Is entrepreneurship the right path for you?
You may wondering why people become entrepreneurs.
You look at your friends working great careers for someone else, making great money.
But you’re sad where you’re at.
And you’re also scared to jump into being an entrepreneur full time.
This are things that constantly went through my head before I launched my first business, but I managed to defeat these fears.
I want to show you today why becoming an entrepreneur is the right path for you.
Some of the most common reasons Millennials are looking to start a business is because:
41% – I want to be my own boss
36% – I want to pursue a passion
All these great stats are reflected in why you should become an entrepreneur. Let’s dive in.
Unlimited Income potential
The great thing about entrepreneurship is the unlimited income potential. The only limit to the money you can make is the value you provide to people. The more value you provide (combined with some marketing), the more money you can make.
With the ability to earn as much as you could ever dream of, it also gives you the ability to share your new earned wealth with family and friends. What would all the work of building a business be for if you couldn’t share your wealth?
In fact, 29% of millennials want to start a business and become a business owner because “I see the chance for financial gain”.
When you work for someone, your income potential is capped at the commission rate or the salary level of that job. Beyond that, someone controls the amount of money you can make in a year, and that person is your boss.
Be your own boss
When you are an entrepreneur, you don’t have a boss, as you are your own boss. The perks of this are that you don’t have to listen to anyone (except the customer). Some of the perks of being your own boss include being able to set your own hours and work when you want. If you feel like putting in a 12-hour day and working only 5 hours the next day, you can do that without getting approval.
This also gives you the flexibility to give yourself a raise or bonus if you feel like you’ve grown the business and deserve one. You don’t need to rely on someone else’s judgment or business decisions to reap the rewards you create.
In fact, 41% of millennials interested in starting a business state because “I want to be my own boss”. If you thought this, you are definitely not alone.
Asset/ Equity development
When you are an entrepreneur and you build businesses, you are building your own assets and equity that is worth value. These assets and businesses can be sold later when you are ready to retire, affording you a solid retirement and future.
The contrast when working for someone is that all the work and assets you develop are ultimately owned by the company, which belongs to the owner. The owner is then able to sell the business using the work you’ve built for them.
Create value for people, help others
When you build a business that sells services or good to others, you are ultimately creating value for people and helping them. This value creation is something that all entrepreneurs are proud of, as they have contributed to the world that is lasting and helpful.
The value you create can also impact millions of peoples lives significantly. To really see how the value you create can impact people, look at the inventors of the smartphone. They were able to change the computing landscape and reach of the internet forever. Ultimately, changing how we live. That is incredible, and just goes to show the amazing power of entrepreneurship.
You are also creating value by employing others. This creates a major difference in the economy, and it can help many individuals live a more fulfilled life. Without new and aspiring entrepreneurs entering the market, there would be no new jobs created except for the ones the governments create. Many entrepreneurs are proud of the great lives they provide people by employing them.
856 Billion dollars in net worth has been created by the top 20 entrepreneurs in the world. That is not even counting the other millions of small business owners and other successful entrepreneurs. You can see this list below.
You have no other choice
Some people become entrepreneurs because they have no other choice. Sometimes working for someone or in a corporate setting just destroys that persons will to live, and so they are forced to become an entrepreneur.
I’ve seen people like this in my personal life, and you can literally see the change in how they live life and act. They become much happier living their entrepreneurial lifestyle. And although at times they are working more hours than they were in their corporate job, they are much happier with the value they are producing and at how they can be their own boss.
Challenge yourself every day
Every day can be a new challenge as a business owner and entrepreneur. Policies, markets, business models, and consumer preferences change by the day, and to stay afloat with all these changes, entrepreneurs are learning every day. They learn how to change their business model so it is more convenient for customers, and change their product to compete better among competitors.
In some jobs, you don’t always get to learn and grow. Actually, in many cases, you may find that you hit a wall with new stuff to learn and the new task to try. However, as a start-up owner, you would not run into this problem, as you’ll need to learn and adapt all the time to stay competitive. This is a large reason why people become entrepreneurs, as they want a consistent challenge throughout their life.
Low competition among millennials
Millennials are scared to take on the risks of entrepreneurship. Many studies have shown that they are scared to become an entrepreneur because:
83% – Stress level of owning a business is too high.
81% the likelihood of a business failure is too high.
77% – Becoming a business owner is too risky.
Here is what some of them are even thinking:
“Startups can give you a feeling of insecurity. With a large corporation, there is really no worry because you know that the company will keep going, regardless of whether you make a mistake or not.”
“Owning a business is very risky. You usually provide the capital, and you take on legal and other risks. As an employee, the employer takes that on for you.”
Given this low-competition for such a large part of the world not entering entrepreneurship, it opens opportunity and lowers the competition for you to open and start a business. So, this discouragement is good for us, new and aspiring entrepreneurs, and supports your path decisions on why should I become an entrepreneur.
Startup Survival Rates
Startup survival rates are currently at an all-time high. What this can translate to is that there are is now an abundance of resources for new and aspiring entrepreneurs, as well as a lower competitive playing field among new business start-ups, creating higher survival rates.
Similarly, the current economic conditions of the world are great. Many economies are reaching all-time highs in their stock markets, and there are no huge warning signs of this slowing down.
If you want to start a business, now is the best time related to the chances of survival.
Fully Pursue Your Passions
As a business owner and entrepreneur, you get to fully pursue your passions if you wish. You can choose what parts of the business s you like the most and want to work in. You also get more control over selling a product or service that you are passionate about. This is a huge benefit, as sometimes working for someone, you don’t always get to control if you get to do tasks that tie to your passions.
Now that we’ve explored these 9 reasons why you should become a business owner, it’s time you get thinking of some business ideas! Make sure to subscribe and you’ll get access to guides that help you think of amazing business ideas.