Why You Should Be An Entrepreneur
Becoming an entrepreneur usually means starting a new business. This can be a simple, solo project involving the yourself full- or part-time; or it can be a major enterprise which employs many people.
Paul Reynolds of the Global Entrepreneurship Monitor states that “half of all working men in the United States probably have a period of self-employment for one or more years” by the time they reach retirement. GEM reports that in 2011 there were almost 400 million entrepreneurs in 54 countries, with the number expected to rise in the coming years. This comes as no surprise if you consider the advantages of being an entrepreneur.
When layoffs increase and unemployment rises, many people have no choice but to try and start a business on their own. This aside, however, there are many reasons that drive people to become entrepreneurs regardless of the state of the jobs market. The main reasons are:
• Get out of a poor working environment
• Have a flexible work schedule
• Follow a dream
• Remove the cap on income
• Put an idea to work
• Exercise full control
A great escape – When you find yourself in a stifling work environment without a chance to find a good employer, becoming an entrepreneur may be your best recourse. You might be having problems with a supervisor, can’t get along with your co-workers or find your advancement stifled by office politics. Starting your own business will help you out of this messy situation once and for all.
Better quality of life – Entrepreneurship is your way out of the rat race. When you’ve had it with the 8 to 5 daily grind, the rush hour traffic and having to do the same tasks over and over, entrepreneurship provides you with a chance to set your own schedule. You’ll have more time with your family and be able to attend to some of the things you’ve always wanted to do.
Indulge your passion – We’re often forced into jobs we don’t really enjoy. If you’re a creative individual in a technical job, or vice versa, becoming an entrepreneur will enable you to follow your dream even as a freelancer. Before your dream completely fades, working on your own can give you a wonderful sense of fulfillment.
Get the most out of your efforts – Working for someone else usually means that there’s a cap on your earnings. Your employer determines how much you make and this doesn’t always match your efforts. As an entrepreneur, the sky’s the limit on how much you make, depending on how hard you work, how well you manage your business and how valuable your business idea is.
Put your idea to work – You might have a good idea for a product or service with great potential. As an employee, there’s often no way you can get this idea on the market. As an entrepreneur, however, you have the opportunity to exploit this idea and make the most out of it financially.
Take full charge – When you work for somebody else’s business, you don’t have full control. With your own business, you’re in complete charge and you make all the decisions. This also involves you in every aspect of the business and broadens your business experience.
What’s the down side
There’s a flip side to entrepreneurship, however, which you should be aware of before you decide to go on your own.
• Long, unpredictable hours – Your schedule may be flexible but an entrepreneur often has to put in long hours, especially when the business is just starting. Work schedules are also not very predictable and you’ll have to handle emergencies yourself whenever they arise.
• A risky business – Business is always a risk and because the business is yours, you take on all the risk. Whether the business booms or goes bust is entirely up to you.
• Income insecurity – When you become an entrepreneur, you give up the comfort of a monthly paycheck. This takes some getting used to if you’ve been an employee for quite a while. Learning to live within a flexible budget may put some strain on family relationships.
• Stress – Taking on full responsibility for the business and making all the important decisions can be stressful. If you’ve employed others in your business, staff problems can add to the stress.
Will being an entrepreneur suit you?
Given the pros and cons of owning your business, becoming an entrepreneur or not often depends on what kind of a person you are. Here are some of the important traits that make up a good entrepreneur.
• Passionate – You must strongly believe in your idea and be willing to give it everything you’ve got.
• Determined – A good entrepreneur isn’t easily fazed by setbacks and readily rises from defeats.
• Disciplined – You must know how to set objectives and define the steps needed to meet them. A strong work ethic characterizes a good entrepreneur.
• Confident – You don’t doubt that your business will succeed and that you know how to make it grow.
• Creative – A successful entrepreneur thinks “out of the box” and can see relationships among differing events or situations.
Written by Lewis Edward
Lewis Edward is one of the owners of TheOfficeProviders. He is a real estate investor with many interests in other sectors. Lewis researches and contributes various written features for TheOfficeProviders in areas regarding real estate, including office space , serviced offices, and general business and economy matters. Lewis is experienced in the inner workings of both the traditional and flexible workspace industries and has developed close links with various figures in real estate circles, as well other circles.