Look around and you will find this world full of entrepreneurs. Why do people become entrepreneurs? The most common reason cited by entrepreneurs is the desire to control their own destiny.
Some people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment, or where they have to conform to a corporate culture.
With the current market scenario, we see job cuts, company downsize leading to unemployment of lot of employees. In today’s world one does not have job security which our fathers and forefathers had in their jobs.
What leads a person to strike out on his own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn’t see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills.
There has been a surprising increase in the number of entrepreneurs over the last century even with the struggling economy. With this, you can’t simply escape asking questions like: Why should I become an entrepreneur? Why is being an entrepreneur more satisfying than a regular job? What are the pros of becoming an entrepreneur?
Let us look at what are the benefits of entrepreneurship and why you should become and entrepreneur.
Entrepreneurs are their own bosses
They make the decisions. They choose whom to do business with and what work they will do. They decide what hours to work, as well as what to pay and whether to take vacations.
Independence and Control
If you are the type that never liked working for other people, then becoming an entrepreneur can be advantageous. Generally, most entrepreneurs (since before and until now) value their independence. Don’t get them wrong when they say they don’t like working for others. It is just that entrepreneurs are capitalizing on their freedom so that they can chase their own entrepreneurial dreams and achieve their business goals.
Possibility of Greater Financial Rewards
Contrary to the common thought that entrepreneurs are only motivated to put up businesses because of the profit, this is just the secondary factor that drives them to pursue their entrepreneurial dreams. Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for someone else. It provides the ability to be involved in the total operation of the business, from concept to design and creation, from sales to business operations and customer response. As an entrepreneur, you have to think that what is most important is the ability to make money on your own. Knowing that you can go and earn will give you that certain security and freedom that you can’t have when you are working for others.
As an entrepreneur, you are placing yourself at risk (which includes your time, effort, and money) in creating your own product or service that you can call your own. This product or service will eventually become your “greatest” business legacy (and ultimately a part of your life!!). Many entrepreneurs started as enthusiastic business-minded individuals who have a passion and a dream that turned into prosperous business ventures. Every product or service you see on the market today is a result of someone’s idea or passion that was acted upon.
Some people evaluate the possibilities for jobs and careers where they live and make a conscious decision to pursue entrepreneurship.
No one reason is more valid than another; none guarantee success. However, a strong desire to start a business, combined with a good idea, careful planning, and hard work, can lead to a very engaging and profitable endeavor.