Why Become an Entrepreneur? Let’s find out
Excitement for the dream of being an entrepreneur has grown since the turn of the 21st century, with the United States was the first country to encourage the tilt towards entrepreneurial endeavors in the late 1970s. Today, people who’ve been down this road emphasize the freedom and room for creativity that owning a business provides. In this modern day, it’s not uncommon to hear stories about people dropping out of college or quitting 9 – 5 jobs with a hope of chasing after an entrepreneurial dream.
Unlimited income potential
Notice how your wage looks more or less the same every month? That is until you find a slightly higher paying job for a couple hundred extra a month. Working as an employee usually means that your salary and benefits are pre-determined, which means that no matter how hard you work or perform, your employer’s financial commitment to you does not extend beyond your salary. At best, you can be granted some bonuses and gifts once in a blue moon. This system often makes many people feel unsatisfied about their work place as they do not feel that their earnings reflect the hard work they put into their job.
This is one of the features of entrepreneurship that sets it apart from a salaried employment. As an entrepreneur, your earnings are truly unlimited. You determine what happens to the profit you make from your business and how much of that you pay yourself. To put it simply, there is no restriction to how much you can earn from your business. You can finally enjoy the fruits of your labor. Entrepreneurship is the one true way that you can get paid for what you’re truly worth, and in alot of cases even more.
Let’s stop for a quick reality check though, this doesn’t mean that every penny your business generates is up for grabs. It’s important to ensure that you have a robust financial plan in place that enables reinvestment and further growth to the business, and let’s not forget about running costs. That said, you do have the ability to pay yourself what you think you deserve and this is a great step to achieving financial freedom. This implies that you can have enough for savings, investments, as well as cash on hand to afford the lifestyle you want for yourself and your family now and into the future.
Entrepreneurship gives you the opportunity to build a flexible work schedule that you can enjoy, as opposed to being an employee on a salaried contract which can restrict both your personal and professional life.
Most people with office jobs have defined work hours. Yet, some still have to work extra hours and sometimes need to put in a few weekends too. If this is you then perhaps entrepreneurship is a great way out?
We can all relate to the boss asking you to do that one extra favour at 16:55 as you watch them skip out of the door. If you’re not at the office or your regular place of work, you’ve probably been sent ‘away on business’ and stuffed into a budget hotel with a dodgy breakfast and a leaky toilet, to attend one of the “stickier” meetings that your boss just so happened to be too busy for…
Being an entrepreneur means that you can make your own schedule – you can decide where to go and when you want to go. Want your office to be on the beach? Grab your laptop and take a seat in the sand. You make your own schedule now, and you’re accountable only to yourself. Ironically – you might find yourself working harder than you ever have before with a huge grin on your face…
People working for others often struggle to manage a good work life balance. For those others who are not required to work late hours, they are also usually too tired from the demands of work to be able to achieve anything worthwhile in their personal life.
The summary here is that entrepreneurship gives you the freedom to make the choices of life outside your business. You can make time for hobbies, for family and leisure travel.
Constant growth and development
Being an entrepreneur often means that you have to wear many hats, especially if you’re starting a business on your own for the first time. According to Forbes there are 10 skills entrepreneurs need to learn, so you really need to adopt the “everyday is a learning day” approach.
This forces you to constantly grow, learn new skills (both hard and soft skills), and adapt to new environments to ensure the survival of your business. From digital marketing, to graphics design, to becoming proficient in modern digital productivity tools, such as Salesforce and Mailchimp, there are a lot of things that an entrepreneur has to learn.
If you love a challenge and you’re enthusiastic about learning new things, then entrepreneurship is a great way to earn-while-you-learn. It’s well known that a key to success for entrepreneurs is to never stop learning. The truth is, you can never know everything but learning as much as you can will help you stay ahead of the curve.
You become a leader
With great power, comes great responsibility” – Voltaire, Winston Churchill, or Spider man?
The above quote is true when it comes to entrepreneurship, but perhaps not in the same context as it is said to a superhero though…
As you begin to build your team and grow your business, over time you’ll become an authoritative figure. As this develops your responsibilities grow alongside and not just in the traditional sense of having to pay your staff but also to your customers, suppliers, and community.
People will look to you to make the big decisions or for advice based on your experience, if done correctly people will start to look up to you and you will evolve into a leader in your business, field, and community.
Sounds like a lot right?
Fear not – everybody has to start somewhere, a lot of startups start with just one person or a small team, so you won’t be preaching to the thousands straight away and there’s plenty of opportunity to practice until you get there.
There are plenty of influential leaders in the modern world, for example, Mark Zuckerberg might not have started out as the most fluent motivational speaker around, however, people now give him a listening ear based on his experience and leadership in his area.
A great advantage of entrepreneurship is that it gives you the opportunity to become the leader that you want to be. Have you ever looked up to one of your role models and thought “I’d like to be like them?” Here’s your chance.
You can choose to pursue any idea you want
As an entrepreneur, the world is your laboratory. You have the freedom to try just about any business idea you want, providing that you have the time and resources available.
What about the technical knowledge?
As an entrepreneur, the main thing you need is the ideas and vision because you can’t be an expert in every area. You can hire or contract specialists who can realise your vision and make it a reality, that’s great right? If you’re early on in your journey this will give you the chance to build and explore new skills.
Most successful entrepreneurs who have made a name for themselves pursued ideas that seemed absurd at the time and this is the brilliance of retrospect. Let’s take the aeroplane as an example, a few hundred years ago this concept would have seem’d absurd, better yet humans now have rockets that can take you to the moon!
If you’re convinced that your idea or vision has the potential for commercial success or could make a change for the better and then you should pursue that dream with just about everything you’ve got.
Have you ever done a project at work and been excited as to where it will go, then to find out that it’s been canned? Being an entrepreneur gives you the flexibility to pursue areas of interest or explore avenues of growth for your business without the hurdles, hoops, and brick walls that might come with employment.
Let’s not be naive though, things might not be as easy as you envision and not everything you choose to pursue will be a success. In fact, around 8 out of 10 new businesses fail so success is actually the exception. You will need to tweak and adapt your ideas as you go and also learn when to stop and say this isnt working.
Like a lot of these benefits, the beauty here is that you get the freedom of choice for ideas and what you pursue.
Have you ever got home from work and thought, “I’m not enjoying this, what am I doing?”
A deal breaker for a lot of people making the transition from employment to entrepreneurship is the lack of fulfilment that comes with employment. It often seems as though you’re not making much progress and feeling that you’re not rewarded appropriately for your hard work.
Good news – according to Forbes and numerous articles, papers, and interviews, entrepreneurs really are happier and in some cases female entrepreneurs are even happier than their male counterparts.
When summarising some of the topics that we have already covered it’s easy to understand why 97% of self-employed professionals say they would never go back to traditional employment:
- Unlimited earning potential
- Flexible schedule
- Ability to determine who you work with
- Constant growth and development
- Becoming a leader
- Being able to pursue your own ideas
- Job satisfaction
Even more so, being an entrepreneur gives you a sense of achievement which is as thrilling as it is motivating. As it stands the majority of the population are in traditional employment but the number of entrepreneurs is growing, with 550,000 Americans starting businesses every month. The choice of entrepreneurship is an exceptional decision, traditionally one that not many people make, and this can be very fulfilling.
Seeing the results of the hard work and commitment that you’ve put into growing a business gives you a sense of satisfaction that is unrivaled by a lot of traditional employment opportunities.
So, why should you become an entrepreneur?
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