So When Is Entrepreneurship A Better Option?

Being your own boss sounds great, but as much as I am enthusiastic about it, I cannot judge those who think otherwise. Frankly, not everyone is well-suited to put up their own business. Beside the resources, one needs to possess the right entrepreneurial attitudes to succeed. You may lack the discipline to manage your finances well and this is almost certain to be disastrous to a business. It may also be that you would rather have root canal therapy than make contact with people to sell your products. Most commonly, you may not be able to take the risk.

However, there are cases where you are practically forced to venture on your own. After all, everything is relative. The entrepreneurship option may not be your cup of tea but if the alternative is unsatisfactory, you would have to bite the bullet and make the most of the situation. If you ever find yourself in one of the cases below, then you may find that entrepreneurship is a better option:

You are too young to retire, but too old to get a suitable job. There are many reasons why you could land in this awkward situation without being at fault. The company you are working in may cease operations or have a retrenchment. If you happen to be around 40 years old and above and used to earn a high salary, you may have difficulty getting a similar-paying position. Being in business may be the only way to earn the amount to sustain your needs if you could not find a suitable job.

You have a terrific idea that will make you rich. Be very careful if this is your reason. Often an idea that seems great is, in fact, a flop. Hear the opinion of trusted people and listen well. If, after the consultation, the idea still looks fantastic, then go for it.

You want to get rich fast. Climbing the corporate ladder is generally long and arduous, unless you are a son of the owner. Even with decades of hard work, there is still no guarantee that you will earn the millions you desire.

You are willing to work harder than anybody can. This is the old and reliable way of making it in business. If you really are super industrious, then you have a huge advantage in any business.

You have extremely wealthy parents who are willing to fund your ventures. Life’s not fair and having rich parents to be your financier does improve your chances. I see a lot of wealthy parents give starting capital to their children again and again until they learn how to run a business. Unfortunately, some never learn.

You need to have flexible working hours. You may find it impossible to work the usual daily eight hours if you need to. Perhaps you find it impossible to wake up early in the morning but you can work at full blast up to the evening. You may start a business that opens at night.

You need to work at home. If you have nobody to take care of a dependent other than yourself, then you may be forced to look for ways to earn from your home. With the Internet and other high technology support, there is now a wide variety of ventures you can start and operate from your home.

Your parents want you to continue the family business. Having an established and thriving business to run given to you on a silver platter may not qualify as entrepreneurship for some people as you did not start it yourself. But I would rather not quibble about definitions and rely on your actual function in the company. If you do have the final say on the business, then it is near enough to entrepreneurship to me.

The truth is, while many dream of starting a business, few dare to do so. Most of the time, fear of failure overcomes the desire to begin a venture. Still, there are many cases where it is obvious that it is better to take the plunge.

*Originally published by the Manila Bulletin. D-4, Sunday, April 6, 2014. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.