Why do people become self-employed? Being an entrepreneur is not always easy and there are so many challenges to overcome, from finding the right business idea to getting the best small business loan rates to reaching the right target market, among other things. However, some people choose self-employment to bring to life their visions and ideas. Others do it for the potentially higher income. Still, others do it because they know they are meant to be an entrepreneur.
You have your own reason for starting a business. But whatever that reason may be, entrepreneurship can give you these 10 benefits:
1. The freedom to pursue your own vision.
You can have your own view of the world, and entrepreneurship is the only venue where you pursue that view and see the fruition of your vision. Self-employment allows you to do your own thing, and pursue those areas that you feel passionate about.
2. The control and flexibility you have over your own time.
As your own boss, you work when you want to work; and stop if you want to stop. You can tailor your work according to your lifestyle and accommodate various tasks. You can work in however way you please — in your pajamas, with the TV loudly blaring — without getting a memo from the personnel department. Self-employment means freedom from rules.
3. The opportunity to learn and gain knowledge.
The entrepreneur often wears many hats — the strategic planner, the marketer, the customer service rep, and the sales rep, even the bookkeeper. There are a million things you probably didn’t know before you started the business that you are now forced to learn — and gaining all this knowledge enriches you as a person.
4. The highs and lows of self-employment.
Entrepreneurs face tremendous challenges and experience incredible joys when these challenges are overcome. If you crave excitement, become an entrepreneur. One moment, the local newspaper is featuring you; and the next, you are losing your biggest customer. There’s never a dull moment in self-employment.
5. The sense of pride and fulfillment in accomplishing things.
As an entrepreneur, you make things happen. You create a vision, lay out the plans to bring the plan to fruition, and pursue the steps needed to make the business a success. Doing all these things can give you an incredible feeling of pride and joy – seeing your website used by people, finding your products in the department store, getting compliments from customers on how your business has helped them, and being written about by the media. In many respects, your business is your baby, and nurturing it and seeing it grow can give any parents a sense of fulfillment.
6. The confidence you gain in knowing that you can do it.
Entrepreneurship is tough. There will be moments where you will question yourself, or your decisions into going into the business. Sometimes, you’d even think that you couldn’t do it when the obstacles seem insurmountable. But once you succeed and overcome the challenges, you gain renewed confidence and respect for yourself that you can do it.
7. Potential earnings exceed a salaried employee.
As an employee, no matter how hard you work, the financial remuneration you receive is limited to your salary and an occasional bonus. As a self-employed person, you can earn so much more if you hit the right business idea and execute the business well. The potential financial windfall is so much higher as an entrepreneur rather than a corporate person.
8. The business owner reaps the full rewards.
You are the business; anything the business gains is yours. If you are an employee in the corporate world, your bosses may even claim your success as theirs! If you are working for others, you are only a cog in the whole machine
9. Each new day is a challenge.
You never get bored as an entrepreneur: every day brings a new challenge, new tasks, and new discoveries. You set your pace and you can go fast if you choose or slow down if you feel like it.
10. The chance to share your learning.
At the end of the day, you can have the chance to teach and share with others the things you’ve learned as an entrepreneur. Sharing what you learned can be your way of giving back to the community – it can take the form of mentoring other would-be entrepreneurs, writing a book so others may see how you did it, or even talking about your experiences. There is so much pleasure in giving, and entrepreneurship gives you a life full of rich experiences.
Recommended Books on Being Self-Employed:
- Secrets of Self-Employment: Surviving and Thriving on the Ups and Downs of Being Your Own Boss
- Marketing Shortcuts for the Self-Employed: Leverage Resources, Establish Online Credibility and Crush Your Competition
- The Money Book for Freelancers, Part-Timers, and the Self-Employed: The Only Personal Finance System for People with Not-So-Regular Jobs
- The Complete Guide to Working for Yourself: Everything the Self-Employed Need to Know about Taxes, Recordkeeping, and Other Laws (Book & CD-ROM)
- No More Job Interviews!: Self-Employment Strategies for People With Disabilities
- Start Your Own Business and Hire Yourself: Insider Tips for Successful Self-Employment in Any Economy
Article originally published on July 15, 2012. Updated on February 8, 2020.
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