10 Benefits of Being an Entrepreneur
The prospect of becoming an entrepreneur can be daunting to many. The fear of failure, long working hours and the stress can be enough to turn most people off.
1. You’re your own boss
Don’t like reporting into anyone? Well as an entrepreneur you won’t have too. You’re your own boss and only answer to yourself. This doesn’t mean you can’t have mentors and colleagues that you can lean on for ideas, in fact this is encouraged, it just means that you have the final say on the day to day operations of your business. You set the strategic direction, you make the hiring decisions, you lead the market analysis and so on. It can be a lot of pressure, but if you have confidence in your own ability, being your own boss can be an empowering experience.
2. Your income potential is unlimited
Working at a large company it can often feel like your busting your guts for little to no reward. Sure, you get an annual salary and a bonus once a year if you’re lucky, but the harder you work does not always result in more money in your pocket. That’s where the life of an entrepreneur differs. Your income is directly linked to how hard you work and how much effort you put in. If you’re motivated and hungry for success, you have the opportunity to work as hard as your heart desires and hopefully the money will follow.
3. You choose where and when to work
As the boss you can choose where and when you work. Many startups are embracing the flexible workplace culture and if this tickles your fancy then go for it. Work from home, work from a café, work from wherever you have an internet connection. One of the biggest benefits of being an entrepreneur is the flexibility it gives you. Work in a way that works best for your lifestyle. If you have employees, they will appreciate the flexibility also, and they will reward you for the trust and freedom by working harder.
4. You make money by doing something you love
I’m a true believer that you can never be truly successful at something unless you love what you do. Passion and happiness will create a motivation for you to succeed. Is there a better feeling than making a living doing something that you love and are passionate about? For many entrepreneurs, their business starts out as a pet-project or side hustle for one of their passions. To be able to do that full time and make a living off it is a true blessing.
5. You get to make an impact on people’s lives
The success of an entrepreneur can be measured on the value their product or service adds to its users. Whether users have a desire for your product or there is an inherent need in the market – as an entrepreneur you have the opportunity to impact the lives of users by delivering on something you truly believe in. A great entrepreneur can help stimulate economic growth, create jobs and fuel innovation. These benefits impact not only your users, but also your employees and even yourself. An entrepreneur has limitless opportunities to positively impact the world around them – that is great motivation in itself.
6. You get to be a leader
Being a boss is one thing, however being a leader is another thing all together. Being an entrepreneur gives you the opportunity to be the leader you’ve always dreamed of being. Be an inspiration for your employees and investors by setting the strategic direction for your start-up and being a visionary in your field. Great leaders walk the walk, they stay in the office with their colleagues when deadlines are due, they motivate their team and know how to reward them accordingly. An entrepreneur’s success can depend on whether or not they successfully embrace the leadership tag.
7. You get to meet like-minded people
Entrepreneurs often get the opportunity to meet other entrepreneurs. Whether this be at conferences, meetings or through colleagues – you’ll meet like minded individuals who provide a source of inspiration. Entrepreneurs are often motivated and eager to learn – so being around other entrepreneurs can inspire you more than you can imagine. Idea sharing, strategy critiques and bouncing thoughts off one another are the advantages of mingling with other like-minded entrepreneurs.
8. You are constantly growing yourself
No school or college degree will prepare you for what being an entrepreneur is all about. Most of the time you learn on the fly and make it up as you go. This will no doubt result in some failures, but that’s ok! Failure is the best way to learn and grow as an individual. As an entrepreneur you’ll be constantly learning, challenging yourself and expanding your skillset. The best way to learn is by getting hands on and this is what entrepreneurship is all about.
9. You live life in your own terms
With no-one to answer to but yourself, you’re free to live your live on your own terms. You can work as hard as you want, choose your own hours, choose your place of work and even take days off when it suits you. If you’re disciplined enough this can be empowering and make you a better entrepreneur and business leader. You have the opportunity to map out your work life however you want. This sense of freedom is exciting, motivating and a great way to live your life.
10. You are fulfilled
Seeing your vision come to life is one of the most fulfilling experiences an entrepreneur can feel. Imagine starting off in your parents garage to finally launching your new product and seeing the impact it has on users, colleagues and friends? You work hard as an entrepreneur – long hours, stressful nights and little sleep. So achieving success with a project you truly believe in is empowering and fulfilling. Final Thoughts So there you have it. If reading the above benefits of an entrepreneurial life gives you goosebumps then it’s time to act. Take the plunge and live the life you’ve always dreamt of. The life of an entrepreneur is calling you.