What is the Need of Entrepreneurship

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What is the Need of Entrepreneurship


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What is the need of entrepreneurship? A major need for people to start getting involved in entrepreneurship is leverage. The average employee is living paycheck to paycheck. In fact, a recent article by Forbes states that 78 percent of the American population are living paycheck to paycheck. Why? We ll have been taught an old, tired, Industrial Aged philosophy. Trade time for money.

Well, there is plenty of money to be made but limited time. Time is the most precious commodity. Yes, you may love your job and many people do. That being said, you will never be paid what you are worth working for someone else. In addition, you have a ceiling on your income. It doesn't matter how much you love your job there is only so much service you can provide in a 24-hour period of time.

You and I need rest and sleep. The best option to overcome this is to provide a product or service that will continue to pay you over and over again. Of course, the focus first has to be on solving someone else's problem. How can you serve others and prevent an issue that they have?

What is the need for entrepreneurship development?

Business development is one of the most important reasons why I created this website. I wanted it to be a place where I could provide digital entrepreneurship tips to former or current employees. I, too, was an employee and spent over 20 years on active duty in the military. The beauty of entrepreneurship is you can still work your job and build your fortune in your spare time.

I wrote about starting your own Siteground blog awhile ago. It is a resource to help you get involved in blogging. Blogging is one of many ways you can start earning residual income. Income that continues to come in for having worked hard one time. Siteground is where I host all of my websites. Also, it is only $17.99 USD per year to start your own website. So, I would highly recommend looking into them.

The study of entrepreneurship is needed. People have not been taught how to make money work hard for them. What we have been taught is how to work hard for money. Linear income is what we have been taught to trade life for.

Income that is tied to our time and will stop arriving the moment we stop working. Wouldn't it be wiser to build a product or service that yields you residual income? Income that continues to come in from having worked hard once? Why hasn't that been taught?

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Importance of entrepreneurs

What is the need of entrepreneurship? It provides a means to help other people. In addition, job creation for those seeking jobs. Yes, there are many people who would much prefer to be an employee. Of course, there isn't anything wrong with this. You can still love your job and build wealth even with a job. That being said, for many who have worked as an employee once source of income is not sufficient.

So, what is the alternative to start building additional streams of income? You have to think outside the box. Remember, we were not taught how to be entrepreneurs. I spent 19 months earning my MBA from Purdue University graduating in 2020. In fact, I did not receive one hour of instruction on how to earn passive income. I started work on my doctorate of business administration (DBA) degree from the University of Missouri-St. Louis a few months later.

I have yet to have even received an hour of instruction on how to earn residual income at the doctoral level. So, the importance of entrepreneurship to an individual can be life-changing. Sadly, you won't find out how to build multiple streams of income in the halls of academia. You will be taught how to be a highly paid employee, manager or perhaps a C-suite executive.

What are the importance and benefits of entrepreneurship?

  • Ability to work for yourself
  • Create products and services with Podia that you can sell over and over again
  • Help other people
  • Create jobs (especially if you are interested in a brick and mortar business)
  • Opportunity to build multiple streams of income
  • Be your own boss
  • Have control over your time
  • No office politics
  • No kissing up to a boss
  • You can kiss “evaluation reports” good bye and stop being measured up against your peers
  • Wake up and go to bed when you want to
  • No more being forced to wear a suit or clothing you are uncomfortable in
  • Earn income while you sleep (provided you have the drive and focus to build the streams)

How can we use entrepreneurship in our daily life?

Entrepreneurship teaches you to be in control of your own finances. You don't have the so-called “safe and secure” paycheck like you do with a job as an entrepreneur. So, you have to think outside the box. How can I create products that will help solve someone else's needs? Remember, the more products you build the higher the potential for your monthly income to rise.

The average individual has never experienced what it feels like to earn passive income. Linear income is what employees have to keep trading time for in order to receive. Do you earn a percentage of the work your co-workers do at your job? No way. You are only paid for the work that you. Network marketing is one of many elements of entrepreneurship to get a percentage of the work (sales made) that many other people do.

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I would highly consider joining a company that has health and wellness products. One, multi-level marketing means you don't have to create your own products. You can use and share someone else's and earn a commission for when someone buys that product using your link. Of course, network marketing is not for everyone. It is just one revenue stream you potentially could build.


How entrepreneurship improves the quality of life?

It lowers stress once you have built your brand correctly. Again, the more value you can create for others the higher your chances of success. No, passive income will not just fall on your lap. Yes, there is such things as money trees but you have to be willing to nurture and grow them first. The vast majority of new bloggers quit as do people who get involved with network marketing companies.

Why? They expect quick results and don't realize the amount of up-front work needed to start earning legitimate income. Yes, entrepreneurship can drastically improve the quality of ones' life. One of the the main reasons is you have greater control over your time. You are not being told where to be, what time you can take your lunch or when you can go home for the day.

It is entirely up to to you how successful you are going to be as an entrepreneur. Again, the main focus has to be on others. So, worry about what you want second and you will have a higher chance of success. What can you offer to other people to help them? Do you have knowledge in a specific area? Why not create a course using Podia? You can continue to make sells of that course for years to come.

Benefits of entrepreneurship

The greatest benefit is you can create value for other people. For example, Alex Nurney and Lauren at Create and Go created their Six Figure Blogger course. It helps people build their own course and the proper way of doing so. There are many people who have never considered creating a course. What if you worked hard one time and were able to make sells on that course for years to come?

I learned more in their Six Figure Blogger course than I did in business school. Of course, I did learn how to earn a sought-after degree. MBA's are not cheap to earn. In addition, how to be a better manager and earn credentials that many employers desire. That being said, I will never earn what I am worth working for someone else nor will you.

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So, you have to learn additional ways to earn income while you sleep. Also, where you don't have to go somewhere you don't want to go to warm a seat for someone else. I highly recommend considering investing in the Six Figure Blogger course. I know you have skills that other people would be willing to pay you for. Why not create a course revolved around the topic you know best? Can you cook? Know a foreign language? Are you skilled at helping people lower stress?

Closing Thoughts

What is the need of entrepreneurship? Leverage and the potential to have time freedom. You can potentially have the ability to be in control of your own life. My focus with this post is not to belittle people that work as employees but to empower them. Again, you can still work the job you love or hate and build your fortune in your spare time.

Don't quit your job until you are at least earning what you make residually. Yes, it will require a great deal of work and dedication. Entrepreneurship is not glamorous and will require a great deal of desire from the individual. That being said, earning residual income and earning a sale is something very unique.

Make sure to subscribe to the Internet of Business YouTube channel. I create new videos there monthly to help people such as yourself learn new tactics to earn. You are more than welcome to visit the about page if you would like to know more about my background as well. Reach out to me anytime at nathanpennington [at] protonmail [dot] com if you have any questions on growing your online business, website or blog.

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Dr. Nathan Pennington is a 2:19 marathoner, former member of the US Army World Class Athlete Program earning his Doctoral of Business Administration (DBA) degree at the University of Missouri-St. Louis. He brings over 10 years of online entrepreneurial experience in helping people learn how to blog, earn income online and build passive income streams outside of what the school system teaches.