Entrepreneurship as a Career

Topics: Franchising, Entrepreneurship, Business Pages: 13 (4875 words) Published: June 29, 2013
Entrepreneurs organize, manage, and assume responsibility for new enterprises. Their goal is to earn a profit by providing products and services everyone needs. If entrepreneurs are successful in carrying out this task, they can build rewarding careers for themselves. Many opportunities exist to start new enterprises. But before you decide to become an entrepreneur, you should find out what is involved. This module examines entrepreneurship as a career. You will see if, and how, entrepreneurship fits into your future.  WORKING FOR ONE’S SELF COMPARED TO WORKING FOR OTHERS

Thousands of Filipinos are interested in starting their own business. However, many think only of the rewards and give little thought to the risks. In this section, you will look at both the advantages and the disadvantages of being an entrepreneur. Advantages of Working for Yourself

Those who choose entrepreneurship as a career usually do so for five appealing reasons: (1) personal satisfaction, (2) independence, (3) profit, (4) job security, and (5) status. PERSONAL SATISFACTION. To some persons, the chief reward of working for yourself is personal satisfaction. Personal satisfaction means doing what you want with you life. As an entrepreneur, you will be able to spend each workday in a job you enjoy. For example, if you like photography, you may start your own studio. Each time a customer is pleased with a portrait, you will receive personal satisfaction. You may have personal satisfaction from aiding the community in which you live. Entrepreneurs supply goods and services and create jobs for residents. They also buy goods and services from other local enterprises, borrow money from local banks, and pay taxes. INDEPENDENCE. Another advantage of entrepreneurship is independence. Independence is freedom from the control of others. As an entrepreneur, you decide how you will use your knowledge, skills, and abilities. Compared to those who work for others, entrepreneurs have more freedom of action. They are in charge and can make decision without first getting the approval of someone else. If you choose to become an entrepreneur, you can develop any creative ideas you have—assuming, of course, that the business is legal and that you have money to invest. PROFIT. One of the major rewards expected when starting a new business is profit. Profit is the amount of sales income left after all expenses have been paid. Profits go to the owner of a business. Being self-employed, you would receive all the profits. Very often, increased time and effort put into the enterprise result in increased income. This is not often the case when you work for someone else. JOB SECURITY. Many enterprises are created by prons who are seeking job security not available elsewhere. Job security is the assurance of continuing employment and income. Entrepreneurs cannot be laid off, fired, or transferred to another city, nor can they be forced ro retire at a certain age because of company policy. STATUS. Self-employed people often enjoy persona benefits, such as status. Status is a person’s social rank or position. Entrepreneurs receive attention and recognition through customer contact and public exposure. As a result, they may enjoy status above that of many blue-collar and whit-collar workers. Closely related to socials status is pride in ownership. Most people enjoy, at least for a while, seeing their names on buildings, on stationery and business cards, and in advertisements.  

In addition to knowing the advantages of working for yourself, you should also be familiar with the disadvantages: (1) possible loss of invested capital, (2) uncertain or low income, (3) long hours, and (4) routing chores. POSSIBLE LOSS OF INVESTED CAPITAL. A risk of entrepreneurship is the possibility of losing invested capital. Invested capital refers to the entrepreneur’s money used in starting the enterprise. As a general rule, the...
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