.
- The brighter side of this concept is experience. Entrepreneurship is a brutal teacher to be honest. Whether you win or you fail, you get to earn a lot of experience and it helps you in various fields of your life.
- Another perk of entrepreneurship is that you get a lot of contacts. You meet new people, discover new places and you build a lot of contacts which come to use in some way or another for you.
- And obviously, you are your very own boss and this gives you the freedom of creating whatever you want to and being able to handle things on your very own!
So the ending conclusion is that entrepreneurship does not come with the guarantee that you will be earning a lot of money. Yes you can get wealthy, with money and experience and a lot of other things but you are not being given a certainty that you will earn more from it than you were at your last job. It is all about how things turn out for you or how you make them work for you!