Did you know that 90% of the most recent American billionaires are self-made? That alone makes you want to start a business immediately.
Let’s face it! Reaching millionaire, much less billionaire status when working for someone else, is difficult.
Let’s not even get started on the insane working hours and even more insane work environment. So, it’s normal to want to transition into becoming your own boss.
Entrepreneurship is a big step with its share of risks. Sometimes you don’t even see the benefits of starting a business. It’s normal for you to be skeptical about leaving your current job and starting a business.
But, we can guarantee that the move is worth it. Don’t believe us? Read on for reasons why becoming an entrepreneur is the right move.
You Can Work From Any Location
Can you imagine working from a villa with a beach view? You don’t have to imagine it when you start a company because you can make this a reality.
As a business owner, you have complete control over your location. You can work from the office, home, or your favorite coffee place.
Of course, some roles will require your presence at the office. But physical presence is the exception, not the rule when you’re the boss.
Just look at the founder of the company you work for currently. Do they come to the office every day?
Entrepreneurship Offers Maximum Flexibility
People think that most employers today help employees achieve work-life balance. But, you only need to talk to a few corporate employees to realize that this is far from the case.
Most employment schedules are downright outrageous and barely leave time for resting. Vacation days approvals take time since employers aren’t willing to lose working hours.
Starting a company offers the flexibility you can’t find in any form of employment. You can decide to work for four hours a day and not have to explain yourself to anybody.
Of course, this can’t happen right away because startups require a great deal of dedication. You may have to work more than you would in your current job for the first few months. But this is a worthwhile sacrifice, as it will provide you with greater freedom in the future.
You Get Complete Control of Your Destiny
Entrepreneurship puts you in the driver’s seat in all matters concerning your life. You can focus on fulfilling your destiny rather than helping someone else fulfill theirs.
Becoming an entrepreneur also gives you control over how things run. You can plan for situations that may affect your financial future without worry.
If a recession is coming, you can adjust your expenses in readiness for the expected changes. Unlike in unemployment, you have a say in what happens when the unexpected strikes.
Entrepreneurship Gives You Financial Freedom
Even the most lucrative corporate jobs have a salary cap. You can’t earn beyond a specific amount no matter how hard you work or how early your mornings start.
With entrepreneurship, you receive what your time and skills are worth. There’s no limit to how much you can earn since your salary isn’t dependent on a company’s policy.
Most women earn 84% of what men earn in the corporate world, showing that gender inequality is still an issue. As a business owner, you get to set your salary based on your work, not your gender. So, business ownership is especially vital for women.
It Gives You a Sense of Personal Fulfillment
There’s no restriction on the kind of startup ideas you can come up with when starting a company. You can transform your passion for painting or your love for dancing into a business.
You don’t have to spend your days selling gadgets you don’t even use for a paycheck. Entrepreneurship creates a win-win situation since you can earn from your hobbies.
You Can Contribute to Social Justice
You rarely get to be a part of your employers’ choices in corporate jobs. Sometimes you may even have to do things that go against your beliefs to keep your job.
When you own your own business, this is not the case. You can contribute to social causes that are close to your heart. You can even set aside some of your profits to help people you feel don’t get enough attention in society.
You can also contribute to non-profit organizations that lead social justice movements. With entrepreneurship, you have the power to contribute to things greater than yourself.
You Don’t Have to Worry About Job Security
Did you know that over 114 million people lost their jobs in 2020? A key takeaway from the pandemic is that you can’t always bank on your employer to preserve your job.
Sometimes, it doesn’t take something as drastic as a pandemic to lose your job. Your employer can fire you for doing anything that violates your employment contract. The fear of never knowing if or when your employer will fire you can be nerve-racking.
Something as life-altering as job security shouldn’t be left to chance, hence the need for starting a business. You’ll always be secure as long as you make the right decisions. You can also protect your loved ones’ job security by employing them.
You Choose Who to Work With
How often have you looked at a colleague and imagined how good it’d feel to fire them? Let’s be honest! We all have that one person at work who we can’t stand.
Maybe they’re just busybodies, lazy, or gossip too much. Either way, you only work with them because you don’t have a choice.
Self-employment gives you a choice. After all, you’re the boss and can hire and fire anybody you want. You don’t have to pick up the slack for people who aren’t contributing to your goals.
You Have the Freedom to Choose Clients
Like colleagues, clients can also be toxic. But businesses believe that the customer is always right, so you will almost certainly have to work with them. Otherwise, you may end up losing your job.
