Written by: Michael Taylor, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
According to some reports, approximately 33 million people left their jobs during the spring of 2021 in the US. Some left because of layoffs, while others left out of concern of the Covid-19 pandemic. Either way, the mass exodus away from work gained the title of “The Great Resignation” or “The Big Quit”.
Some suggested the Big Quit was a trend started by young people who were rejecting work all together, while others speculated the trend was the result of an infinite amount of opportunities for people because businesses were struggling to find workers which meant employees simply had more choices.
From my perspective, The Great Resignation is simply a shift from working for corporations to working for yourself and starting your own business. This is why I believe there has never been a better time to become an entrepreneur than right now.
There are three primary reasons for my optimism about entrepreneurship.
The first reason for my optimism is because the three primary barriers that kept people from starting businesses are no longer applicable.
Here are those three barriers. Education, Location, and Funding.
If you go back 30-40 years, the people who were starting businesses were usually business school graduates with some type of business degrees. Today that is no longer a barrier. People are becoming entrepreneurs without any formal education or degrees. The Internet now allows anyone, anywhere, to access information on starting and running a business and in most cases, they have this access for free. You can now take online business courses from some of the top business schools in the country for free online. There’s also an infinite amount of business coaches, online business courses, webinars, seminars, and workshops that teach all aspects of starting and running a business. You can attend most of these for little or no costs at all.
It wasn’t that long ago when the key to success as an entrepreneur were three simple words. Location, location, location! Brick and mortar stores relied heavily on location because the better the location, the better the traffic. The better the traffic the better the sales. But now, location is no longer the keys to success. Over the past 10 years or so brick and mortar stores have experienced a steady decline as businesses have moved online. The Internet has become the keys to success because entrepreneurs are no longer limited to physical stores and can now do business around the globe.
Without question, one of the biggest barriers to starting a business is funding. There was a time when entrepreneurs had to rely on friends and family, credit cards, and banks to fund their businesses. Most entrepreneurs didn’t have access to venture capitalists or anyone with deep pockets, so therefore, it was extremely difficult to gain the capital to launch a business. Although locating funding is still challenging, it is easier today to raise capital than ever before. Entrepreneurs now have access to crowdfunding platforms like GoFundMe and Kickstarter. Cryptocurrency and NFT’s are also providing entrepreneurs with creative ways to fund their startups. There is an infinite supply of venture capitalists and investors that are always searching for the next “big idea” and shows like Shark Tank gives entrepreneurs innovative ways to find funding to launch their dreams.
If you’re wondering why these three barriers no longer exist, I can sum it up in two words. Technology and Information! These two words are the holy grail for becoming a successful entrepreneur.
Technology has leveled the playing field for anyone who wants to start their own business. It doesn’t matter what your educational background is, what your race is, who your friends are, what political affiliation you may have, your sexual orientation, or your religion. Technology does not discriminate. If you’re willing to embrace technology you can build a business.
Technology includes, (but is definitely not limited to) personal computers, cell phones, the Internet, software, artificial intelligence, 3D printing, and websites. If you embrace these technologies, you can build a business.
The reason technology is so important for entrepreneurs is because technology gives us access to information, and information is the key to your success. We live in an information age and those of us who can learn the fastest and utilize information, are the ones who are going to be able to build companies that change the world.
Alvin Toffler once stated: “The functional illiterate of the 21st century will not be those who can not read or write, but those who cannot learn, unlearn and relearn.” Learning new information, and then being willing to unlearn that information so you can relearn new information will guarantee your success as an entrepreneur.
The second reason for my optimism about the future of entrepreneurship is the rise of social entrepreneurs. Social entrepreneurs start businesses with the intention of using their products and services to make the world a better place. They look at social issues and recognize that the world’s biggest problems are the world’s greatest business opportunities. Therefore, they set out to solve those problems and they place an emphasis on making a difference first while making a profit which ultimately will be reflected in the bottom line of their profit statements. Social entrepreneurs launch “Heart Centered” businesses which I believe can and will change the world.
The final reason for my optimism regarding entrepreneurship is my belief that human beings are still evolving. According to Barbara Marx Hubbard, human beings are evolving from Homo-Sapiens to Homo-Universalis. As we continue to evolve, we are beginning to recognize that we are all intimately connected as human beings and there is really only one race, which is the human race. The human race is beginning to wake up and this awakening is creating spiritual entrepreneurs. Spiritual entrepreneurs do not adhere to any rigid religious dogma or doctrine. They do not necessarily belong to any organized religious group. They recognize that all religions originate from the same source and lead to the same place and they are committed to using their businesses to bring humanity together.
A spiritual entrepreneur understands there are three types of compensation an entrepreneur should receive. Spiritual compensation, emotional compensation, and financial compensation.
Spiritual compensation arises from a belief you are fulfilling a divine purpose. When an entrepreneur is driven by a sense of purpose it gives them meaning and fulfillment in their lives and it becomes the driving force of their business. They acknowledge that they have access to a higher power (which goes by many different names, like God, The Universe, Divine Intelligence, etc..) and they recognize that power as the source of their creativity, passion and drive.
Emotional compensation is the joy and positive feelings an entrepreneur receives when sharing their products and services. It makes the entrepreneur feel good to be making a difference while making a profit and they gauge the success of their business by the feelings they receive and the feelings their customers receive when buying their products or services. They are driven by feeling good and supporting others in doing the same.
A spiritual entrepreneur recognizes he/she should be compensated handsomely for their products and services based on the value they provide. When the focus is on making a difference by providing the very best product or service, the bottom line will reflect the value they bring. A spiritual entrepreneur would define a billionaire as someone who positively impacts the lives of one billion people. When this is accomplished, it will be reflected on the bottom line of the profit report and balance statement.
When an entrepreneur learns to prioritize these three types of compensation in this order, spiritual, emotional, and financial, they lay the foundation for creating a business that can change the world.
Contrary to mainstream media, I believe there has never been a better time to be alive on the planet than right now. When it comes to being an entrepreneur, there has never been a better time to become one. So, remember the timeless words of John Lennon, “You may say I’m a dreamer, but I’m not the only one. I hope one day you’ll join us and the world will be as one.”
Keep dreaming and dream big!
Coach Michael Taylor
Michael Taylor, Executive Contributor Brainz Magazine
Coach Michael Taylor is an irrepressible optimist with a passion for the impossible. He is president and CEO of Creation Publishing Group and is the author of 10 books designed to empower men and women to live extraordinary lives. He is the host of 3 podcasts, (A New Conversation With Men, Don't Believe The Hype, and Shatter The Stereotypes) and host 3 television channels on the Roku network.
He was featured in the bestselling book Motivational Speakers America with legendary speakers Les Brown and Brian Tracy. He has won numerous awards for his dynamic speaking style and says being on stage speaking, lights him up and ignites his soul.
When he isn't speaking or writing books, you'll find him hanging out with the love of his life Bedra, who he has been blissfully married to for 19 years. His hobbies include going to the movies, listening to old school 70's and 80's soul music, and reading Calvin & Hobbs comics.
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