In the past, entrepreneurship used to be viewed as a risky business. Although putting all of one’s eggs in one basket to open a business may seem daunting, it may be becoming the safer route to success.
The inconvenient truth for many professionals is that the stagnant job market of today’s economy is making career success harder to attain. The Entrepreneur’s Source reviews how today, more and more people are choosing to take the route of entrepreneurship to ensure greater job satisfaction and safer employment.
Today’s Economic State
In May 2014, when the last U.S. Bureau of Labor Statistics Economic Release was made public, and the amount of job openings wasn’t too promising for prospective employees trying to be hired by a company. Between May 2013 and May 2014, the new hires totaled 55.3 million and yet 53.3 million were separated from their employment opportunity – bringing the net employment gain to 2.3 million jobs. Downsizing and the threat of unexpected layoffs is forcing people to reevaluate their current situations.
According to Forbes, for any given job, the average amount of applicants is about 118 people. That may not seem like too many, but of those 118 applicants, only 20 percent get an interview. That’s a 1 in 5 chance of an individual getting an interview for a job they apply for.
Although these numbers may seem alarming for people entering the job market, these numbers are ideal for individuals wanting to enter into entrepreneurship. Since 1995, small businesses have accounted for 65 percent of new jobs according to Forbes – a very promising number. Specifically, in 2014, franchises are expected to surpass the rest of the economy in job growth, according to the International Franchise Association. This change in the job market can be attributed to the New Career Economy.
Entering the New Career Economy
People are starting to want to take control of their own career and destinies instead of relying on a third party for employment. What once was the typical is becoming the atypical, and The New Career Economy is evolving. An increasing number of individuals are realizing that they don’t want to sell their souls to corporate America with the threat of being laid off. Pragmatism is becoming more popular.
People are beginning to ask themselves the daunting questions of, “am I really happy with my career choice” and “am I where I thought I would be 10 years ago?” A large amount of individuals are answering “no” to these questions, and because of this, the small business and entrepreneurial fields are experiencing growth.
Moving from Employment to Empowerment
Workers are suffering both financially and emotionally with layoffs and outsourcing becoming the norm in the today’s job market. Because of this frustration, many workers are beginning to move from employment to empowerment.
This morale detractor is causing people to shift to taking a proactive approach to becoming self-sufficient and taking control of one’s career rather than enter reactive employment and risking unhappiness.
“People are no longer empowered by the predictability of the career path they have been on,” founder of The Entrepreneur’s Source’s Terry Powell noted. Moving from employment to empowerment is based off of the idea that self-sufficiency can increase an individual’s morale, creating a happier entrepreneur.
For more information about the New Career Economy and how and individual can move from Employment to Empowerment, contact a coach at E-Source.