THE world of work is a dynamic one.
The challenges in the workplace are becoming greater and greater. As companies strive to survive, terminologies such as redundancy, layoff, restructuring and merging have become more real.

Additionally some companies offer early retirement, outsource services and employ people on a contractual basis. They also seek to become more automated, therefore requiring fewer people to do specific jobs.

They also seek to employ people who are multi-skilled, flexible and require minimum training for the job. The result of all the aforementioned is that there are many people in the workforce who are unemployed. These consist of experienced people who were already in the workforce. There are also the recent graduates of tertiary institutions, secondary and technical schools as well as trade training centres.

Due to the reduction in the number of jobs available in the workforce and the increase in the number of jobseekers, employers can afford to be more selective in the recruitment process. They now require higher qualifications, more experience, skills and competencies.

Programmes for management/supervisory trainees rarely exist. With this dynamic situation in the economy and the workplace, planning a career path becomes more difficult. Career planners and other educators have therefore begun to encourage students and job seekers to think of entrepreneurship as an alternative.

Some educational institutions, therefore, have introduced academic and career development programmes focused on the topic.

Becoming an entrepreneur is not easy, and so much planning and effort must be put in place in order to succeed. These include:
. Identifying your interest, skills and abilities. You may want to focus on an area which appeals to you, and one in which you have the technical capabilities.

If this is so then you may need to equip yourself with the basic managerial skills and competencies in order to succeed. There are people who may not have the competencies required but have the basics and will employ persons with the capabilities to manage the business.

. Doing a market survey. This should be done in order to ensure that there is a demand for the product or service now and that there will be in the future. Find out if the product or service will be affordable to the prospective users or buyers. Ensure that the location is right as well as the manner in which delivery will be done.

This will include the package (product) hours for service. Know if you will be required to do marketing of your product or service and who are your competitors. Know as much as possible about your competitors. You should also know about previous providers: who they are, why they ceased to exist, what were some of their challenges.

. Doing costing and identifying source of funding. Many recent graduates find it difficult to start a business. Even when they have a strong desire to do so and know what they would like, they may not have the financial resources to get started. This is therefore a major challenge since this problem is not common only to the recent graduate.

After doing a costing you should seek assistance from funding agencies. Some of these agencies are specially equipped to assist people who aspire to be entrepreneurs but have financial needs. Their requirement for collateral is therefore lower than the traditional funding institutions.

It would also be good if you were able to dip into your savings, since payback would be less. You must ensure that the amount you are required to pay back, when combined with your other operating expenses, will allow you earn from the business. You must earn a profit, which could be minimal in the initial stages.

. Seeking technical and administrative advice. This is necessary and can be obtained from agencies. The funding agencies often will give you this help. They will help you to conceptualise your idea, set up systems and procedures, and locate equipment among other things. They will continue to monitor your progress over a period.

. Marketing your product. This is key. Know how to develop a marketing plan. You may get advice for this as well. Find out if your product will be required for the regional market and know how to access it. Develop and maintain standards at all time. This may require working with the Bureau of Standards to achieve required certification.

Becoming an entrepreneur can be a challenging and demanding process, but if you are successful, then the benefits are numerous. You will be able to develop a personal career plan linked with achieving life's goals. You can plan for its growth without thinking about where your next job will take you or if you will be employed tomorrow.

You will also be able to employ others, and therefore assist them in their personal and professional development. You would also be adding positively to the growth and development of your country in a very positive way. Entrepreneurship should therefore be encouraged.

Merrit Henry is career counsellor and Students Services manager at the Placement and Career Services Unit, UWI, Mona. You may send comments to:merrit.henry@yahoo.com.

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