is entrepreneur a career

Is Entrepreneur A Career - Entrepreneurship is one of the biggest drivers of the modern economy. Especially in countries like Nigeria and the Philippines.

But what are the job opportunities for entrepreneurship as a career? This is exactly what we will talk about next!

Is Entrepreneur A Career

Startups drive not only economic growth, but also social change and growth. In a country like the Philippines, entrepreneurial aspirations can shake up the current industrial and business paradigm. 75% of the population now considers entrepreneurship a good career choice.

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Although many say that a university degree is not necessary for entrepreneurship, studying at a university like Nexford can be very beneficial as it teaches you soft skills such as ownership, accountability, time management, prioritization and emotional maturity.

But of course, the Philippines is not the only region in the world where the entrepreneurial spirit is alive and well. In Nigeria, it is a way to start a career and earn more, as lack of jobs and increasing poverty are forcing people into their hands. But not only that, statistics show that in Nigeria, startups and SMEs account for 48% of national GDP, 96% of business and 84% of employment. According to the Nigerian Bureau of Statistics, SMEs in Nigeria accounted for about 48% of the national GDP in the last five years. A total of 17.4 million they account for about 50% of industrial employment and about 90% of the number of firms in the manufacturing sector.

No matter where you are in the world, entrepreneurship and startups are constantly creating new opportunities and career paths. But what careers can aspiring entrepreneurs pursue? Read on to know more.

In the Philippines, entrepreneurship is seen as important for empowering the poor, increasing productivity and innovation. Entrepreneurship can provide solutions by creating wealth, jobs and social power. In the Philippines, 6.2% of the adult population are established business owners and 18% are in early stage entrepreneurship (TEA). The country's TEA rate is much higher than the Asia-Oceania average (13%). 71% of Filipinos involved in early entrepreneurship are motivated by an opportunity to improve their financial health, while only 29% are driven by necessity. Additionally, nearly half (46%) of all Filipinos are very positive about entrepreneurial opportunities in their country, and 66% believe they have the entrepreneurial skills needed to start a business.

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The data clearly shows that sustainable economic growth is essential for developing countries like the Philippines. Sustainable development enables every nation to create wealth and reduce poverty. A key driver of this growth is increased productivity created by innovation and entrepreneurship.

One of the main contributions of entrepreneurship is innovation. By definition, innovation is putting ideas into practice. It creates new products or services or improves existing ones. This has a positive impact on other areas including living standards and productivity. As Joseph Schumpeter pointed out, innovation is a "permanent and disruptive force" that is vital to a growing economy. Without it, the entire economy would grind to a halt.

Many economists believe that entrepreneurs were the main driving force behind this. Much of today's progress in major industries, from technological entrepreneurship and management functions to space exploration, is driven by entrepreneurial efforts.

The introduction of new goods and services creates a chain reaction in related industries. A boom in a particular sector almost always guarantees a boom in a related sector. This supports further development, which leads to further growth. New industries are also emerging that open up new opportunities. The new jobs created by this continued progress improve the quality of life for all residents.

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So which areas in the Philippines are more influential in terms of entrepreneurship and helping to strengthen the economy? 83% of entrepreneurs work in retail, hotels and restaurants, while only 3% work in transformative sectors – manufacturing, construction and transport. 4% are in agriculture, forestry and fishing.

With the trend of targeting previously untapped markets, entrepreneurs can gain new income and revenue streams. These emerging markets drive wealth creation, which further boosts industries.

As noted above, innovation brought about by entrepreneurship improves overall material well-being. Unlike earlier technologies, new products and services can improve lives by being more effective, efficient, and affordable. Philippine society sees entrepreneurship as a good means to improve its economic and social status.

This improvement in living standards gives communities more opportunities to participate in economic growth. Entrepreneurs' personal and community building strategies promote a strong sense of belonging to the community.

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As technology advances faster than ever, entrepreneurs need to keep up with the demands. In a fast-growing market like the Philippines, technical skills just don't cut it anymore. Industries need soft skills to thrive in today's landscape. Here are 7 important skills every entrepreneur should have.

Things move fast these days. Knowledge and processes are constantly written and rewritten. An entrepreneur must be able to adapt quickly to almost any situation. Gone are the days of rigid and static systems as the world adapts to a more open and dynamic work-life situation brought about by the recent pandemic. Back in 2011

An article (Paywall) was published about how adaptability was the "new competitive advantage". Flash forward nine years, and flexibility trumps trend.

It is important to play an active role in adapting to rapid changes and being flexible. Reactive solutions quickly become obsolete as customers become more sophisticated. An entrepreneur must be able to offer an effective solution to a customer's problem before they even realize it is a problem. Being proactive means taking the lead in preparing for the inevitable changes in the current landscape.

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This flexibility is made possible by the latest technological and infrastructural developments. Every day, more and more companies around the world are going digital. It also opens up new opportunities that were out of reach a few decades ago. As an entrepreneur, one must be savvy enough to navigate this new era.

Now more than ever, these two skills are tried and tested. According to data compiled by the Harvard Business Review, over the past two decades, the amount of time managers and employees spend collaborating has increased by 50% or more, and in some companies the number is as high as 80%. With the rise of remote work setups, there is a need to collaborate effectively and efficiently with teammates even across different time zones. Effective collaboration and communication make achieving goals faster and easier for everyone involved. Future position independence and effective team player is a plus.

As the popular saying goes, "Modern problems require modern solutions." An entrepreneur who wants to thrive in today's highly competitive world must be able to solve problems creatively. Thinking outside the box is now the new box. As the world evolves, pumping out new and creative solutions is a skill in high demand. According to a study by TalentSmart, 90% of top performers are able to successfully manage their emotions when under high stress, which can contribute to better problem solving. So the answer is "think clearly and you will create a more successful business".

Overall, 58% of business leaders say analytics is important to their organization now, and 82% say so five years from now. Nowadays, data and information are at our fingertips. Not knowing what to do with them is a waste of potential. An entrepreneur must be able to use the available data and make informed decisions based on it. With the emergence of big data, an entrepreneur must be able to professionally identify, analyze and process the available information.

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Finally, an entrepreneur who wants to succeed must be persistent. The ability to persevere despite setbacks is a very favorable skill. Being able to see things through despite setbacks and hiccups, sometimes spells business success or failure.

Today's biggest names at the forefront of innovation are tech pioneers like Mark Zuckerberg, Steve Jobs and Bill Gates. Often, aspiring entrepreneurs who look at these three things consider higher education optional or unnecessary. If they do, so can we, right?

People don't realize that these pioneers are the exception. Although they were great in their own right, their success was the result of extraordinary circumstances. Pursuing higher education is still the best option for people like us.

So, what kind of education does it take to become an entrepreneur, and is an entrepreneurship minor worth it? While a degree or even a minor in business or entrepreneurship cannot have a direct impact on the success of your business, no formal knowledge of business and entrepreneurship will.

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