The world is now a large playing field for business and many jobs are more specialised in this global space. On the local scene, the news is full of companies closing down and positions being made redundant.
These business developments and ongoing employment vagaries have caused many people to question where the downsizing and loss of jobs will end. What will happen to those who still want to work, have meaningful employment and a purpose in life? How can individuals live a fulfilling life if they can never find employment?
Entrepreneurship is critically important in this new and changing world because it allows individuals to be in charge of their own destiny, capitalise on their skills and feel motivated to create their own future. In fact, entrepreneurship and the skills associated with entrepreneurship are equally important in both organisations and for individuals who want to forge their own career path. This is because, at its very essence, entrepreneurship is developing an idea through to action.
Entrepreneur comes from the French terminology meaning someone who ‘organises or operates a business’. Entrepreneurship is characterised by a set of skills that include:
- Having a vision
- Creating new ideas and developing the associated processes
- Utilising one’s personal skills and talents
- Planning to take measured risks to achieve an outcome
Entrepreneurship is often touted as an option when jobs are less abundant, even though being employed is often a more assured pathway for many people. With opportunities for employment becoming less frequent, entrepreneurship is another alternative to create a meaningful career. It is found that people who are successful as entrepreneurs have identified the three key pillars that form the foundations of entrepreneurship. These foundations include:
- Knowledge and skills to become an entrepreneur
- Life experiences with entrepreneurship either through family or other contacts
- Access to resources such as finance to start the venture
Knowledge and skills around entrepreneurship can be developed, as these skills may not come naturally to everyone. The first step in become more entrepreneurial is to understand yourself – your interests, your motivations for work and whether you like to take the lead in different situations. Entrepreneurs are typically comfortable making their own decisions and take responsibility for the outcomes that result. They are also good at seeing things through and maintaining commitment to the projects they develop. In summary, learning about entrepreneurship involves:
- Understanding yourself and your interests, goals and motivations
- Creative problem solving and strategic thinking skills
- Ways to identify opportunities, generate ideas and make things happen
- Being able to present ideas, build relationships and negotiate
These skills can help you to understand and believe in your abilities, cope with uncertainty and complexity, take initiative and be responsible for your own life and career outcomes. In being able to manage all that life delivers, these are essential skills. They are important in being able to apply for and find a job, stay employed in an organisation, as well as starting out on your own venture. In the complex world we live in, understanding our strengths, talents and abilities is crucial. Only then is it possible for entrepreneurship to flourish.