According to some estimates, at least 25 million Americans can be considered an entrepreneur in some of form another. Representing more than 10% of America’s working-age population, the entrepreneurial lifestyle clearly has a wide number of benefits associated with it. As time goes on, many experts believe that these figures will only continue to increase.
Naturally, being an entrepreneur is not without risk. There is no guarantee that your business is ever going to actually make it and running your own business can also be incredibly stressful. However, despite these apparent drawbacks, thousands of people will continue to decide to start their own business every month for the foreseeable future. This article will briefly examine a few of the benefits of being an entrepreneur and how you can use these benefits to live a richer, more fulfilling life.
Why is it so great to be an Entrepreneur?
Getting to be your own boss
Recent polls reveal that as many as 85% of individuals do not like their current job and the largest variable contributing to this is a general dislike of their boss. Though these numbers should certainly be taken with a grain of salt, they do represent a clear and logical trend. People often work best—and are able to experience a greater degree of self-determination—when they have the ability to control their own lives and be their own bosses.
When you are able to be your own boss, you can create a day-to-day lifestyle where you determine when you are working, you determine which tasks you will be doing, and you are ultimately the one who is responsible for your long-term success or failure. Some people prefer to work in an already established workplace because it is a better fit for their skillset or they do not like the pressure of having to forge success on their own. However, if you are willing to endure a certain level of risk, the freedom that being an entrepreneur can provide is certainly worth its weight in gold.
Eventually, once your business has been able to gain enough traction, you may want to begin hiring some outside employees. Once you have reached this point—where you will get to be the boss—it is important to remember the leadership traits that drove you away from the mainstream workplace and to deliberately try to avoid these.
Meritocracy, at its core, is the principle that builds the foundation of the “American Dream.” Though the extent that the American Dream is actually attainable may be up for debate (there are clearly some barriers to entry, but there are enough counterexamples to give you hope), meritocracy can be defined as a system in which people are paid for exactly what they are able to produce.
One of the many frustrations of being at the bottom of a hierarchal workplace is that while you are doing most of the work, it is likely someone else who is receiving most of the benefits of your labor. But by choosing to pursue an entrepreneurial lifestyle, you will no longer be limited to what someone else decides you have the right to earn—instead, your income will represent exactly what you have been able to earn.
Being an entrepreneur is something that certainly has its fair share of highs and lows. During the high points of being an entrepreneur, you will be able to enjoy the splendors of increased revenues, higher profit margins, and an ability to provide your goods or services to a wider range of people. During the low points, you may have to endure financial distress and long working hours. If you are willing to put up with the low points in order to enjoy the benefits of the high points, then being an entrepreneur may certainly be what is best for you.
Increased control and flexibility
It seems that one of the reasons 85% of people are currently dissatisfied with their jobs is that much of their day-to-day life is totally beyond their control. When you are not at the top of the hierarchal workplace, even if you see a way in which the company could be objectively improved, there is still no guarantee that these improvements will actually take place. Sure, your workplace may have a “suggestion box” or some other outlet for submitting employee input, but the ultimate power to choose still rests with those above you.
By making the choice to become an entrepreneur, you gain the ability to control your workplace and the conditions of this workplace can be continually adjusted over time in accordance with what you believe is right. This means that if a certain task or project is no longer worth the effort, then you no longer need to waste your time doing it (unless you are contractually obligated). If it seems that there is a certain path forward that could yield a higher profit margin, then it is up to you to redirect your enterprise and go along that path.
Though running a major corporation may be able to yield high-profit margins due to the benefits of an economy of scale, there has been an observable increased public interest in specialized businesses. The shift towards the small business model that can be observed in some industries makes sense—by being closer to your customers and everyone else involved in the production process, it makes it much easier to create a product (or service) you can be proud to put your name on.
According to recent surveys examining satisfaction with life, creating a work-life balance, living conditions, and other related variables, entrepreneurs are the happiest people on the planet. Interestingly, among this global sample size, American and Canadian entrepreneurs reported even higher results.
Naturally, in something as complex and eternally demanding as the pursuit of happiness, making the choice to become an entrepreneur will not guarantee total happiness overnight. However, with the freedom that is inherent to being an entrepreneur, the pursuit of happiness is something that appears to be much more possible. If you are willing to endure the stress of getting your business off the ground, willing to constantly work hard, and know how to adapt and compete in an ever-changing world, you will likely be in a much better position to live a satisfying life.