Many people associate entrepreneurship with excess wealth or impossible work hours. While these hold, there are many benefits to owning a business that transcends money. Countries with thriving economies have a healthy working population and a decent number of successful entrepreneurs.
Economies like this prosper because these business ventures drive economic growth and job creation. Their innovations also foster change and innovation in societies. Although running a business isn’t for everyone, there are many benefits to reap from pursuing a career in entrepreneurship.
Whether you’re looking to start a business in the future or consulting for one, here are the top benefits of being an entrepreneur:
Benefit #1: Flexible Schedules
Having a flexible schedules is one of the best benefits of being an entrepreneur. The classic 40-hour workweek schedule is notoriously rigid. In this system, workers spend hours behind a desk with only brief breaks during working hours. Many employees find this cycle monotonous, leading to burnout and unfulfillment in their careers.
Beyond the endless hours, the typical 9-5 limits vacation time to two out of 52 weeks in one year. By this calculation, the average employee spends 48 -50 weeks working annually. Entrepreneurship subverts this trope with flexible schedules. These days, business owners dictate their working hours outside the typical work week.
Depending on what works for your business, spread your work into different pockets of the day. Recently, some entrepreneurs now include additional vacation time in their employee package to boost motivation.
Benefit #2: Higher Incomes
Unless you work in a senior role, you have limited chances of earning six figures at a traditional job. It also doesn’t help that the pay hardly matches the amount of work you’re required to put in. While some companies provide end-of-year bonuses, this is not the case for many employees worldwide.
Building your business breaks this barrier by providing access to limitless income. These days, digital entrepreneurs earn up to 7-figure incomes from their offerings on the internet. Unlike 9-5 jobs, the amount of work and dedication you put into a great product drives your income value. If you work hard and stay motivated, you have a higher chance of building a financially viable business.
Benefit #3: Leadership Skills
To succeed in an entrepreneurial career, you must cultivate self-discipline. Since your work involves hiring people who share your vision, your work ethic must also motivate them to be their best selves at work.
Assuming the leadership role allows you to gain credibility in your industry. Working with your team and sharing insights makes other people build trust in your business and your ability to solve their problems. You can also hone your leadership skills by taking a professional entrepreneurship course.
Benefit #4: Networking Opportunities
Amazon started as an online bookstore in the 90s before growing to be the billion-dollar conglomerate we know today. This transition happened because of the founder’s commitment to growth. Entrepreneurs must consistently pursue growth and self-development to guarantee the success of their businesses.
You also meet like-minded people who can share insights on how you can navigate your industry. In the film industry, entrepreneurs like Issa Rae use the power of networking to grow their platforms. They collaborate with leaders and business owners on shared projects and even exchange services to save costs at the earlier stages.
This cross networking helps entrepreneurs defeat roadblocks and establish multiple successful businesses at the same time.
Benefit #5: Forge Your Path
Nothing can compare to earning a living doing what matters to you. From weaving baskets to writing, there are many ways to turn your passion into a successful business. Entrepreneurship isn’t solely about making money. The most successful business owners care about what they’re selling.
They care enough to spend endless hours working at improving something they’ve created with their hands. They also care enough to dedicate their resources to showing the world their work. However, doing what you love isn’t enough. Make sure you’re making the world better and solving people’s problems.
Benefit #6: Achieving Personal Fulfillment
From promotions to pay increases, there’s a cap on the level you can attain at traditional jobs. No matter how hard you work, the bar ends when you retire. However, with entrepreneurship, the bar continues to rise as long as your business exists.
Seeing the impact of your work at different levels provides a sense of fulfillment. Apart from building wealth, you also get the credit for the fruits of your hard work and contributions to your country’s economy.
Benefit #7: Change the World
As mentioned earlier, entrepreneurship drives innovation and change in the world. Products like the iPhone, Microsoft, and digital education platforms like Udemy have affected the world significantly. Before the invention of these tools, the world was different.
Thanks to technological tools developed by entrepreneurs, citizens of developing countries can engage with resources and information they previously couldn’t access. Beyond this, creating a product also helps you give purpose to your employee’s lives. Now, you get to work with people to help you change the world.