If you have been considering starting your own business, now is the time. Entrepreneurship has often been called the American Dream, and in the modern information age, the American Dream is alive and well.
The high rate of unemployment coupled with unstable economic times makes this a perfect time to start your own business. Many people are becoming entrepreneurs for the first time in their lives due to these conditions.
However, pursuing self-employment comes with challenges as well as rewards. It takes a different skill set. You have to learn how to work in a variety of areas of the business. In essence, you become the jack of all trades, and you have to make sure that your business is successful.
The Perks of Entrepreneurship
Here are the list of top 20 rewards of entrepreneurship.
1# The Ability To Set Your Own Schedule
Entrepreneurship gives you the freedom to take the day off whenever you want. You are in control of your time, and you can use it as you wish.
Most 9-5 jobs are known for long hours and weekend work, in which employees do not have a choice. But with your own business, if you want to take the day off, there is nothing that will make you go to work except for your own sense of responsibility to get the job done.
2# The Chance To Be Your Own Boss
This is a dream for many people. In the workplace, you are often forced to listen to and follow orders. You have to take notes when you are told to, and you learn how to be disciplined in your work.
Entrepreneurship is completely different; you make the rules of your own business, and no one can tell you what you need to do. You can choose who your employees will be, as well as who will get what promotions or rewards on the job.
3# Profit-Based Rewards
This is another perk of entrepreneurship. Many people are motivated by the potential for profit and want to work hard to earn rewards.
When you own your own business, you get the chance to generate your own capital, and it allows you to take home more income than you would from a regular job.
While the income can sometimes be infrequent or irregular, it serves as a great motivator to take your business to the next level, and it will eventually generate the capital needed to expand your business.
4# Freedom From Company Policies
Most companies have a list of policies that employees must follow, including dress code, office etiquette, and behavior at work. You are also limited in the hours you can work.
Entrepreneurship offers you the freedom to set your own rules and the chance to do things your way. Working from home gives you the freedom to wear what you want and act in a manner that comes most naturally to you. This can be great for morale and productivity, and it gives you the chance to work when it is most convenient for you.
5# The Chance To Be More Social
When you have your own business, you are able to attend a variety of social events that you would not be able to attend otherwise.
As a business owner, you can help sponsor local events and stay connected with the community, as well as have an opportunity to make lasting relationships with your clients. You already have a place in the community, and this gives you the opportunity to make new friends and connections.
This is actually vital to being a successful entrepreneur. Networking is one of the most important skills that you can cultivate, as it is the key to making a real impact on the world of business. This can also be a great way for you to take an interest in protecting your clients and employers.
6# The Chance To Travel
You will probably want more than one chance at this perk, as you will probably travel for business purposes quite often. You will have the opportunity to meet others with similar goals and interests, as well as expand your network.
You can take a vacation whenever you feel like it, and this can be good for your personal well-being as well as your business.
7# The Chance To Find A Specialty
One of the biggest perks of entrepreneurship is that you are able to choose what kind of business you want to build. You can choose a wide range of industries, such as construction, manufacturing, retailing, healthcare, or even marketing.
You can choose your own area of expertise, and this can be a great benefit when it comes time to establish career goals.
8# The Chance To Build A Legacy
This is especially true if you have children. You can work hard to build a business, and then pass it down to your kids so that they can carry on the family legacy.
This is a great way for you to make an impact on your community, and it also gives you the chance to pass along life lessons that are important for success later in life.
9# A Chance For Personal Growth
Working for someone else can be so limiting. You are just a cog in the machine, and you are often forgotten even though you provide a valuable service to your employer. But with your own business, you can learn how to work for yourself and become more entrepreneurial.
You can gain a sense of responsibility and become more efficient in running your business at the same time.
10# The Chance To Make A Difference
This is really the most important perk of entrepreneurship. You get to make a difference in the lives of others, and not many other jobs give you that opportunity.
This is what makes launching a business so important in the first place; you can improve your life but also improve the lives of others. This is something that you will be able to enjoy for years to come, and it should never be taken lightly.
11# The Chance To Be Your Own Boss
This is the ultimate benefit of opening your own business, and it is often the driving force behind the decision. This is what provides you with a sense of purpose each day, and it can be an incredibly rewarding experience as well.
