Entrepreneurship as Career Option
ENTREPRENEURSHIP AS CAREER OPTION
The vast majority of human beings direct their activities towards earning a living, generating wealth and improving their standard of living. You can choose your career from two broad categories of options – Wage Employment or Entrepreneurship. The term ‘career’ signifies a continuous, ever evolving, ever expanding opportunity for personal as well as business growth and development. We may define entrepreneurship as a career in your own business [YOB] rather than wage employment [JOB] .If you opt for a job then you ill work for others. In case you opt for entrepreneurship you will be your own boss.
In case of wage employment one is engaged in routine work carried on for others for which he receives salary or wages. He has to follow instructions and execute plans laid down by his superior. One can choose to be employed in Government Service or the Public Sector or the Private sector. Some of the main differences between entrepreneurship and wage employment career options are as under:
Wage
Employment
Entrepreneurship
Work for Others
Own Boss
Follow Instructions
Make own plans
Routine Job
Creative activity
Earning is fixed,
Can be negative never negative sometimes, generally surplus
Does not create wealth
Creates Wealth, contributes to gdp.
Can choose from-
Can choose from-
Government service
Industry
Public Sector
Trade or
Private Sector
Service
Enterprise
In the context of employment generation the three terms- Income generation, Selfemployment and Entrepreneurship are often used interchangeably.
Income generation is the initial stage in the entrepreneurial process in which one tries to generate surplus or profit. They are often taken on part- time or casual basis to supplement income e.g. a man with some surplus money might put his money in a fixed deposit account in a bank or a chit -fund to earn some interest.
Self-employment
is the second stage in
the
The vast majority of human beings direct their activities towards earning a living, generating wealth and improving their standard of living. You can choose your career from two broad categories of options – Wage Employment or Entrepreneurship. The term ‘career’ signifies a continuous, ever evolving, ever expanding opportunity for personal as well as business growth and development. We may define entrepreneurship as a career in your own business [YOB] rather than wage employment [JOB] .If you opt for a job then you ill work for others. In case you opt for entrepreneurship you will be your own boss.
In case of wage employment one is engaged in routine work carried on for others for which he receives salary or wages. He has to follow instructions and execute plans laid down by his superior. One can choose to be employed in Government Service or the Public Sector or the Private sector. Some of the main differences between entrepreneurship and wage employment career options are as under:
Wage
Employment
Entrepreneurship
Work for Others
Own Boss
Follow Instructions
Make own plans
Routine Job
Creative activity
Earning is fixed,
Can be negative never negative sometimes, generally surplus
Does not create wealth
Creates Wealth, contributes to gdp.
Can choose from-
Can choose from-
Government service
Industry
Public Sector
Trade or
Private Sector
Service
Enterprise
In the context of employment generation the three terms- Income generation, Selfemployment and Entrepreneurship are often used interchangeably.
Income generation is the initial stage in the entrepreneurial process in which one tries to generate surplus or profit. They are often taken on part- time or casual basis to supplement income e.g. a man with some surplus money might put his money in a fixed deposit account in a bank or a chit -fund to earn some interest.
Self-employment
is the second stage in
the