Entrepreneurs are the people who experiment with new combinations of resources. They create new products, services, and new production methods. They discover new market resources and find new, more efficient ways to organize businesses. The prospect of profits leads entrepreneurs to innovate in the first place. But equally important are financial losses, which help guide entrepreneurs and resources towards successful endeavors.
Entrepreneurs and innovative products, services, and processes are the key drivers of economic growth and prosperity. According to the Global Entrepreneurship Monitor, over 110 million businesses are launched yearly. It means 11,000 per hour or three new businesses or startups open per second.
What is entrepreneurship?
The entrepreneur creates a business that becomes a long-term project, like opening a new restaurant or founding a tech startup. Entrepreneurship is a structure that destroys the old order and creates new ones. It means someone would create value innovation and develop new things. The biggest reward of becoming an interpreter is the personal satisfaction from having the freedom to make own business decisions and act on them.
There are two types of entrepreneurship:
- Innovation Driven Entrepreneurship (IDE).
- Small Medium Enterprise Entrepreneurship (SME).
Everyone in the gig economy is not an entrepreneur, giving more people the opportunity. In the gig economy, you could have a couple of ways to make money instead of that 9-to-5 job. A good entrepreneur has some specific qualities, which are:
A study in the Social Science Research Network journal found that entrepreneurs start companies because they mostly believe they are more valuable than how they appear on paper.
10 benefits of being an entrepreneur
Entrepreneurship can be an appealing career option for independent individuals hungry for success. It’s a path that allows you to do your own thing and pursue those you feel most passionate about. The entrepreneurial lifestyle will give one deep satisfaction and fulfillment from following the chosen path. So that isn’t easy to replicate as an employee.
1. You have financial freedom
Now the best benefit of being an entrepreneur lies in the wealth. It is a topic that many people touch on about having financial freedom. But you have to look at it for what it is. When working a 9-5 job, you usually have one flow of income. So you’re trading your time for money. So many people have to work their whole lives until they’re in their 60s or 70s.
Then retire and barely scrape by to make it in their retirement because they never understood how to create financial freedom. They never understood how to stop trading their time for money. Instead, as an entrepreneur, you start trading your value for money. So in the form of product services, whatever you’re doing as an entrepreneur.
For example, providing online digital services like digital marketing allows you not to get paid by the hour but for the value, you deliver to companies. So when you have financial freedom, it’s a massive benefit in your life. When you’re working a nine-to-five, you don’t have financial freedom. You are stuck in your bubble. You’re not even thinking about helping your neighbor, helping your family, or anything you’re stuck in your bubble.
But when you’re an entrepreneur, you can create a real difference in life and the people that matter to your life. Don’t think that becoming an entrepreneur will grant this to you overnight. That’s not how it works, but it takes hard work.
After a time, you’ll see that this benefit is much bigger than having more money. It is because you have more money and know-how to use it. It is a tool that opens up all the fun things life offers. So that is another thing when you have that financial freedom, you can control the trajectory of your life, your parent’s life, your kid’s life, and everyone around you.
2. You can improve your relationships life
Relationships often suffer when you’re stuck in one flow of income when you have to go to an office every day to get that paycheck. You don’t have much time to foster and nurture different relationships. So whether that’s even with your significant other, you don’t have much time to spend with them, that can drive people apart.
Let’s say your parents are growing older and want to spend more time with them, but you can’t. You don’t have many vacation days from nine to five, and you’re stuck on a certain schedule. When you’re an entrepreneur once again, it opens up freedom. It’s not easy, but you build yourself up when you do it the right way. You start providing value. That’s when you can set your schedule. You can give any time to your girlfriend/boyfriend. It is easy for you to hang out with anyone at any time.
You’re not tied down to a certain amount of paid time off. You don’t have to explain where you’re going. So when you can structure your day, you can improve your health and relationships.
3. You can make as much money as you want
Entrepreneurship is about creating value and helping people. Now the more people you help, the more money you’ll make. But first, focus on creating value because that’s the only way to make money.
