The marketplace has altered as a result of fast technological advancements and globalization. It is making entrepreneurship more secure, accessible, and profitable than ever before, ushering in the "End of Jobs."
It's easier than ever to start your own business, set your own hours, and take control of your life. Let's investigate why.
You Can Do It
Steve Jobs remarked, "Everything around you that you call life was made up by people that were no smarter than you, and you can change it, you can influence it, you can build your own things that other people can use. Once you learn that, you'll never be the same again."
People now have more power than at any other point in history to build their own lives and worlds.
Chairs, wine decanters, online courses, and even books may be designed. Choose Yourself, a book by James Altucher, a writer and entrepreneur, was self-published and sold tens of thousands of copies. If you wish, you can be that person.
Simply said, entrepreneurship is the act of linking, forming, and developing systems, whether they be business, people, ideas, or processes.
Since 1983, "Non-Routine Cognitive Jobs," or designing systems, have been the only section of "jobs" to demonstrate a considerable increase.
What if creating jobs – something usually reserved for politicians and CEOs – is something you, the reader, can suddenly do?
Let's Look at Globalisation
In Vietnam, there is a woman named Na. She is trilingual, intelligent, and diligent. Her monthly payment is roughly $1,000.
Employees in a variety of nations and areas may attest to this. India, China, and the Philippines are all known for producing clever English speakers capable of doing well at work.
Many people associate outsourcing with manufacturing labor, but it has evolved into more. Any work that can be done entirely online, including those that need advanced degrees, may be outsourced for a small fee.
You can search, recruit, and manage remote workers from anywhere in the globe if you have excellent wifi. Platforms like Skype, Google Hangouts, and Slack make communicating with anybody, everywhere, quite simple.
Technology on the Rise
Software provided through the internet manages many major organizations and sectors. We all know that technology is becoming more crucial in our lives. Still, the volume and breadth with which it is evolving are astonishing.
According to predictions, up to five million people will own cell phones in the next decade. It provides practically every human on the planet access to the internet whenever they want it.
Technology is gaining traction. When was the last time you bought a CD from a record store? Demand has been stifled by services like iTunes, Spotify, and Pandora.
Technology and globalization are both advancing at a rapid pace.
Why MBAs and JDs Can't Get Jobs
According to the Bureau of Labor Statistics, the unemployment rate was still 11.2 percent six years after the recession ended.
Why? Because many occupations are being outsourced or replaced by machines.
Even for those with a master's degree, finding work is challenging. Everyone can understand and agree that there is a labor scarcity for highly qualified employees, but no one appears to know why.
Dave Snowden created the Cynefin framework after researching the management structure at IMB. Work is divided into four groups: difficult, complicated, chaotic, and simple.
Easy and hard tasks may be broken down into simple step-by-step instructions, making them teachable. This is where our present educational system is mostly focused.
The times, however, have changed. Understanding how to follow instructions and use best practices isn't as important.
Because complicated and chaotic systems are in high demand, you must comprehend them.
Know Your Limits
Limits play a crucial part in every system, from our daily lives to the functioning of economies.
If you're seeking to expand your business, you'll inevitably run into a major roadblock. If you have a fantastic product that no one knows about, upgrading it won't help you sell it. You should work on your marketing.
While our initial inclination is to try harder, it is more important to figure out where to push. To figure this out, consider the following questions:
- What's the deal with the system?
- What is the current restriction?
- What's the most obvious approach to make the limit better?
The workforce's boundaries are shifting. We are not in the midst of a global recession; rather, we are moving between two economic periods.
Investing more heavily in what has traditionally worked will not enhance the outcome when the economy shifts. It's up to you to figure out how to raise the limit.
The Emergence of the Entrepreneur
Because of globalization, you are no longer vying to be more knowledgeable than your neighbor, but rather with seven billion individuals all over the world.
More than half of recent college graduates in the United States are either unemployed or employed in jobs that do not need a bachelor's degree. Knowledge is no longer considered a precious resource.
Nonetheless, since the 1940s, the number of college graduates has gradually grown. If more college degrees aren't cutting it, perhaps more entrepreneurship is the way to go.
We're at a crossroads between knowledge-based and entrepreneurial work. Those who invest extensively in entrepreneurship will reap the greatest rewards.
Entrepreneurship, like stock in a firm or knowledge certificates, is a skill set that can be learned.
There is no way to quantify entrepreneurship; instead, do whatever you can to increase your entrepreneurial abilities. Take chances, innovate, and take the initiative.
This is the perfect moment to start your own business. Globalization and the employment movement are driven by better communications, technology, and educational standards. This makes it simpler and less expensive for entrepreneurs to identify, hire, and manage competent team members.
Entrepreneurship is now more accessible, safer, and profitable than ever.
We often postpone making decisions not because the conclusion is undesirable but because the outcome is unknown. However, after some thought, you'll realize that the worst-case situation isn't quite as horrible as it appears.
Don't Be a Turkey
Every day, a butcher feeds a turkey, leading the turkey to assume that the habit will continue. It is provided and cared for regularly, and it has no reason to suspect differently.
But, by Thanksgiving Day, we all know what happens.
Don't make the mistake of being a Turkey.
We presume jobs are secure now because they have always been safe, not because there is reason to believe they will be safe in the future.
