I thought long and hard before starting my business but to be honest, I had no idea what I was getting myself into. I never thought it would be such a challenge (in a good and bad way) but I also never realized all the advantages that come along with it.
For everyone, the advantages are different depending on what you do, how big you are, and who you know. Below is a fairly universal list of reasons why you should start a business or if you have already started one, why you should be glad you did.
1. Working on Your Time. There is no better feeling than being asked to go do something, and you don’t have to say no even if it’s in the middle of the work week. You can set your own time and make your own hours. As long as you get what is needed done (or pay someone to do it for you) you have the freedom of time.
2. Learn Discipline. When you are your own boss you are forced to learn discipline or fail. Some may see this as a negative but being that I was once undisciplined, this is a great advantage for me. I was forced to become a better person in business and that flowed into the rest of my life.
3. Creating Opportunities. When you are working for someone else, you do what you are told. Any ideas you may have will most likely be lost in the bureaucracy. When you work for yourself, you can make your ideas into real opportunities.
4. Opportunities Come to You. When another person or firm wants to make an idea into a reality, they don’t talk to employees. They talk to business owners who can make things happen. If you are a business owner, you are more likely to be presented with great new opportunities.
5. Creating Jobs for Others. Something I feel much pride in is knowing I am providing work for other people. They can do what they love and make a living from it partly because of my efforts.
6. Travel Opportunities. I never got to travel when I was working before. Now, even with going to school, I can travel more since I have a higher income and make my own hours. I also have an advantage that I can still get work done.
7. It’s Easier than Ever. Now, with the age of free internet sources and global reach, it is easier than ever to create and profit from a new venture. Where it once cost millions to make a company, now people can prosper from just a few thousand to start off with.
8. The Great Challenge. I love being challenged with every new project and every new day that I operate my business. It’s remarkable what comes around the corner and gives me something to achieve every day.
9. Meeting New People. I have discovered that through networking and business functions, I have met some of the most interesting people to talk to. It is a great joy to be able to chat with those who have had success and are willing to share it.
10. Connections Come in Handy. Also with networking, having a collection of people you know can really come in handy when it comes to making big things happen.
11. Better Earning Potential. Yes, some entrepreneurs lose money, but there is definitely more earning potential being the one to collect the profits than the one to collect a paycheck. More Risk? Maybe. Much more reward? Likely.
12. Doing What You Love. One of the most fulfilling parts of being an entrepreneur is doing what I really love to do. When you are your own boss, you make the rules and you decide what you are going to do. It really gives you the opportunity to do what you love with less limitations.
13. Feeling of Accomplishment. When you are in control of a company that succeeds, you will feel much more fulfilled with your accomplishment then when your success benefits someone else more than it does you.
14. Less Chance of a Burnout. The average person changes their career several times within their life because of the feeling of burn out. When you are constantly challenged in the ways that comes along with owning a business, a burnout is less likely. And if it does occur, you can always sell your venture and start fresh with money in your pocket.
15. No Boss (sort of). With the exception of consumer demand (and your board if you have one), you don’t have a boss. You have the freedom to function in the way that you work best.
16. Your Ideas are Yours. The problem working for someone else is that your ideas turn into their profit. It is a sad truth. Sometimes you will be offered stock or some other benefit (rarely) but when you are the owner, you own all the ideas and profit from them the most.
17. Getting the Respect. It may be vain but we all seek respect from peers. When you own a business, there is a respect that comes along with it. It is embedded into the title. And if you can grow the business, your respect will also grow.
18. All that Schooling. Did you really go through all those years of school to get a salary and no control over your own work life? Come on. Bring your craft to it’s fullest potential and turn it into a venture.
19. Tax Benefits. When you own a business, much more things become tax write offs. Even meals you eat while working are ways to exempt. And businesses have far better tax advantages than individuals.
20. Creating Innovation. I love to create new things that have never been done before. Through my business, I have the opportunity and funding to create great things.
21. Partnering with People. You have the opportunity as a business to partner with other firms and entrepreneurs to make great things happen.
22. Changing the World. People with in an organization can all do their part but to truly make a difference in the world you need to take the risk and create something all it’s own. A business, as an entity is the best way to make a great change in the world.
These are just the advantages I have experienced in my life. There are so many more benefits that people experience. What is your story? How has being an Entrepreneur benefited your life? Leave a comment if you would like to share.
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You still have a boss, if only your customers.
