With the increase in entrepreneurs in this century, it is common that many of us are hearing or even asking the question – Why become an entrepreneur? What are the pros and cons? What do people really want to achieve when they start out on their own? I’m going to talk a little about these in the following article, and if you are looking to be an entrepreneur, then I advise you to read this first.
Firstly, let’s look at some reasons as to why individuals become entrepreneurs.
One of the most common reasons, especially in this time of recession is having been laid off. This person might have invested decades of their lives with a company but when the company has to make a decision, they are instantly dropped.
The second most common reason would be because someone is frustrated with their job. They commute two to three hours daily, spend hours at a post that does not appeal to them at all. The job is not in line with their interest and they have to drag themselves to work every day. There are no career prospects on the horizon and it generally feels as though they are heading nowhere.
The final common cause is due to an individual becoming a corporate ROBOT. This group of people work an average of 60 to 80 hours a week slogging their lives away for their company. They may be getting good salaries but they realise that they are missing out on life. Their work is taking over and leaving them no family or personal time. This person sees no future in this situation and is looking for a way out.
Of course there are many other aspects but the above 3 are the MOST common ones and these are linked to the main motivators for becoming an entrepreneur – MONEY, FREEDOM and CONTROL.
Now then the above are the reasons as to why individuals become entrepreneurs. Let’s now look at some advantages. Why become an entrepreneur if there’s nothing to gain right?
1.You will be your own BOSS – Make decisions, choose who you want to work with, when you want to work with them and for what amount you work for. (CONTROL)
2.You decide how to operate your business, conceptualise and design your setup and work exactly how you want your sales and operation flows to be. (CONTROL) Steph Korey
3.One thing that I learnt from the great motivational speaker Jim Rohn is that Profits are always better than wages. Being an entrepreneur gives you the prospect of achieving significant financial payouts. (MONEY)
4.There is no cap to the amount to money you can earn – How much you earn per month depends on the amount that your business brings in. There is no ceiling to that number – unlike a pay check. (MONEY)
5.You have the freedom to decide your working hours, as well as what to pay and when to take vacations. (FREEDOM)
6.You get more time to spend with your family and live the life that you want. (FREEDOM)
The above are just some of the plus points of being an entrepreneur, there’s also the fact that you will get the prestige of being the person-in-charge and how you can start to build some equity for your next generation.
Of course, being an entrepreneur is not going to just be easy sailing, in fact, I can almost assure you that it’s going to take a whole load of hard work especially at the beginning. So then you ask – why become an entrepreneur when you know you’ll have to work really hard?
Well let me just put this in perspective for you; you are going to be working for a whole load of years in your life. If you are satisfied with drawing that monthly salary running the risk of being retrenched for the next few decades, then I can tell you instantly that entrepreneurship is 100% NOT for you.