12# You Get To Be Creative
You will have the opportunity to express your creativity on a daily basis, and this can be a huge benefit for you. You will be able to improve your crafts or talents, and you will be able to create something from nothing.
Most normal 9-5 jobs tend to stifle creativity, and it can be difficult to find the time. But with your own business, you will have all of the time and resources that you need to succeed.
13# An Opportunity For Passive Income
This is another big benefit of running a business. You may not need to work unless you choose to, and with your own business, you get to decide when you want to take a break.
If you are feeling stressed out, it will be easy for you to take some time off to relax, recharge your batteries or pursue other hobbies. The freedom that comes with being your own boss can be incredible.
Entrepreneurs are able to generate passive income because they are not working in a traditional environment. They have learned how to work with the system and to seek out the right opportunities, and they get to make a living without having to work nearly as much as others.
This will allow you to enjoy more of your life, and you will be much closer to your ultimate goals. Some examples of passive income from entrepreneurship include:
- Selling goods and services online.
- Selling eBooks.
- Advertising on your site.
- Monetizing a podcast or web series
14# You Don’t Have To Deal With Long Commutes
One of the biggest downsides to working for a large company is the commute, and it can take a lot out of you. Many people have to live far away from their families, and it takes time out of their lives that they could be spending on other things.
But with your own business, you will be able to work from home whenever you want or wherever you want. You will be able to avoid the traffic and the stress, and your life will be much easier because of it.
15# You Have More Control
With a traditional company, you will have to do whatever your boss tells you. You may be able to negotiate with him or her, but there is nothing you can do about it. But when you are working for yourself, there is no boss, and that means that you can do a lot of things on your own.
You can choose exactly what you want to do and how much time you want to spend doing it. You will be able to avoid working for someone who may not even be interested in what you are doing.
16# Self-Employment Allows You to Make Better Decisions
When you work for yourself, you have complete control over your working arrangements and the decisions that are made about what you do. This makes it possible for you to make better decisions, because you can choose exactly how to spend your time and energy.
It is not necessary for you to go along with what someone else wants and think that it is fine. You can decide exactly what kind of job works best for you.
17# Greater Self Confidence
Entrepreneurship greatly improves one’s self confidence by validating their work and success as a direct result of their drive and initiative. This is a big advantage to working for yourself, and it can take a huge weight off of your shoulders.
18# The Chance To Be More Generous
People who work for themselves get to be more generous with their money because they do not have to worry about allocating funds for taxes. This gives them the chance to give back, and it can be a wonderful opportunity for you to set an example for others.
You can donate your time or money to worthy causes, and you will feel good about what you have done. Self-employment is a great chance for you to give back and to make a difference.
19# Increased Awareness of Your Time
Entrepreneurs who work from home are able to better manage their time, as they no longer have the distractions that can often come with working in an office environment.
They are not concerned about getting to meetings on time, as well as getting back in time for lunch or even going out for breaks.
Self-employment gives you the opportunity to make your own schedule and use your time wisely.
20# You Will Impress Those Around You
Many people do not know how to properly manage their time and what they want to accomplish in their own lives.
When you work for yourself, you can be more focused on your goals and getting the job done, which will show those around you just how capable you are.
You may like the following entrepreneurship articles:
- 7 Tips You Must Have to Succeed in Technology Entrepreneurship
- 8 Reasons Why Entrepreneurship is Better in the United States
- How Does Google Support Entrepreneurship in the USA?
- Top 10 Entrepreneurship Ideas for Software Engineers
- How to Overcome Entrepreneurship Failure
- Will starting a business impact your personal life?
If you have been thinking about becoming your own boss, now may be the perfect time to get started. These are just some of the many benefits of starting up your business on your own instead of working for someone else. Now that you know all that can go wrong and all the advantages, it should be an easy decision to make. Just think about how much easier your life will be when you are your own boss.
The opportunities and perks of entrepreneurship are endless. It is a very exciting time to begin building your business, and you can do it from anywhere. The income potential is huge, and there are so many ways to make it work for your needs.
You may be able to set your own hours and control your own actions. You’ll find that giving up the daily grind is so easy, and it can open up a whole new world of possibilities. Self-employment is a beautiful thing, and you can reap the rewards of a more relaxed lifestyle as well as plenty of passive income.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.