Should you be considering entrepreneurship?
Ever harboured the idea of starting something on the side while still holding on to your day job?
You are not alone.
However, you may be like the more than 70% of employees in the world who are postponing this thought due to various reasons (excuses); not enough time, do not know what to do, do it when I am more experienced, not having enough money, etc.
According to a Wall Street Journal article, three out of four start-ups fail.
The figure may be more depressing, as this is only the statistics of venture capital-backed start-ups. This means the “not enough money” factor has already been taken out of the equation.
So should you still go ahead and sack your boss?
Our experience tells us that you should not throw in the letter so hastily but may want to try to start something small on the side first instead.
Here are some reasons why:
1. No job is secure
With even major banks and big tech cutting staff in the thousands, there is no such thing as a secure job anymore.
So should you wait for your turn to come when you are in your fifties and face the cruel reality helplessly, or should you plan something on the side quietly now?
Consider starting something small, something that doesn’t make enough to maintain your current lifestyle now but allows you to have the luxury of time to build it up while you are still having your day job.
2. Digitalisation (and COVID) has changed the world
It used to be a must to have deep pockets in order to start a business; you need the money to rent an office, buy advertising space, or even buy some materials.
However, technology has changed everything and the rising popularity of social media and the use of apps for almost everything has created jobs that never existed before the birth of the iPhone.
The COVID-19 pandemic has further hastened the switch from traditional brick-and-mortar businesses to e-commerce. During the lockdown in major cities, some of the most resistant adopters of online shopping, those above 50 years of age, were forced to learn how to buy their daily necessities online, and love it.
Most of them are not turning back to their usual way of shopping pre-pandemic.
There is now a huge demand by small & medium companies alike for outsourced jobs like digital marketers, freelance designers, bloggers to write reviews & articles, photographers, etc.
This is evident with the rise in the number of online platforms for freelance designers, copywriters, photographers, etc. to connect with businesses.
These platforms allow freelancers with the right skills to list their work online and connect them with small & medium companies (SMC) worldwide.
Also read: Four In-Demand Skills in A Recession
These SMEs will most probably need the service only once or twice a year and it makes no sense for them to employ full-time staff for it.
With the right skills, you can provide the solution in the comfort of your room or while chilling out in a cafe, during your free time.
3. Not now then when?
You are young, have an idea, and have a steady income stream from your day job that helps you pay the bills.
If not now, then when?
When you first started out to work, you tell yourself you do not have enough experience.
When you are in your late thirties to early forties, you are convinced you have too many commitments (family, credit card, etc.) to take the plunge and start something.
When you are in your fifties-sixties, you say it is too late to start a company and that you do not have enough time to build it up.
There is never a perfect time.
The first step to achieving anything in life is always to START.
You need to take this first step, be it taking up a part-time course to learn what you need, registering your company with ACRA, or start talking to partners... just start.
4. Failure is now a valuable asset
Yes, you heard us right, failure is highly sought after by employers.
Venture capitalists are saying openly that they are not going to invest in you if you have not failed before. Companies are looking for managers who have started (and most probably failed which explains why you need a new job) their own business to lead their teams.
This is most probably because it is only through a failed business will you know the possible pitfalls of doing business and benefit from that experience.
Start early, fail early, stand up again and re-start again.
Even if you decide to go back to the workforce one day, that experience is bound to give your CV a few bonus points.
5. Cheaper marketing
Marketing has become much cheaper as compared to pre-Google days when an advertisement on TV can easily set you back by more than how much you have in your bank.
It is not going to break your bank now to advertise and reach out to your potential clients with all the digital means available.
In fact, if you have a sound digital strategy, it may even be free for you to shout out your business to the public.
If going on free overseas learning trips with classmates during the process of learning digital marketing skills sounds like something fun for you, find out more about our Postgraduate Diploma in Digital Marketing program in Singapore to see how you can skill up while having fun!