Entrepreneurs have often been described as people who add value to products or make products with value, either directly or indirectly, and sell them at a profit to customers. While those people who do not impact any value to products they sell are basically ordinary people in business. Entrepreneurship, in a nutshell, is the creation or extraction of economic value. Therefore, all entrepreneurs are businesspeople and not all businesspeople are entrepreneurs.
Each individual alive today has a product that they sell to their customers, and that is the human labour either physical or mental. If you are an employee, then your customer is your employer, to whom you are selling your product labour. If you are a student, then your customer is your examiner, to whom you are selling your mental labour. If you are a business owner, then your customer gets the products or services upon which you have spent your labour on.
If you are not employed, you still have your product which is your labour, you can choose to either sell it to your potential employer by being employed or use it to create other products or services to sell to your potential customers. The key pillars of entrepreneurship majorly rotate on creativity and innovation, therefore for your labour to be very competitive and to be bought, you must invest in those pillars so as to make it better than that of others.
It’s a sad tragedy if you don’t think that your labour is a product, or at extreme don’t consider yourself an entrepreneur. It is also a sad reality that most employees lack the entrepreneurship mind-set and prefer rather to remain with employee mentality. Most employed people often think that value creation is the work of their employers, through assigning them specific tasks. That it’s their duty to perform those tasks, and that’s it. They think they don’t need the passion, drive and stigma to create value.
Most employees see their current work as a necessity for survival rather than an opportunity to advance themselves through value creation. So they will keep working, day in day out with an anticipation of payment for their labour and if they are not paid, they will resort to industrial action. Others will humble themselves, keep their heads down, perform tasks assigned, follow the routine, and hope that they will get a promotion or salary increment for time served while praying that they don’t get laid off.
Think of Steve Jobs, the co-founder of Apple Inc., imagine if he has treated the buyers of Apple products (his customers) as most workers threat their customers (buyers of their labour services). They keep asking and buying Apple II computer, why don’t we focus on producing them. Then he would never have developed the iMac, iPod, iPhone, iPad, etc. The world would never have had better and advanced products, and he would have remained much poorer as a result.
There are also the bureaucrats, the non-entrepreneurial bosses. A bureaucratic boss expects the employee to stick to the routine, any deviations would be treated as insubordination, and as needlessly creating extra hassles. Such a boss is receptive to value-adding innovations, and would readily give the employee a bigger role to facilitate and tap into his/her quest to create a lot of innovations.
A bureaucratic boss would also know that other entrepreneurial bosses would try to poach the innovative worker’s services given a chance, he/she in a bid to prevent that, would increase the employee’s pay. In pursuit of value creation, an entrepreneurial worker will have to be intelligent and assertive, in doing so will enhance his/her demand in the industry, improve his/her career credentials and ultimately as a result be served with better opportunities in terms of compensation, working conditions, more fulfilling work and life.
Shun away from the mentality that you are not an entrepreneur. Every person should have the mindset of self-employment. For those employed your boss is your current customer. For those still in school, your customer is your examiner. For those employed on wage contract, your customer is the market. In any case, whichever path you choose to pursue, you will have to invest heavily on creativity and innovation which in other terms can be perceived as entrepreneurship, the consequences of satisfying your customer being deriving some gain.
Only you, are ultimately responsible for your own worth creation, the pay you want and the career path you desire. You are the person and in essence the entrepreneur responsible your own labour producing company called “Me Ltd.” It’s worth noting that everybody is a potential entrepreneur and entrepreneurship is for everyone.