In this article, I’m going to discuss what I call the phenomenon of HOMEBIZMANIA which is presently taking the world by storm if you permit me to use that world. Agreed, HOMEBIZMANIA has been around for some years but how is it that it has continued to flourish despite the gradual reduction in those propagating factors that account for its growth?
So I will bring my own perspectives and attempt to show the connection between HOMEBIZMANIA and a twentieth century motivational theory propounded by Abraham Maaslow which he called “The Hierarchy of Needs”
What is HOMEBIZMANIA?
This is a word that I’ve used to coin the wide acceptance and continued growth of Home Based Businesses.
Why are more Home Based Businesses being set up despite the weekly rise in the number of jobs created in the economy? One would expect that as more jobs are being created in the economy, there will be a reduction in the number of Home Based Businesses being created. But this is not the case.
This is a question that is puzzling to many Economists and Management experts.
The well known reasons for setting up Home Based Businesses are enumerated below:
The Home Based Business Owner wants to earn extra income to supplement the monthly salary earned from the 9 to 5 job
After retirement, you realize you’re not really tired and in order to keep busy set up a Home Based Business. The retirement income may not be good enough and setting up a Home Based Business could also be a good way to supplement it.
This is very popular with baby boomers who have become stronger and healthier.
Others have been laid off at their places of work and decide to set up a Home Based Business to earn income
For some other people, they just want to be their own boss and try out some ideas that they have.
For some, they see it as a “fad” and want to be part of it.
So why are many Home Based Businesses being set up despite rise in the number of jobs being created in the economy and the rise in the number of people being hired?
There are many reasons for this:
The failure rate of Home Based Businesses have reduced due to the fact that a lot of Home Business Owners now have business management training experience and this has helped them to manage their Home Based Business more efficiently
Also with the giant strides in modern Information and Communication Technology, there are now many Tools available in the market to facilitate the job of the Home Business Owner. With the help of some software, the Home Business Entrepreneur can multitask and carry out the job of running his/her business with more ease and efficiency.
The power of the Internet, Email marketing coupled with an effective Customer Relationship Management System help the home Business Owner perform better.
Also using a well- designed interactive website helps to give the Home Based Business a global exposure.
The use of Freelancers also help the Home Business Owner to access expert help at a lower cost.
All the factors mentioned above have emboldened more people to attempt to have a shot at setting up a Home Based Business. But I reluctantly agree with this position.
So what is the main motivator?
It’s here that I would like to introduce the Hierarchy of Needs Theory of Abraham Maaslow.
Abraham Maaslow was a motivational Psychologist and propounded this theory in the year 1943 when he presented a paper titled” A Theory Of Human Motivation “
Maaslow’s Hierarchy Of Needs is usually depicted as a Pyramid.
At the bottom of the Pyramid are the most basic needs of man which he described as “Physiological Needs”.
At the top of the Pyramid, you have the need for “Self Actualization” Moving from the bottom to the top of the Pyramid, Maaslow described the various factors that motivate the individual to progress along the steps of the Pyramid.
Self -Actualization is described as the final stage of attempting to achieve one’s full potential as a human being after surmounting the other basic needs.
I believe that Self Actualization could be the main reason why many people are now keying into the Home Based Business Industry. Self – Actualization is the main reason why people are still busy setting up more Home Based Businesses despite improved employment indices
Over to you; Do you agree with the ideas raised in this post? Please send in your thoughts.