Try not to become a man of success. But a man of the valley looks around at how people want to get more out of life than he put in. A man of value will give more than he receives. Be creative but make sure that what you create is not a curse for humanity. – Albert Einstein
An interpreter what a strong network makes money even when he’s asleep. – Amit’s Terry
As an entrepreneur, you can decide how much money you want to make, increase income, and generate more revenue. It’s all up to you to decide. If you have good strategies in place, it only is a matter of time before you start making more money than you thought was possible.
4. You get to choose who you work with
Unlike a nine-to-five job where you were an employee who had no say about the company’s big decisions were concerned. Being an entrepreneur allows you to decide who you want to work with. Working for yourself will enable you to choose people that will inspire you to put your best and people who will also contribute their best to business growth.
You can have the best strategy and the best building in the world. But if you don’t have the hearts and minds of the people who work with you, none of it comes to life. – Rene West
The people you work with can determine the success or failure of the business. This is why it is important to consider the people you choose to work with carefully. As an entrepreneur, you can do that easily. Also, as an entrepreneur, you don’t only get to choose your workers. You also get to choose which clients to work with, partnerships, and collaborations to pursue.
5. You can create a career that aligns with your value
One of the satisfactions of entrepreneurship is aligning values with your career values. It is an intensely gratifying experience. You don’t have to find that perfect job when you create it. You can easily fashion a lifestyle and career that aligns with core values such as helping others protect the environment.
Core values are your deciding factors for success. These values create an internal compass that navigates how you make decisions in life. If you compromise your core values, you go nowhere. – Roy T. Bennett
As an entrepreneur, you can stand up for your beliefs and create products or services that add value to people’s lives. Also, you get to see ideas make a difference and contribute to constructing a brand new business.
6. You experience constant growth and development
As an entrepreneur, the truth is that you’ll experience constant growth and development because that’s the only way to grow a business and become successful. A new company forces you to improve your constantly navigates: from marketing, selling, and closing deals to creating Excel reports, etc.
Formal education will make you a living. Self-education will make you a fortune. – Jim Ron, Entrepreneur
There’s never an end to the things that you have to learn. There will always be more to learn and apply to business. It can help you prevent complacency and also help to professional growth.
Growth is the great separator between those who succeed and those who do not. When I see a person beginning to separate themselves from the pack, it’s almost always due to personal growth. Income seldom exceeds personal development. – Jem Rohn
As an entrepreneur, the more you develop yourself, the higher your chances of increasing income and net worth.
7. You’ll get to meet like-minded people
You are the average of five people you spend the most time with. No one succeeds alone. But with a supportive network of like-minded people, success is achievable easily. Being an entrepreneur allows one to meet with so many great rights people. Ambitious and supportive people push you to become a better person along the way.
They could either be your mentor or business owners, or intrapreneurs. Being around people like these can help you succeed easily as well. So being an entrepreneur isn’t bad after all. As long as you keep an open mind and costly develop yourself, it’ll only be a matter of time.
8. You can improve mental health
When we say health, many times, people think about physical health. But it’s not physical health. It’s also your mental health and state of mind. By becoming an entrepreneur, not only are you able to set your schedule, but you’re also able to improve your quality of health.
When you have a 9-5 job, you don’t have much time in the day because many are either done commuting to work, sitting at work, or coming home. Then doing those chores, or whatever you have to do. Whether you have a family or kids to take care of, however, it gives you the ability to structure your day when you are boss. Some of us like to sit and get everything done in the morning. Others don’t like the mornings. They need more time to wake up. They like working at night.
So many different things vary from person to person. But when you are an entrepreneur, it gives you the freedom, the ability, and the choice of the day’s structure. So you have the best health possible physically and mentally.
9. You have flexibility
The best advantage of being an entrepreneur is flexibility. Having purpose and passion is tremendous fuel for enjoying your work and life. It is such a better feeling to be a boss. Soft skills like leadership, problem-solving, and time management are the ones that are going to make the biggest difference in your career. Being an entrepreneur forces you to learn soft skills.
