For years, most of us have believed that the key to a secure life is to find a stable job at a reputable company. Having a regular salary, employment benefits and a clear career path are considered the ideal safety net. This is the message that society constantly instills in us, so we strive for it earn that college degree.

However, the world is changing and the security of working in a traditional job seems to be diminishing. For example, the Covid-19 pandemic has resulted in widespread job cuts across industries, with 360 tech companies laying off over 100,000 employees, as tracked by Layoffs.fyi.

Meanwhile, the availability of digital tools, online marketplaces and a wide support network that previous generations did not have access to make it easier for young entrepreneurs to create something for themselves. In fact, 50% of Gen Zers want to start their own businesses, according to Samsung.

These circumstances are making more and more people look for alternative means of earning entrepreneurship and self-employment. The Census Bureau reported a record high number 5.5 million new business applications presented in 2023 as the US Bureau of Labor and Statistics shared a list of fast growing career that have a high rate of self-employment.

Let's explore some real-life examples of new business owners, parent entrepreneurs and side hustlers in Fuddwho took the step for self-assurance.

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The illusion of job security

Employment is often seen as secure, but the reality is quite different. Companies often downsize or restructure for various internal and external reasons, which can lead to unexpected layoffs.

Even big companies like Google and Microsoft have made significant job cuts this year, with some experts saying Layoffs across industries are likely to continue amid economic downturns. It is alarming to see countless workers becoming jobless overnight, regardless of tenure.

Betting on yourself is your best bet

Given the uncertainties in conventional employment, entrepreneurship becomes your best bet for success and fulfillment. Working for yourself means having complete control over the operations and direction of your business. You need to set your own goals and schedule, make your own decisions, and connect the business with your values ​​and passions.

When one of our experts and mentors at Fud, Megn, was diagnosed with a nervous system disorder, it ended her 15-year corporate journey. She then took matters into her own hands and started a business selling homemade soaps. Her persistence and genuine interactions with customers helped her grow the brand which now includes two owned retail stores and an Etsy shop.

Another advantage of entrepreneurship and self-employment is the ability to create multiple streams of income. Instead of relying on a single paycheck from one employer, you can earn money from different clients, products, or services.

Take for example, Keighley, who has left the corporate world to become a digital entrepreneur. She makes money by selling digital products, creating online courses, and running multiple leads TikTok Stores.

The role of technology in starting your business

Starting a business used to require significant capital and resources, but that's no longer the case. Barriers to entry are much lower, thanks to affordable technology and accessible information.

For example, e-commerce platforms like Shopify, Amazon and Etsy allow you to set up an online store in no time. You can market your business and connect with customers globally at little or no cost through social media.

Meanwhile, tools and applications have now become more accessible and affordable for project management, accounting and customer relationship management, making your business time and cost efficient.

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The rise of remote work

Last move right remote work has further leveled the playing field for entrepreneurs. With the right tools and resources, you can run a business from anywhere, collaborating with team members and customers across the globe. This setup reduces the overhead costs associated with maintaining a physical office, making it easier to grow your business and keep expenses low.

There are also online communities, networking groups, mentorship programs, and startup incubators that can help and inspire business owners like you. They offer advice, share tools and provide a sense of community while doing it less lonely entrepreneurial journey.

Making your money work for you

Starting a business is not just about making money. It is also about investing in yourself. Whether you're learning new skills, building your personal brand, or expanding your network, any investment you make in yourself can pay off in the long run.

Since your income is not limited to a salary or hourly rate, your income can grow based on the success of your business. Many entrepreneurs I've interviewed earn significantly more than they did in their previous jobs and high prospects as their business grows.

Like mompreneur Took who took a comprehensive digital marketing course and is now building her brand while taking care of eight children at home. Meanwhile, MIS has documented and shared her journey on TikTok, fostering a supportive online community.

These discussions and real-life success stories prove that entrepreneurship is no longer just a dream. Although it comes with financial risks, the ability to create your own path and the potential rewards often outweigh them.