Do you think that having a stable monthly paid job is better, or taking the risk and having your own startup?
This is a question that has been jumping around since the rise of entrepreneurship in “Egypt”.
But what is entrepreneurship exactly?
Is it something that appeared out of nowhere, or is it a term created long ago and developed over the years?
The study of entrepreneurship goes back to the 17th and early 18th centuries.
When the term “entrepreneurship” first appeared it frequently was used to indicate the same meaning the word “adventurer” gives.
Then over the year, the term “entrepreneurship” was seen with many different points of view.
Yet we didn’t hear about it in the modern world, especially in “Egypt”, until not so long ago.
- What is Entrepreneurship?
- The types of startups that are most common in Egypt.
- How important entrepreneurship is?
- Why is entrepreneurship a good career choice? especially in Egypt.
- The Conclusion
What is Entrepreneurship?
If you looked up the term “entrepreneurship” you’ll find multiple interpretations and meanings.
All of which comes down to that entrepreneurship is the idea and act of starting a business in spite of all its risks with the hope of making a change and also having a pleasant profit.
Moreover, you’ll find that the definitions of entrepreneurs themselves are very helpful in making you understand it.
These definitions are modern and very descriptive because entrepreneurs are the ones who are achieving those words on the ground.
This what “Maia Haag”, co-founder, and president of I See Me! Personalized Books and Gifts said when she was asked about her definition of entrepreneurship
“Entrepreneurship is seeing an opportunity and gathering the resources to turn a possibility into a reality.
It represents the freedom to envision something new and to make it happen.
It includes risk, but it also includes the reward of creating a legacy.”
“Turning a possibility into a reality”, and “creating a legacy”.
These are extremely powerful statements of a phenomenon that can change your life.
And when any country can truly adopt the idea of entrepreneurship it’s going to be put itself on the map.
The types of startups that are most common in Egypt.
According to “steve blanks”, there are 5 types of entrepreneurship:
Small-Business Startups, Scalable Startups, viable Startups, Lifestyle Startups, and corporate Startups.
In my opinion, the most famous and common types of entrepreneurship in “Egypt” are:
Small business startups are like starting a small dry cleaner, a phone repairer store, or a small diner.
You’ll find that the number one goal for these startups is income.
Entrepreneurs in this case mostly set a conventional business in order to make a living out of it.
To support one’s self or a family, and it’s not just common in “Egypt”, but mainly world wide.
But with this type, money is always a problem because there isn’t something new with what they are offering.
Because mainly no one would want to sponsor and invest in such ordinary ideas.
But from another point of view, this might be a good thing.
Because then they’d have to find money on there own, and when it works they’ll have all the success and profit to themselves.
This one is mostly all about the idea, to be creative enough.
To have a product or service providing a unique solution for a common issue.
Something you can start at home or in a co-working space until it gets big and interested enough to attract sponsors.
Then next comes investors to take what your most important life work to the next level and shed the light on your idea.
This might seem easy, but it’s far from that.
Do you know how many great ideas and effective solutions that get thrown into the dumpster?
We have a huge number of entrepreneurs mindset in our generations.
But not everyone has the determination, ambition and the organization skill that suppose to be in every entrepreneur.
Have a unique helpful idea, plan right, execute right and ask professionals aid, then trust me you’ll probably be the one choosing between investors.
How important entrepreneurship is?
Let me start by setting out an example for you.
Imagine if you’ve decided to open a co-working space or a center for any kind of course as your own start-up, what do you think you’re going to need?
Of the top of my head, you’ll need a place, facilities, and furniture in this place.
You’ll also need instructors, office boy, someone or a few ones to clean, and customer service agents.
And you should have course materials, plus hiring an individual or a company for the marketing part and so much more.
Can you imagine how many market sectors you are going to deal with here? how much workforce you’re going to have or use?
“Shobhit Seth” the freelance financial writer, derivatives trader, and consultant mentioned in his article with “investopedia”
“For example, a few information technology companies made up the IT industry in “India” during the 1990s.
The industry quickly expanded and many other sectors benefited from it.
Businesses in associated industries—such as call center operations, network maintenance companies, and hardware providers—flourished.”
That’s right there the importance of entrepreneurship especially in developing countries like “India” and “Egypt”.
But obviously looking at the current situation of the economic world, you’ll see that “India” is moving forward fast while we’re still having our time.
The importance of entrepreneurship in Egypt.
Entrepreneurship in “Egypt” creates a lot of different job opportunities there for the percentage of unemployment is going to decrease.
Entrepreneurship flourishes the economy on all levels, entrepreneurs deals and buys from small enterprises as well as big ones.
This is unlike big company’s that’s all about dealing only with the large entities.
Most importantly that the world of entrepreneurship is lead by youth, giving their fresh ideas and ambitious spirits the chance to see the light and prosper.