You can pick and choose a team and surround yourself with others who make you smarter. Being an entrepreneur allows you to control the person and contributor you want to be. Remember, you’ve only got one life one time on this ride, so make sure you live it fully without regrets.
10. You can fulfill your wish
You have full optimization, and there’s no limit to the freedom. If you want to be a photographer and be a particular photographer, you literally can. It’s not like when you go to a job, and they hand over the list of things you must do. There’s some stuff you don’t care for, some things you might enjoy. You’re responsible for everything.
Human has multiple expectations, wish or dream that they want to fulfill. But a regular job kills their own space and destroys their dreams. As a result, most people feel unpleasant and depressed. As an entrepreneur, you can fulfill your entire dreams or other hobbies. So your inner mind remains satisfied and feels special. You can express your creativity and develop multiple networks in the entrepreneur space.
Why should you be an entrepreneur?
Before you commit to the path of entrepreneurship or startup, you should consider and weigh the options between being a business owner and an employee, as the two ways could not be more different. The life of an entrepreneur is characterized by risk, stress, longer work hours, and often time’s loneliness.
If you execute your vision, there’s no guarantee you’ll be profitable. Think about all those small business owners who borrow startup capital only to close down and lose all their investor’s money a couple of years later. On the other hand, being an employee, you are free from the burden of making tough decisions that steer the company’s progress. It may not sound like much, but most people would rather be told what to do and how to do it than crack their heads over charting a course that everyone in the company will follow.
It may suck sometimes, said the professor, but at least you have assured a paycheck, food on the table, and enough for small luxuries now and then. The above benefits give excellent reasons why any person seeking to start a career would go for a paying job. But why then are many people growing dissatisfied with their jobs daily?
- According to The Conference Board, about 53% of Americans are currently unhappy at their jobs, which is quite alarming. But why is this so? Most of us have this drive to play by our rules, live by our terms, and only do what we love. This drive is seen first in kids’ stubbornness and the strong-willed attitude that young adults say.
This is later converted into doggedness to fight for the good life they want for many people. Yet, this drive still exists in one way or the other. The best way to satisfy the inner desire is to live on our terms and be our bosses. It may not be rosy at first, but even during those dark and terrible early days, you will retain a sense of fulfillment knowing you are chasing the thing you want and love. Most people can succeed as entrepreneurs if they learn the ropes and diligently follow their passions.
Entrepreneurship is surely not a bed of roses, but at least you have the decision on how to make things work. There is also the satisfaction of knowing that you only answer yourself, although entrepreneurship requires long hours. Here is some importance of an entrepreneur.
- You can build the business to the point where you have more time and freedom to focus on your hobbies and other activities.
- You become a respected business leader.
- The startup will expose you to new challenges and exciting opportunities to test your knowledge and skills.
- You get to build a career that aligns with your passion. As an entrepreneur, you get to build a career in a field that aligns with your passion and not do any available job to survive.
- As an entrepreneur, there is almost no limit to your authority and power concerning your business. You are the center of all decisions. You can exercise intelligible control based on expertise, experience, and market familiarity.
- Being an entrepreneur will open you to more personal and career growth opportunities.
Entrepreneurship is one of the best ways to live your dream life, doing what you are most passionate about. Multiple studies have linked this to job satisfaction, as many people feel more satisfied if they have more control over their jobs. By now, you may already be seriously considering starting your business.
A 9-5 job may suit many people, but it does not answer the inner desire for freedom and flexibility. A steady-day job may be less stressful, more stable, and all that, in the end. It’s not a bad thing in itself, but you must be ready mentally. Although rewarding, the journey of becoming an entrepreneur is not always easy. You will have to throw in your best and more to succeed. So don’t be misled by other people’s journeys. You’re on your journey, and you can succeed as an entrepreneur.