Gig workers gain flexibility and independence but little or no job security. Many employers save money by avoiding paying benefits such as health coverage and paid vacation time. Others pay for some benefits to gig workers but outsource the benefits programs and other management tasks to external agencies.
Does the definition ring a bell yet? To understand the relation, let’s dive into the meaning of entrepreneurship: Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
The essence of entrepreneurship lies in uncertainty, temporary or cyclical fluctuations and the required skill. Entering into the gig economy starts with the process of understanding of required skill, resources and scalability of the skill or service being provided and personal branding. In other words, when a rookie enters into the gig economy market or becomes a freelancer, the individual first understands their interest, works on the skill building where he/she becomes good enough to be paid for service of that skill, then starts to find people who desire that skill, builds a portfolio along the process which turns helps the individual in personal branding and then perhaps build a customer base of people who come frequently for that service or skill.
For an individual to start an entrepreneurial journey, they need to understand their area of interest and build a product or service good enough to get paid for it. Later, provide that service by reaching out to the target market and meet their demands and, thus, build a brand. Often times we hear people say that in order to be a businessman you need to have a thorough knowledge of what you’re going to sell. A freelancer is someone who has a polished skills and, ultimately is someone who has a thorough knowledge of their product/service.
The gig economy in India is a fast-growing trend that is not only beneficial in the economic sense but also adds a lot of value to gaining valuable skills. Taking an example, an individual who knows how to code in various languages and is a freelancer for quite a long time now can start-up by creating a website and displaying their skills and portfolio with the right knowledge of branding, they could easily turn it into a full-fledged business, and we are seeing this happen in different forms and shapes.
CONCLUSION:
Although there is tremendous growth in the gig economy, many experts say it’s still an undergrown market in India, which means that there is a lot of potential for growth, and this brings a lot of hope for the budding entrepreneurship sector in the country. For a country known for its service sector throughout the world this is the time for building scalable businesses for the progress of the economy and nation as a whole.
Insightful!!
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