Tuesday, July 12, 2022

Metamorphoses from employee to entrepreneur

 

“One of the most frightening days of my life was the day I quit my job and officially became an entrepreneur. On that day I knew there were no more steady paychecks, no more health insurance or retirement plan. No more days off for being sick or paid vacations,” Robert T. Kiyosaki says in the introduction of his famous book “Before You Quit Your Job”.

He reveals that one day his income went to zero. The terror of not having a steady paycheck was one of the most frightening experiences he had ever experienced. Worst of all, he did not know how long it would be before he would have another steady paycheck . . . it might be years.

The moment he quit his job he found out the real reason why many employees do not become entrepreneurs. It is fear of not having any money . . . no guaranteed income . . . no steady paycheck.

In my daily activities as a journalist, I have encountered renowned CEOs who opened up on the challenges they encountered before building cutting-edge businesses across the world.  Most of all, financial constraints appear to be the major uphill.

As an entrepreneur, you should rent an office, a parking stall, a warehouse, buy a desk, a lamp, rent a phone, pay for travel, hotels, taxis, meals, copies, pens, paper, staples, stationery, legal tablets, postage, brochures, products, and even coffee for the office. Also, you have to hire a secretary, an accountant, an attorney, a bookkeeper, a business insurance agent, and even a janitorial service.

Therefore, unlike an employee, an entrepreneur needs to know how to spend money, even if they do not have money.

Kiyosaki reveals that people are not born entrepreneurs, they are trained.

Unfortunately, in our society majority of the parents take their children to school so that they can have better jobs in the future. Many say to their children, ‘Go to school so you can get a good job.’ I have yet to hear any parent say, ‘Go to school to become an entrepreneur."

READ: Why you should consider a side hustle

READ: How microeconomic stability can grow private investments

Notably, our ancestors, to be specific; during the agrarian age were entrepreneurs. Therefore, employees can be considered a new phenomenon.

Many were farmers who worked the king’s lands. They did not receive a paycheck from the king. In fact, it was the other way around. The farmer paid the king a tax for the right to use the land. Those who were not farmers were tradespeople and small business entrepreneurs. They were butchers, bakers, and candlestick makers.

Parents have heavily staked on formal education which is leaving a huge number of youths unemployed.

Interestingly, most famous entrepreneurs did not finish school. Some of those entrepreneurs are Thomas Edison, founder of General Electric; Henry Ford, founder of Ford Motor Company; Bill Gates, founder of Microsoft; Richard Branson, founder of Virgin; Michael Dell, founder of Dell Computers; Steven Jobs, founder of Apple Computers and Pixar; and Ted Turner, founder of CNN.

It elaborates that employment guarantees security whereas entrepreneurship has freedom.     

Kiyosaki overcame his fears and now his company, which he started with $1,500; today The Rich Dad Company is an international business with products in forty-four different languages, doing business in over eighty countries.

What should be put in mind is that a successful business is created before there is a business and success reveals your failures. 

The richest people in the universe are not employed. We should have consideration of sending children to the school of entrepreneurship to build a wealthy nation tomorrow.

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