The Go-Getters: How Necessity Entrepreneurship Create New Economic Opportunities

According to Jeremi Brewer and Stephen W. Gibson, about one billion individuals can be defined as necessity entrepreneurs, in both developed and developing nations. The two researchers coined the concept of Necessity Entrepreneurship when they started to study those individuals who start a small business on the side while working full or part-time to other employers. While their research focused on developing countries, in the beginning, their concept extended to developed countries as well.

Necessity entrepreneurs work in several fields, from selling products out of their basement to programming and designing mobile apps. They start a side catering business or become beauty consultants. They create and sell their own creations on online shopping platforms, such as ETSY or Shopify.

The increasing rates of unemployment across the world and the economic pressures everywhere make this need-driven, not passion-driven Entrepreneurship model an attractive example for many under-employed individuals. The challenge that those individuals face is finding active channels to get the necessary education and knowledge base they need. The current support is widely geared towards those who identify themselves as entrepreneurs; however, those just who are working to get some extra hundreds of dollars are not necessary to consider themselves small business owners or entrepreneurs.

Those who join direct marketing or multi-level marketing companies like 31, PartyLite, or LegalShield have access to a better knowledge base and training. However, those who are not affiliated with these enterprises suffer the most. Here are my 5 top tips to be a real go-getter.

There Is No Secret Formula

Success has many forms and shapes, and there is no secret formula to reach it. You only need to work hard, smart and keep experimenting.

Be A Life-Long Learner

Be ready to learn new skills, to read new books and article, to use new software or applications. As a go-getter, you will find yourself doing many new jobs and performing new tasks.

Practice Resilience

Bounce back when you fall. In running your side-business, you will face many challenges and experience failure; if you do not work on your personal resilience, it will be difficult to get back to the game again.

Do Not Treat You Side-Business As A Side-Business

This might include awkward advice, but if you manage your side-business as a side-business, you will end up with having a hobby, not a business. Know and be ready to dedicate the time needed and exert your effort and energy to think innovatively and try new ways to promote your business.

Use The Traditional 4-Ps Marketing Mix

I like to go to basics whenever I am starting a new venture. The 4-Ps marketing mix is Product, Price, Place and Promotion. Learn everything about your product or service, price it right, use several marketing and promotional channels and study your geographical location and your target market thoroughly.

There is nothing wrong with being a go-getter, and work on a side venture to generate extra money to support your desired lifestyle; however, it is a mistake to approach the new venture as a hobby. Take your side-business seriously, educate yourself, invest your time and energy in learning new skills, and be ready to fail.

Be proud of your side business. In fact, your side-business might be creating economic opportunities and contributes to the money cycle in your community. Moreover, always focus on providing real value to your customers.