Deciding to start a business isn’t easy, especially when considering all the entrepreneurship challenges you’ll inevitably face. According to a recent study, top startup issues include insufficient cash flow, recruiting top talent, and marketing products or services. But other common challenges are boosting employee engagement, managing growing teams, increasing sales, and developing efficient processes that lead to high productivity levels.
Because of all the challenges, many startups fail. The Bureau of Labor Statistics will tell you that 50% of businesses flop within the first five years, and it’s that research that can make it very difficult to move forward in pursuing your entrepreneurial dreams. But what can help keep you going? The benefits of entrepreneurship.
Whether you experience the benefits immediately or not, you will eventually notice the many advantages of starting your own business. These rewards will be the very things that inspire and keep you in the game so that the challenges that cause you to stumble don’t hinder you from getting back up. So, want to know what rewards are in store once you start a company? Here are seven benefits of entrepreneurship.
1. Work from anywhere
Jobs that allow you to work from anywhere are in high demand. In fact, 50% of job applications that people submit on LinkedIn are for remote positions. However, the reality is that remote roles make up 15% of job listings, which means you’ll be amongst many people competing for a small portion of positions. Fortunately, with entrepreneurship, you don’t have to worry about this problem. If you want to work from home or anywhere else in the world, all you have to do is create a business with a remote structure. Then, you can take your work anywhere.
2. Leadership skills and experience
One of the things you must do to run a successful company is to become a better leader. While this will require effort and some trial and effort, the leadership lessons you’ll learn while owning a startup will be valuable and applicable to multiple facets of your life. As an entrepreneur, you’ll learn to become an effective communicator, enhance your time management skills, learn how to budget well, develop self-discipline, increase your patience, foster a resilient attitude, and so much more. These are lessons that will stay with you forever and not only help you become a better entrepreneur but a better person outside of work hours as well.
3. Flexible work schedule
Do you want to work a 9 to 5 job? If you’re like most people, the answer is simple: no. Having the opportunity to set your own schedule is a reality when you’re an entrepreneur. Of course, that doesn’t mean you won’t have to grind and put in a lot of hours to run a successful company, especially in the beginning stages. However, that does mean you’ll be in control of when those long hours happen.
If you want to work in the mornings and then take a break to eat and work out, you can. If you prefer to work long hours four days a week to have Fridays off, you can. And if you finish all your tasks early one day and want to do something that’s not work-related, you can. How you structure your days is entirely up to you. As long as you’re getting work done to keep your company moving in a positive direction, you can prioritize whatever work schedule works best for you.
4. No income limits
When working for a company, your boss decides your salary. When running your own company, you decide how much you make. Your income is set by you alone. If you want to make more money, you can find ways for your business to generate more revenue. Entrepreneurship is one of the few paths that offer unlimited earning potential, so you can make six figures or millions with a good strategy, hard work, and a great team.
5. Rewarding and fulfilling journey
So often, you hear people say their jobs or careers are unfulfilling. However, with entrepreneurship, you don’t have that problem. Building your own business is a significant accomplishment, one you’ll feel proud of upon self-reflection. Knowing you continued to push your company forward, despite the many challenges you faced is rewarding. When your business also aligns with your personal values, being an entrepreneur is even more fulfilling. Every day, you get to wake up and do something meaningful to you, and that opportunity is one you’ll enjoy for as long as you have it.
6. Great connections
One of the best benefits of entrepreneurship is the people you meet. As a business owner, you may find yourself joining groups and associations with like-minded individuals who are just as ambitious, motivated, disciplined, and enthusiastic as you—and these connections will inevitably help you become a better business owner and leader. You may even meet industry experts who become mentors for a lifetime and a positive influence on your professional and personal life.
7. Choices on who to work with
Want to choose the partnerships, clients, and employees you pursue? Entrepreneurship will give you that opportunity. When employed at a company, you have zero control over who you work with, and in some cases, it’s a good thing because it forces you to learn to collaborate with people you wouldn’t normally put on your team. However, if you want a little more control over who you regularly interact with at work, entrepreneurship will give you that chance. When you’re a business owner, you can dictate which clients your company signs, which employees you hire, and which partnerships make sense to you.
Worthy of the effort
While starting a company is hard, the work is worth it. There are so many benefits of entrepreneurship that you’ll enjoy—you just have to stay on the path of business ownership and never give up. With determination and discipline, you can have a successful company and experience the highs of running a startup, so don’t let the challenges discourage you from taking a leap of faith and opening your business. With things start getting rough, focus on the benefits of entrepreneurship to fuel your fire to keep going.