For years, most of us have believed that the key to a secure life is to land a steady job with a reputable company. Having a regular paycheck, employment benefits and a clear career path are considered the ideal safety net. This is the message society consistently instills in us, which is why we strive to earn that college degree.
However, the world is changing and the security of working a traditional job seems to be diminishing. For instance, the Covid-19 pandemic has resulted in widespread job cuts across industries, with 360 tech companies laying off over 100,000 employees, as tracked by Layoffs.fyi.
Meanwhile, the availability of digital tools, online marketplaces and a vast support network that previous generations didn’t have access to make it easier for young entrepreneurs to create something for themselves. In fact, 50% of Gen Zers want to start their own businesses, according to Samsung.
These circumstances are leading more and more people to look for alternative means to earn through entrepreneurship and self-employment. The Census Bureau reported a record-high number of 5.5 million new business applications filed in 2023 while the U.S. Bureau of Labor and Statistics shared a list of fast-growing careers that have high rates of self-employment.
Let’s explore some real-life examples of young business owners, parent entrepreneurs and side hustlers on Fud, who took the leap for self-security.
Related: 8 Reasons Why We Need Entrepreneurs Now More Than Ever
The illusion of job security
Employment is often seen as secure, but the reality is quite different. Companies frequently downsize or restructure due to various internal and external reasons, which can lead to unexpected layoffs.
Even major companies such as Google and Microsoft have made substantial job cuts this year, with some experts saying layoffs across industries are likely to continue amid economic downturns. It is alarming to see countless workers become jobless overnight, regardless of tenure.
Betting on yourself is your best bet
Given the uncertainties in conventional employment, entrepreneurship becomes your best bet for success and fulfillment. Working for yourself means you have full control of the operations and direction of your business. You get to set your own goals and schedule, make your own decisions and align the business with your values and passions.
When one of our experts and mentors on Fud, Megn, was diagnosed with a nervous system disorder, it ended her 15-year corporate journey. She then took matters into her own hands and started a business selling homemade soap bars. Her persistence and genuine interactions with the customers helped her expand the brand which now includes two owned retail stores and an Etsy shop.
Another advantage of entrepreneurship and self-employment is the ability to create multiple income streams. Instead of relying on a single paycheck from one employer, you can earn money from different clients, products or services.
Take for example, Keighly, who has left the corporate world to become a digital entrepreneur. She makes money from selling digital products, creating online courses and running multiple TikTok Shops.
The role of technology in starting your business
Starting a business used to require significant capital and resources, but that’s no longer the case. The barriers to entry are much lower, thanks to affordable technology and accessible information.
For instance, ecommerce platforms like Shopify, Amazon and Etsy allow you to set up an online store in no time. You can market your business and connect with customers globally at little to no cost through social media.
Meanwhile, tools and apps are now made more accessible and affordable for project management, accounting and customer relationship management, making your business both time- and cost-efficient.
Related: The Best Strategy to Stand Out in Today’s Competitive Market May Not Be What You Think
The rise of remote work
The recent shift towards remote work has further leveled the playing field for entrepreneurs. With the right tools and resources, you can run a business from anywhere, collaborating with team members and clients across the globe. This setup reduces overhead costs associated with maintaining a physical office, making it easier to bootstrap your business and keep expenses low.
There are also online communities, networking groups, mentorship programs and startup incubators that can help and inspire business owners like you. They offer advice, share tools and provide a sense of community, making the entrepreneurial journey less lonely.
Making your money work for you
Starting a business isn’t just about making money. It’s also about investing in yourself. Whether you’re learning new skills, building your personal brand or expanding your network, every investment you make in yourself can pay off in the long run.
As your income isn’t limited to a salary or hourly rate, your earnings can scale up based on the success of your business. A lot of entrepreneurs I have interviewed earn significantly more than they would in their previous jobs and with high prospects as their business grows.
Just like mompreneur Prenise who took a comprehensive digital marketing course and is now building her own brand while caring for eight kids at home. Meanwhile, Raine has been documenting and sharing her journey on TikTok, fostering a supportive community online.
These discussions and real-life success stories prove that entrepreneurship is no longer just a dream. Although it comes with financial risks, the ability to forge your own path and potential rewards often outweigh them.