The longer the market continues without a correction, the greater the subsequent correction. The longer we go without diversity or unpredictability in our jobs and businesses, we acquire more underlying risk.
What was once secure is now dangerous. What was formerly unsafe has now become safe.
How Entrepreneurs Are Getting Rich
The Long Tail's three key causes have fueled this transition, making entrepreneurship more accessible than ever before.
The Democratization of the Tools of Production
The cost of producing a product is reducing. You can now manufacture things in China at a low price. You can communicate with the factory effectively. Creating exceptional items is less expensive and easier.
Democratization of Distribution
Everyone today owns a smartphone. With some effort, everyone can go to the market. Every day, new distribution avenues spring up. What used to cost thousands of dollars in advertising is now simply and affordably available to you.
New Markets Are Revealed Every Day
The internet has altered the norms, and new markets and enterprises are emerging daily. Geographical location is no longer significant. Anyone, wherever in the globe, can conduct business with you. As new markets appear, there will be increasing individuals to sell to.
In summary, the internet enabled intelligent and motivated people to establish a business.
How to Wade into Entrepreneurship
Entrepreneurs with great contacts and valuable skillsets are successful. Some of the abilities you'll need, on the other hand, will have to be learned the hard way — by doing them.
You'll need to understand how to manage contractors and workers, their moods and emotions, and how to cope with and overcome nervousness associated with new product launches and sales calls.
You'll also need to figure out how to build and maintain relationships with other business owners. Having an entrepreneurial network will be extremely beneficial to you.
There are two ways to establish a company.
The Stair Step Method
The initial stage in this technique is to create a one-time-fee product with a single marketing channel: SEO paid advertising such as Google Adwords, a blog readership, or Amazon.com.
You can start expanding your business once you've built and launched one product.
Step two is to launch enough items to recoup your time investment.
Step three is expanding your company and introducing new products or services.
With this method, you may dip your toes in the water and progressively wade into entrepreneurship. Stair stepping allows you to gain momentum in your career path by honing the abilities you'll need to operate a business. It also allows you to cultivate partnerships.
Apprenticeships are another option.
The principle is simple: you identify someone doing what you want to be doing in five to ten years. You strike a bargain with them: I'll work for you for a low wage in exchange for access to the inner workings of your company.
Apprenticeships have several advantages. You'll develop friendships and gain experience. At someone else's expense, you'll be able to investigate the market. Rather than paying for law school or an MBA, you may get compensated for developing talents and cultivating valued relationships in the marketplace.
In summation, technology has reduced the cost of producing something, made it simpler to reach new markets, and created new consumers eager to buy it. Just as jobs are getting more competitive, entrepreneurship is becoming more accessible.
Entrepreneurship is now more accessible than ever before.
Money, Freedom, and Meaning
According to research, humans are motivated by money, freedom, and significance.
Profit is merely the difference between a living thing's consumption and output. An eight-hour workday generates earnings, allowing you to sleep for the remaining sixteen hours.
Profit is separated into two categories: the slow lane, which includes work, and the fast lane, entrepreneurship.
People in the slow lane acquire secure employment, pay off debt, invest 10% of their income in the stock market, and watch it compound over time. Jobs are essentially related to time in this approach. Your income potential is connected to your time, whether it's $600K per year or $8 per hour.
The emphasis in the fast lane is on swiftly accumulating assets that expand without requiring constant intervention. Exponential growth is conceivable in this scenario since they have complete control over all factors.
There is no limit to how much you may earn, compared to having a job.
Assume you have a job and are given a $50,000 increase. That's fantastic! Because of the multiple, you add $50,000 to your pocket and $100,000 in asset value to your net worth if you do the same in a firm.
Improve traffic (get more traffic to sell more units), economics (raise unit pricing), or conversions (of the visitors we have, more are converted to sales -> sell more units) to increase the amount of money any firm produces.
All of these variables are completely within your control, and your company may expand as much as you desire.
The total of all potential values for a random variable, multiplied by the chance of occurrence, is the expected value. It's how company owners think about their operations and make choices. No option is ever guaranteed to materialize. But if you seek possibilities with a good anticipated value in an organized manner, you will ultimately succeed.
You could believe that achieving independence is harder, yet this is not the case. It's very feasible that the amount of freedom you may succeed in your life will exceed your greatest dreams. Rather than picking from a list of alternatives, come up with your own.
The entrepreneur establishes fact; he is not defined by it. Those who create reality have a more pleasant life, greater freedom, and more money.
Meaning is the third motivator.
Consider the times in your life when you felt the happiest. When you were so focused on something that you didn't realize four hours had passed, what were some of the times? Those were the times when you were both challenged and inspired.
We produce better work when we spend our time working on a select task. People perform their finest job when looking for something more as an entrepreneur.
Money isn't always the most powerful drive. It is meaningful labor. And, more often than not, greater significance equates to more money.
Mark Zuckerberg met with Yahoo investors in 2006 to discuss the possibility of purchasing Facebook.
But, in Zuckerberg's perspective, the money would merely be used to build another social networking site. He loved the one he had before and thought it worthwhile to work on it.
As a result, he turned down the proposal, and Facebook currently has a market capitalization of over 230 billion dollars.
Meaning makes us happy and more prosperous.
For the first time in history, entrepreneurship is more lucrative and synergistic than ever before in the quest for money, purpose, and freedom.