Categorized | Business

Why Start Your Own Business? 7 Reasons

Starting a business is mostly seen as risky and intimidating. Yes, it can be, at times, but in the long-run, there is nothing more enjoyable than being an entrepreneur.

Almost 60% of entrepreneurs are the first in their families who started a business. If it doesn’t run in the family, you still can start your own business for all the reasons and benefits mentioned below.

Be your own boss

What could be better than being your own boss?

The number one reason why so many people start their own businesses is that they want to be their own boss. They want to set their own rules. They hate following instructions.

When you start a business, you own it and you can set your own rules. You can take decisions without the fear of being scolded by your boss.

There is no one who you have to take instructions from. You are in the driving seat.

It is a different story how you manage your business but being at the top position means a lot. Not everyone can become a business owner. You will be one of the few lucky individuals who will be managing their own businesses.

Pride and self-esteem

When you take bold decisions and they turn out to work, you feel great.

Creating something successful and having a dream and vision makes you feel pride. You can sleep peacefully because you know your business is moving in the right direction and that’s just because of your right decisions.

Don’t you think Mark Zuckerberg must be proud of the Facebook? It all started from a graduation project. He is definitely proud of what he did.

One day, when your business will shine, you will be in a position to say:

“Hey, I did this.”

And this feeling is just awesome.

Flexibility

One of the biggest hurdles of a job is that you cannot switch working hours. You have to be in the office for a fixed number of hours whether you have nothing to do.

Being a business owner is an altogether a different kind of work. You enjoy flexible working hours. Have to attend an important family function, leave early from the office, and complete the work late night from your bedroom.

Imagine getting a short leave from your boss today seems practically impossible. This is not a problem when you are running a business.

Of course, there has to be set working hours unless you are running an online business but you have all the flexibility to play with the working hours.

You are the boss and there is no one stopping you.

Follow your passion

Do you have the passion for writing but, your boss thinks you are bad at writing.

Well, the best part of starting your own business is that you get a chance to do what you have always loved to do. Follow your passion.

In fact, the best approach to starting a business is to listen to your heart and do what interests you instead of following the trend. When your hobby becomes your business, you will never feel bored. You will have that passion that drives businesses.

For instance, if you love writing and if nobody appreciates your writing and even if you are not making enough from your novels, you will still be happy. You will continue writing because this is what drives you.

When you are passionate, nothing can stop you. Convert your passion and interest into a business.

Unlimited earning potential

Being an employee, you earn a fixed salary every month. There might be occasional bonuses and annual raises but you cannot expect $10K check one morning.

You can expect a $10K client or check one morning if you are doing your own business.

The earning potential is unlimited because you can scale your business. You can earn more. There is no fixed salary.

In case if you want to take your profit to another level, get a business loan, and double your profit. There is always room for improvement and increasing the profits.

Learning

There is nothing more important than learning new skills, gaining experience, and trying things that you haven’t done before.

Being an entrepreneur provides you with this opportunity.

It doesn’t matter whether you fail or succeed, you will learn valuable lessons in the process.

Being an employee, you have a job description. Your employer assigns certain duties and responsibilities and anything that is not included in the scope of your job, you are not answerable to that.

In case of a business owner, there is no job description and you are answerable to everything. You have to look into the finances, marketing, sales, budgeting, IT, customer services, customer retention, product management, inventory, shipping, etc.

You are sure to learn lessons that are not found in books and publications. These lesson and experiences are extremely valuable.

It is a whole new learning.

More time to spend with family

While most of the people do not start a business because they are told that they have to spend endless nights in their offices and they have to work on weekends.

So what.

All entrepreneurs pass through this phase and once it is over, you get all the time you need to spend with friends and family. You get the time to do things you were not able to do with your job.

Yes, initially it might need a lot of time but eventually, you will experience better work-life balance.

Again, if you do not wish to spend weekends in the office, why not extend your daily working hours from 10 to 12? You are the boss, and you have the right to do it.

The thing is, there is nobody stopping you from taking decisions. You cannot blame someone else for not having time to spend with your family.

You can do it.

Eimear is the Marketing Manager at PowerMeters.ie part of the Powerpoint Engineering group.

Conclusion

Herman Melville said:

“It is better to fail in originality than to succeed in imitation.”

You will never regret starting your own business even if it fails badly.

You will, at some point in time, regret not starting a business.

Better, take that first step today.

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