Entrepreneurship has emerged as an essential element for economic progress especially in this era of jobs getting few and far between. Entrepreneurship is gradually playing a formative role in the foundation of modern business and an entrepreneurial perspective has become the need of the hour especially in this era of vanishing employment.
With jobs taking a backseat, the entrepreneurs are coming forward to drive international business. Tracing history we can see that modernization began with the industrial revolution and 20th century brought with it the promise of abundance and prosperity which witnessed the growth of multinational corporations (MNCs) from USA which ruled global markets. Post World War period accelerated major changes in the business environment and in terms of employment being available in the market. It can be seen that service industry replaced the manufacturing one and established itself as the primary employer. Food and travel occupied the forefront as distribution played a prominent role.
The world business environment further changed with the emergence of technology. Technology especially the internet brought in innovative approaches and better connectivity in all major businesses around the world pushing the boundaries of business further. Information technology gradually became the driving force in advancing the business world into a globalized community and redefining the relationships between individuals, consumers and business houses. It constantly created new opportunities and its effect was conspicuous in every industry producing an array of global business practices with jobs galore.
But the chaos that reigned following the recession of 2008-09 threw the lives of global managers, bankers and highly paid CEOs into topsy turvy and the labor market went through deepest downturn. The hype around the overwhelming rise of the markets fizzled out with the sudden economic decline as the companies in the West failed to live up to the expectations of the consumers and lagged behind in the race. This resulted in widespread unemployment and with the companies failing to burn a hole in the pockets of the consumers. Â The 2008 recession hit sending the global trade into a state of turmoil and confidence receded among the buyers and so did the demand.US and Europe groped in the state of banking panic since the middle of 2008 and the governments buckled under subsequent pressure.
Only a sizable chunk of the working population, the entrepreneurs remained immune from the pink slips. They were independent thinkers who displayed different perceptions about global economy and went on working as they did not have the fear to get fired. Entrepreneurship flourished and a considerable eagerness is conspicuous among individuals who are ready to embrace entrepreneurship as a feasible career option. With jobs going out of fashion more and more members of the youth brigade are keen to release their entrepreneurial energies and this is a positive sign to achieve greater economic prosperity not only for individuals but also for countries as well. Moreover, entrepreneurship enhances innovativeness, boosting productivity leading to better trade performance. Entrepreneurs are here to stay as they are playing a key role in establishing new businesses and hankering for profit opportunities. Independence and freedom have become the norms of the day and there is a noticeable trend among companies to hire independent contractors who are seem to be one step ahead of the employees in terms of productivity and are being perceived as better value for money. The contractors in turn are benefitted as they get the opportunity of being flexible and earning more money in lesser time and Â this seems to be working fine with the companies as well who are showing lesser interest to hire more and more employees each year.
Entrepreneurs are the most enterprising people who are ready to tread on unchartered territories and defy run-of-the-mill, mundane work life. They are being labeled as one of the most interesting species of today's business fraternity ready to take on the world. Below are a couple of reasons why entrepreneurs rule the world:-
1) Entrepreneurs are always eager beaver Every morning the entrepreneurs do not drag themselves from bed but look forward to a fresh day and new opportunities. There is a noticeable difference in attitude between an employee and an entrepreneur as an employee is mostly under compulsion to go to work but an entrepreneur feels an urge to unleash their inner flame every single day at work. Thatâ€™s what they enjoy most!
2) Entrepreneurs design their own lives As much as they are passionate about their work, they are equally concerned about devoting quality time to their families. They need not necessarily be workaholic but passionate about their vocation who think beyond their business and build their lives balancing both their professional as well as personal lives.
3) Entrepreneurs are calculated risk takers Entrepreneurs are eager to taste success in every venture and this naturally leads them to take chances but they always find out ways to reduce risks in every step they take. Entrepreneurs are always pushing boundaries and are ready to confront risks but they are calculated risk takers which makes them successful as they do not leave much to chance.
4) Entrepreneurs write their own success stories Todayâ€™s entrepreneurs are encountering numerous challenges on their way to success but they are always ready to face challenges and rise above every adversity without buckling under pressure. They do make mistakes but they never forget to learn from them. Entrepreneurs turn those challenges into opportunities which work as a catalyst for their growth, analyzing every measure to overcome challenges and eventually write their own success stories.
5) Entrepreneurs generate work The entrepreneurs who have created satisfying jobs for themselves have the potential to not only generate jobs for others but drive the economy as well. They possess the leadership skills and the mastery to foster congenial environment where jobs can be generated. Even solopreneurs hire help to assist with their branding, blogs and other areas of business. Every country needs good jobs which can be and are provided by entrepreneurs.
6) Entrepreneurs are solution providers Entrepreneurs constantly hone their navigation skills and try to come up with their own solutions. They do not restrict themselves to provide only economic solutions but solutions meeting all sorts of needs under the sun and have the power to turning problems into pathfinders.