Running your own business is not always easy. Fear of failure can stop people from pursuing their vision and becoming entrepreneurs. But being self-employed also comes with many benefits that make it a chance worth taking.
What are the benefits of entrepreneurship? We’ve listed eight key advantages that may convince you to take the plunge, including:
- Being your own boss
- Unlimited income potential
- Set your own working hours
- You get paid to do what you love
- Every day is a school day
- Meet like-minded people
- The opportunity to be a leader
1) Being your own boss
As an entrepreneur, you don’t have to report to anyone. You are your own boss, which means you answer only to yourself. When you run your own business, you set the strategic direction, make the hiring decisions, lead the market analysis, choose what products or services to offer, and so on.
Being your own boss can be a lot of pressure, but it can also be an empowering experience if you have confidence in your own abilities. You can always turn to a mentor or connections to get ideas and support when you need them — no need to do everything on your own if you don’t want to.
2) Unlimited income potential
When working for a large company, you may feel like you put in a lot of effort for little or no reward. Beyond your annual salary and standard benefits, more work doesn’t equal more money.
That’s where being an entrepreneur is entirely different. Your income is directly linked to how hard you work, meaning the more effort you put in, the more money you make. Entrepreneurship is perfect for motivated people who are hungry for success. If you are strategic, work hard enough and focus on the right areas, your income could be massive.
3) Set your own working hours
Being your own boss also means you call the shots regarding when (and sometimes where) you work. When you run your own company, you have the opportunity to set your own standards for work, such as flexible working hours.
You may need to adapt to your clients’ schedules sometimes, but you choose how many jobs you take on in a day. If you run a store, you can select the opening hours and what shifts to work once you hire employees to work when you’re off.
One of the main benefits of being an entrepreneur is the freedom and flexibility it gives you. If you have employees, extending that freedom to them shows that you trust them. They may reward you for that trust by working harder.
4) You get paid to do what you love
Another benefit of being an entrepreneur is that you get paid for pursuing your vision and doing your own thing. Self-employment gives you the opportunity to explore areas you feel passionate about, which creates the motivation you need to be successful.
In business, there’s nothing better than making a living doing something you love.
5) Every day is a school day
Entrepreneurship also teaches you new lessons that no college or university degree can prepare you for. As an entrepreneur, you’re always learning, challenging yourself and expanding your skillset.
When you’re an entrepreneur, every day is a school day as you’re the one leading your business forward. Where others fear failure, entrepreneurs embrace it. A major part of entrepreneurship is learning from your mistakes and failures and finding ways to avoid repeating them in the future.
Failure is the best way to grow as individuals and business owners.
6) Meet like-minded people
As an entrepreneur, you get the opportunity to meet other entrepreneurs in your field, whether it’s through conferences, online courses, colleagues, or webinars.
Meeting like-minded people is an excellent source of inspiration. You can share ideas, strategy techniques and get advice from people who have faced a similar situation to your own. By nature, entrepreneurs are eager to learn, so being around them can inspire you in more ways than you can imagine.
8) The opportunity to be a leader
Being a boss can be rewarding, but as an entrepreneur, you get the opportunity to be a leader, which is completely different. You get the chance to be an inspiration for any people you work with, investors and customers. You can inspire your customers with your strategic decisions and your hard work to realise your dreams. It’s your job to make their life easier by providing excellent products and services. You’ll create a loyal following that will stand behind you and even help spread the word about your company.
How Countingup helps you grow your business
Countingup offers new entrepreneurs and small business owners the chance to save time and money. If you’re new to the world of business, bookkeeping is an essential skill and tax requirement but can be time-consuming and stressful.
With Countingup is the business current account and accounting software in one app. With expense reminders, instant invoicing and tax estimates, you can have complete confidence in your books as you trade.
The app’s profit and loss report, generated in real-time, lets you gain insight into your business performance and can give you the edge you need to build your business.
Find out more about Countingup here.