This can take a mental toll on even the strongest individuals. So, it’s normal to want an out.
Starting a company can be your out as it gives you the freedom to choose your clients. You can refuse to work with the toxic ones and not worry about losing your job.
You Can Assign Tasks to Other People
As an employee, you can’t refuse to handle any task given to you by your manager. You also can’t reassign a task to colleagues since nobody likes doing more than is expected of them.
Self-employment gives you the freedom to assign tasks as often as necessary. You can contract someone to help you if you’re not efficient at doing a specific task.
You Get to Challenge Yourself
Doing the same things every day can get boring fast. That’s the main reason many employees look forward to their days coming to an end.
Monotony isn’t a problem when you’re a business owner because each day presents new tasks. This may sound daunting, but it’s pretty exciting. Having something new to look forward to every day is a motivating factor.
You Can Be Innovative
We often have ideas that can improve business but can’t implement them because we don’t have the power. You can only watch as inefficiencies plague your workplace.
As a business owner, you can implement any decision you want, no matter how crazy it sounds to others. Any expert on how to start a business will tell you that crazy ideas are often the most successful.
You can be creative from the onset through the business opportunities you choose. Then, you can continue through the kind of operational decisions you make.
You Gain Expertise in Many Fields
When starting, you’ll be more than just the business owner. You’ll be the human resource manager, accountant, marketer, and receptionist.
While this may be a lot of work, it’ll give you valuable skills to help you run your business. With these skills, operations won’t have to come to a standstill when an employee doesn’t show up for work. You can take their place as you figure out the way forward.
You Enjoy Tax Benefits
Let’s face it: entrepreneurship isn’t the cheapest endeavor. Any business opportunity requires capital, so you may have to make some sacrifices.
Luckily, the Government has the interests of small business owners at heart. It offers various tax breaks for businesses to reduce their financial burden.
You’re also eligible for grant funding if you’re a woman or minority. You only need to hire a financial planner to help you take advantage of these incentives.
You Get To Create a Favorable Work Environment
Toxic work environment conversations have dominated social media over the past few years. Odds are, you’ve also had experiences that have made you question your worth in your current job. Unfortunately, you don’t get a say in how things run if you’re an employee.
As a business owner, you get to determine the kind of environment you create for your employees. You can offer better working hours, a safer environment, and more appreciative management. Take this as your contribution to making the world a happier place.
You Get To Connect With Your Clients
Getting to interact one-on-one with clients is one of the highlights of owning a business. You won’t face as many restrictions as an employee as a business owner.
You also get to express yourself when interacting with your clients. You don’t have to hide behind the automated scripts many companies give employees.
You Can Give Back to Your Community
Stating a company enables you to contribute more to your community. The financial rewards of entrepreneurship help you take a role in shaping society.
And, the increased power allows you to take a more active role in designing the community you want. For instance, you can hire rehabilitated convicts to keep them on the right path.
You Can Leave a Legacy
No matter your position, you cannot leave your corporate job to your children. However, you can leave them your business, making their life easier. You can train your kids to handle your business from a young age and hire them once they’re old enough.
Starting a business helps them even if they don’t want to take over after you. Your loved ones can always sell it and use the money to pursue what they enjoy. Either way, entrepreneurship allows you to leave tangible assets to your loved ones.
Entrepreneurship Gives You a Sense of Pride
Few things compare to the joy that comes from knowing you succeeded at creating a business. Owning a business gives you bragging rights, so you should be proud of yourself.
People will be interested in your story if you’re a business owner. And your Starting a Business loved ones will also be prouder of you for taking the bold step to become your own boss.
Starting a Company Evokes a Hunger to Do More
People often become too comfortable in their corporate jobs. Many learn to live with their salaries and adjust their lifestyles to fit their earnings.
Entrepreneurs continually want to accomplish more. Succeeding in one venture will encourage you to expand to many types of businesses. Ultimately, you’ll achieve more than you would in any form of employment.
Who knows? You may be the next Elon Musk and buy a social media platform because it doesn’t promote free speech.
Leverage the Benefits of Starting a Business to Build Your Wealth
The recent billionaires’ list shows the benefits of starting a business. You have unlimited earning potential and freedom as a business owner.
You also have the power to make decisions on working hours and the working environment. You can work for three days a week and not worry about losing your job or taking a pay cut. You can’t afford to miss out on these and more benefits of running a business.
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