When there are not enough jobs available, why not become an entrepreneur and stop looking for a job?
Most of us are conditioned from our early life that once we complete our studies, we must start working to earn a living. There is no harm in thinking this way. Modern economic condition dictates that an adult human being, to be productive, must make an income and thereby contribute to the economic well-being of society. But to earn a living by doing some activities that have a financial value to society is not easy.
There are a few factors that are stacked sky-high against an individual when it comes to being economically productive, especially in the context of the Indian economy. These fault lines are not an aberration that can be easily corrected with some well-thought-out measures, either at a personal or collective level. On the contrary, all these aberrations are a deep-seated structural anomaly that defines Indian economic conditions.
We will consider a few quick facts to understand what I’m discussing.
- 50% of the Indian population is below the age of 25 years.
- As per the World Economic Forum employability is a big challenge for fresh graduates entering the workforce in India. Of the 13 million people entering the workforce, only one in four management professionals, one in five engineers, and one in ten graduates are employable.
- According to a McKinsey report, Indian GDP had grown at 4.2% during the financial year 2019–20. To create 90 million new non-farm jobs by 2030 India’s GDP needs to grow between 8 to 8.5%.
- Most job aspirants will remain without a suitable job for most of their lives.
From the above facts, it is clear that most job aspirants, irrespective of their education, will not get a job. Even when a few of them become fortunate enough to get a job, that job may not be suitable for them or may not pay them adequately for sustainable financial independence.
The way forward for young job aspirants — an alternative
For most young people, getting a well-paying job after completing their studies is like a dream realization. But when there are not enough jobs going around it will be foolish to wait indefinitely for a suitable job. The next best thing is to take the steps to become an entrepreneur. But it is easier said than done. Being an entrepreneur is a path filled with both challenges and rewards.
Following are a few top reasons why being an entrepreneur might be an exciting and fulfilling journey.
- Unlimited Earning Possibilities: Entrepreneurship allows one to explore limitless income opportunities. This is never possible in a fixed-salaried job. For a successful entrepreneur earnings are not bound by a predetermined paycheck. Successful entrepreneurs can experience financial gains that surpass what most employees ever encounter.
- Innovate and Try New Ideas: An entrepreneur has the freedom to innovate and bring fresh ideas to life. If you constantly think about products and services that could be improved, starting a business or a side hustle might be the perfect outlet for your creativity.
- Be Your Boss: Entrepreneurship lets you take charge and become your boss. You set the rules, make decisions, and shape the direction of your venture. It’s a chance to create something meaningful on your terms.
- Learning and Growth: The entrepreneurial journey is a transformative learning experience. You’ll acquire diverse skills. Skills like business development, marketing, finance, and more. Handling challenges and overcoming obstacles will contribute to your personal and professional growth.
- Pursue Your Passion: If you have a talent, skill, or hobby you’re passionate about, entrepreneurship provides a platform to turn it into a business. Imagine using your love for something to create a sustainable venture. It’s a chance to align your work with your true interests.
- Impact and Legacy: Entrepreneurs have the power to make a difference. Entrepreneurial journey can have a positive impact on your community and beyond.
- Flexibility and Work-Life Balance: While entrepreneurship demands hard work, it also offers flexibility. You can design your work schedule, allowing for a better work-life balance. Achieving this balance is empowering and contributes to overall well-being.
- Financial Independence: Building a successful business can lead to financial independence. You will have the capacity to create wealth and gain financial independence. You will no longer be dependent on your monthly paycheck.
- Control Over Your Destiny: As an entrepreneur, you’re not just a passenger-you’re the captain of your ship. You steer your business toward success, adapt to changes, and shape your destiny.
- Create Jobs and Opportunities: Entrepreneurs play a crucial role in job creation. By starting and growing businesses, you contribute to employment opportunities for others. Your venture can positively impact the lives of employees and their families.
But entrepreneurship is not everyone’s cup of tea. Entrepreneurship is not for the faint of heart-it requires dedication, resilience, and a willingness to take calculated risks. But for those who embrace it, the rewards can be extraordinary. Reflect on these reasons, and decide if the entrepreneurial path aligns with your aspirations and values.
Originally published at https://barunray.substack.com.