Why is entrepreneurship a good career choice? especially in Egypt.
Just let me start by saying that no one can determine what you should do in life better than you.
No one can tell you what career to choose, I’m just laying the facts from my point of view, but you’re the one who gets to decide.
Here is a mind-blowing statistics about the way things are right now as it was mentioned in an article in “Wamda”
“The number of venture capital (VC) firms, accelerators and incubators in “Egypt” have been increasing, indicating a growing interest in entrepreneurship in “Egypt”.
In fact, according to one report by the Global Entrepreneurship Monitor (GEM), launched by The American Univeristy in Cairo School of Business in 2018, 82 per cent of Egyptians perceive successful entrepreneurs as having high social status and almost 76% of Egyptians, mostly youth, perceive entrepreneurship as a good career choice, compared to a global average of 61.6%.
Moreover, 55.5% of non-entrepreneurs surveyed expressed their interest in starting their own business, a percentage that is double the global average.”
Entrepreneurship is a good career choice.
Entrepreneurship in “Egypt” is considered a good career choice for young men and women, and let me tell you why is that.
Due to the lack of good education, not keeping up with the world and the changes happening every day, young people find themselves trapped in a society that has a few specific jobs.
So as the demand for employees meets a high supply, wages stay low and young people are forced to work very hard for a disappointing income.
But to be an entrepreneur in “Egypt” or even supporting them and working in their entities is something else.
First of all, entrepreneurs have a liberated mindset, they are not working with the same old methods.
They are always creative, passionate and keeping up with the different changes in the market.
Secondly, true entrepreneurs are always on the search for value, for good solutions to essential problems.
This means they probably going viral in a heartbeat because they will be demanded.
And third, being your own boss and doing things your own way is a dream for most young people.
To have things going your way, to decided your working hours and to have hold of your future it’s what being an entrepreneur is all about.
But of course, nothing is going to happen if these great ideas not crafted well and constructed properly.
So it’s no surprise that the number of youth starting their own business is increasing and entrepreneurship in “Egypt” is thriving.
In spite of entrepreneurship being a fine career choice, are there any difficulties in front of it?
Unfortunately, yes there are.
Everything that turns out great has its drawbacks and difficulties, that’s the way life goes.
So with something magnificent as entrepreneurship normally there would be a few obstacles that might stand in the way of being an entrepreneur.
While some of them are hard, but can be done like financing or choosing the right team members.
Other obstacles don’t have solutions or at least the answer is not in the entrepreneur’s hands.
Here are some of the major barriers we face in the entrepreneurship world.
It is one of the biggest problems that face our generation.
Our education system should be teaching us to have the mindset of an entrepreneur, to be leaders.
Instead, the message they give us is how to stick to the status Quo.
Tax and regulations:
This can be a great obstacle a lot of times.
“Concerning the regulatory reforms, I hope the new law for SMEs would give the startups tax breaks and incentives.
President “Abdel Fattah El Sisi” has spoken about entrepreneurship in several events, which is a great change in the government’s mindset, which proves their belief in the role of young people to lead the economy.”
The last of his words is the opening for my next obstacle which is “the mindset of Egyptians”.
Unfortunately, the idea of youth taking the lead is not very popular in “Egypt”.
Most Egyptians are used to the routine and they are afraid of risking and exploring.
So normally they find the young generation is impulsive and not wise enough.
They never see the potentials that our youngs might have.
But nothing stays the same and at least the government is starting to be on our side.
On a side note, we need to talk about community helpers known as employees.
Not all people are born to be an entrepreneur, and this is nothing to be ashamed of.
Because even entrepreneurs need the service of great individuals who are working in monthly paid jobs.
Every business needs an accountant, a customer service agent, a delivery guy, and others.
So we all complete each other in a way or another.
And we must have all of the seats filled to last.
But what is a real shame is to have the mindset of an entrepreneur and do nothing about it.
To have the talent, skills and the idea to change the world and throw all of this behind your back
While entrepreneurship may seem like a wonderful dream and paints a bright future for us.
It’s also a very bumpy road that sometimes can be misleading.
Entrepreneurship is a crucial key to the growth of our economy and an essential element for the development of any country.
But don’t get fooled by all of the glamour around entrepreneurs and successful start-ups to think that this is an easy road.
And you must be aware that in order to be an entrepreneur you have to be a true adventurer because it’s not a walk in the park.
You might be your own boss, but in return, you have all of the responsibilities over your shoulder.
You might have free time and can work whenever you like but in return, your going to work twice and sometimes thrice the hours for a normal employee.
No one said being an entrepreneur is going to be an easy effortless task.
But if you desire your financial freedom you should definitely embark on this tiring yet satisfying journey.
And always remember you reap what you sow.
So whatever your putting your money, time, and energy into is what you get back.