There are many advantages of being an entrepreneur, but I believe these are the most valuable:
- Doing what you love
If you are going to start a business I can assure you’ll get better odds to succeed if you’re doing something you love. Why? Because passion is the fuel that you’ll need to face all the obstacles you’ll find. Do you feel fearful to fail? Of course you do; is natural. Don’t forget that you’re leaving your comfort zone and entering a Twilight Zone. Now imagine you in the Twilight Zone doing or learning how to do something new; then imagine you doing something you already know, love and are good at. In which situation do you think you have better odds to succeed? I’m not saying you can´t or shouldn’t learn something new or you should forget the market’s needs and wants. No!. What I’m saying is that is possible to find a balance between what you love to do and what could be profitable and you must strive to reach that balance.
Additionally in the business jungle you have to survive being one of the best or the best in your segment and that is easier if you are passionate doing what you do.
- Independence and freedom
Many people think independence and freedom means going to work or take vacations when you want or need. The truth is that is not possible at least in the earlier years of your business. That’s because your business is weak, helpless and if you don’t mind it carefully probably will die. Sounds like a baby? Probably is a good similarity.
On the other hand when your business is mature, strong and self sufficient, it begins to give you that independence and financial freedom you always wanted. It takes time but don’t forget that the reward is worth your time, patience and efforts.
- Balance in your life
If your business gives you the peace of financial freedom or at least being financially secure and you have time to enjoy it. What else can you ask? You as a human being have many facets in your life (as spouse, father, mother, son, daughter, friend, member of the community, etc.) and being an entrepreneur or a business owner is just a part. To establish and achieve the goals of your different facets is what is called: Balance. Of course you need to fulfill your and your family’s most basics needs first and that is why financial planning is important for you. Of all the advantages of being an entrepreneur this is probably the most important because we are conscious or unconsciously looking for it.
- Recognition and self fulfillment
Is very human to desire the recognition of your family, friends and the community and is good to have the feeling that you have done something really good in your life. These are additional advantages of being an entrepreneur and a logic consequence of doing what you love.
- Income potential
This is a big one because when you’re an entrepreneur you can create a direct relationship between your efforts and your income. In other words: if your efforts are higher your reward should be higher too. Of course that happens if your efforts are well planned, effective and well focused. Many people really believe that of all the advantages of being an entrepreneur this is the best. That’s probably because in comparison to a job where your boss, the company’s financial budget, the Board and the economy decides your salary and if you can stay in the company or not; when you’re an entrepreneur nobody else except the market forces and you can define your income. Of course don’t forget the market will be the hardest judge of your entrepreneurial skills, harder than your boss or company. But if you pay attention you’ll see the market’s signals and you can make better decisions accordingly. That will never happen if you are an employee.