The traditional definition of entrepreneurship has changed. No longer do you have to gather assets from all over before you start a business. Now, from the comfort of your home, you can be an entrepreneur.
How is this possible? What facilitated this change? These are the things I will be discussing in this article.
The Gig Economy
The gig economy as defined by the Merriam Webster online dictionary is
“Any economic activity that involves the use of temporary or freelance workers to perform jobs typically in the service sector.”
For many years, the gig economy has been growing. Through technological advancements, the gig economy is replacing the 9 to 5 job. More and more people are becoming their own boss.
Whether it’s as a source for extra cash or a way to monetize a hobby, the reality is the gig economy is here to stay.
The presence of the gig economy has given cause for us to redefine a lot of concepts about working. Entrepreneurship is one such concept.
Entrepreneurship in today’s Gig Economy.
Traditionally, an entrepreneur is one who has gathered necessary assets to start a business. Difficulty in gathering assets mitigated and limited the pursuit of entrepreneurship by many.
So what has changed? Everything.
Now, almost anyone can become an entrepreneur. And this is all thanks to the gig economy.
Entrepreneurship is all about being your own boss. You get to call the shots and give orders. Being a worker in the gig economy lets you do that.
As a freelance worker or an independent contractor, you become your own boss. You are no longer confined to a desk, nor do you have to sit down 9 to 5 at a job you don’t like.
The gig economy allows a level of freedom not found anywhere else. You are only obligated to accept the jobs you want.
Today’s entrepreneurs don’t have to go about looking for assets. It takes very little capital when compared to the other form of entrepreneurship.
Despite this ease of operation, things are not so simple.
Challenges to entrepreneurship in the gig economy
No form of business is without its challenges. This applies to gigs too. Outlined below are two major challenges of entrepreneurship in the gig economy.
- Product development: Every business needs a product. And for the gig economy, the products are services. You have to offer people a service to be a gig worker.
Having skills is an easy way to avoid this pitfall. If you have a skill, then you can offer your services to people. Many online platforms allow you to showcase your skills to potential customers.
If you do not have a skill, then you can try solving a problem. Identify a general problem, come up with a solution and sell your services to people.
- Marketing: Unlike the traditional desk job, you need to market yourself to customers. You are selling yourself after all.
You have to set aside cash for marketing purposes. This will boost your presence and increase your chances of getting gigs.
Freelance entrepreneurship is the new norm
The world of jobs is changing. Freelance gigs and contract jobs are more common nowadays. Tired of the routine 9 to 5 daily grind, why don’t you try and grind in another way?