Warren,
I gave you a thumbs up on StumbleUpon. Must say, though, it appears you’re giving a peaches ‘n’ cream view of what it means to own a business…we both know that’s not the way life is.
Owning a business is as, if not more difficult, than being an employee. Ultimately, you’re an employee of everyone that’s putting money in your pocket in this scenario.
Many people are followers, even if they want to think they’re leaders…I’m hoping they don’t take this information at face value only to crash and burn. Which is something you don’t reference here; the large percentage of new businesses that fail in the first two to five years.
Great article! You forgot the part about working almost 7 days and 12 to 18 hour days!
If you do it right it, is worth it in the long run
Please remember that small business failure rates are huge - think 70% failing within 3 years in most Western economies.
Also remember that money isn’t everything in this. The vast majority of self-employed and entrepreneurial business people are earning less than they did when they were working for somebody else. But they are probably happier and more fulfilled being on their own. Even if thy aren’t, they won’t be able to get back to being employed since they’ve lost the aptitude for working for another boss. So they better be happy!
Go into it with your eyes open.
Great Article. I really enjoyed the read on the benefits of starting your own business. I have been a home business owner for 8 years now. I will never go back to a 9-5 job. I loved when I exceeded my job pay and was able to tell my boss to take a hike. One of the most monumental days of my life. I think one thing you can add with that, is owning your own business you can always have new goals and have an opportunity to challenge yourself spritually and mentally on a daily basis.
Thanks I will definatley be returning to this site. A big Thumbs up and bookmarked for return!
Megan
http://www.PassportMentors.com
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Great list! I couldn’t agree more with #15.
But another point I’d like to add, which you pretty much describe but not in so many words. Your reward is directly proportional to your effort (in most cases). That’s a great thing which you can only dream of getting with a “real job”.
When you own your own business, you actually have more control over your job than if you work for a big, stable, “secure” company.
Just look at citibank, yahoo, whomever, they’re all laying off people in the 1,000s. And when the numbers are that big, it doesn’t matter how we’ll you’re doing, the costs need to be cut, and you’re cut.
If you own your own business, you have control over your job, if you lose it, it’s your fault. That’s empowering for some, and scary for others, but those of us entrepreneurs, we thrive off that, because we believe we’re the smartest people we know, and typically we’re wrong (but don’t tell us that).
http://www.andrewswise.com
@Spore: I’d take a customer as a boss over a Community College Drop out that ends up being assistant manager somehow in most companies.
@Kurt: True. Days are long but you are right about it being worth it if you are truly doing what you love and not just working to make money.
@Stephane: Reward does come along with the effort you put in. Something I’ll be covering in a later article I think. Unfortunately many are not willing to put in the effort to really make a difference.
@Andrew: I was just thinking about that last night actually. It is so true. People who have jobs are at the complete whim of the status quo. If someone decides there are too many players on the field, you could be plucked.
There is a sense of odd security in controlling your own destiny.
This is a great list! I plan to blog about your article and encourage”solo”preneurs to visit your blog.
I walked away from the corporate world in 2006 to start my own coaching business and have never looked back.
The advantage of being totally immersed in and passionate about my new path completely outweighs the disadvantages. Life is Good!
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Hello,
I enjoyed reading your article. & I appreciate it’s optimistic tone, because the first step to success is beliving you can get there and taking the chance.
Those are some awesome tips and ideas. I have been a work at home mom for a little over 10 years and do not regret my decision at all.
Good stuff good tips.
I was challenged to write a list of 22 Reasons Why Owning Your Own Business can Stink is response…
Lynda
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very good article , i’m just build a blog for four month and trying to build my own internet business through blogging although to accomplish it need time and hard work , but your words are motivated me to do best.
These are some good reasons to own your own business. The kind of business you own makes a big difference though. Why not have one that doesn’t have employees or the handling of products. How about working only an hour or two a day. I like this real well.
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Very good article…I just opened my own business and I say it’s great…see http://www.tglets4men.com
10 an interesting number
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Those are some really good reasons. Makes me feel a little better about deciding to start my own business.
Thanks for the post.
I don’t agree with #14 - less chance of burnout. Because you are working way more hours with your own business, I think there is greater burnout. Since so many businesses fail within five years of startup, many people end up going back to getting jobs at established businesses. There is much security in having a job, less responsibility, and benefits. These are often overlooked by entrepreneurs.