‘Challenging, difficult, impossible, out-of-the-question…’
Every time someone says that he or she is thinking about starting a new business and turning an entrepreneur, the above words are the most common ones heard. From friends and family to casual acquaintances, you will find a mention in at least one of their sentences.
Why has entrepreneurship earned this problematic tag? To answer which, let us list down some possible reasons-
- Difficult economic climate during and post the pandemic
- The problems of raising capital from banks
- Learning and understanding digital adoption
- Using your savings to fund the initial capital
- Start from the foundation of the new business model
This does not mean that all new businesses fail or succeed completely. With the right outlook, strategies, and effort, your new business can succeed. Does an alternative exist, which is credible, profitable, and lucrative? What if, you are looking at some alternatives to becoming an entrepreneur.
List of 5 Credible Alternatives to becoming an Entrepreneur
No, that is not a spelling mistake, and yes, you read that right. If you are great at your work, you can request your boss to open up a new division under you, an entirely new business line. You can tell him or her that you would want to work on that in your free/bonus time and that you would also be interested in picking up some stake in the new venture. This will be over and above your normal salaried responsibilities. Business owners are likely to say yes!
Being a partner or pitching a partnership is different than getting a slice of equity. In a partnership model, you might be required to look after and improve some specific aspects of a business. For example, you can ask the owner to allow you to run the Social Media Marketing aspect for the business. Sales from digital platforms and ecommerce can be divided according to a percentage. This will help you learn about running a business without assuming full responsibility.
Becoming a serious investor while working on a full-time job is something that many do. In fact, you will be surprised to know how many corporate professionals have opened up a sizable second source of income simply by investing. Cryptocurrencies offer a great avenue for securing high growths and stability. Picking up Bitcoins on the demotix.com is a great idea in 2021.
If you are willing to stretch your budget and have some extra cash, a good option is to pick up equity in flourishing and promising start-ups. The last decade has seen several small start-ups turn unicorns (Billion-Dollar plus). The main advantage is that you do not have to do anything, other than part with your money and check on it from time to time. If the start-up grows, your wealth increases to a point, where someone pays a premium to buy you out.
The last and most difficult proposition is buying out a business completely. This is also the most expensive alternative to being an entrepreneur. You seek out and do your due diligence on a business, which is already established, and take it over along with all its revenues, products, services, employees, etc. There is no doubt that this is infinitely much more expensive than starting a business and comes with its own advantages and disadvantages.
The Final Word
There is no one path to becoming financially successful in this world. It all depends on how you perceive an opportunity and feel that it is going to appeal to you or not. Starting a new business is still very much on the cards for most individuals. However, a little awareness never about the alternatives never hurt anymore. Can you add to the list of alternatives in the comments below?