Reasons and Advantages for Becoming an Entrepreneur

Being your own boss. You make all the key decisions. You chose who you sell to, who you buy from, who you work with.

Including how much you work and how much you spend on promotion, production, and overhead.

Opportunity for greater financial success. Entrepreneurs have been shown to amass even personal fortunes through the development of their companies. Certainly this is not all as many entrepreneurs stay small and remain just independent business people. Nevertheless, employees rarely get rich unless they have stock options, golden parachutes, or lucrative bonus programs. This is usually restricted to the highest levels of major corporations and may be restricted to certain industry groups such as banks or financial services companies. When you work for someone else, you are contributing to their financial future all of the time and to your own financial future to the extent that they decide.

Opportunity to build equity.  When you own your own business, you also own the means of production, which can develop into substantial value. This equity represents assets that can be sold to someone else or passed on to your heirs. You also have the opportunity to bring other family members into your firm and prepare for transition between generations. This is much more rewarding than receiving a gold watch at retirement from employment.

Entrepreneurship creates the opportunity for philanthropy. If you are financially successful you may choose to give away some of your wealth in the manner that you decide to help your community or favourite institutions. Employees cannot give away the firm’s money or assets. They belong to the owners of the firm, not to the employees. Other contributions that entrepreneurs make result from their creating value. New, innovative ideas have been known to change society. Take for example the personal computer or telephone. To have the opportunity to change peoples’ lives through your work is personally rewarding and motivation for some entrepreneurs.

The opportunity to have control over your life and job. It is not just the ability to say what hours you will work but it also involves every step in the operation of a business. This might include environmental sensitivity, social responsibility, and benefiting your own community in certain ways. When you are the boss, all decisions from design concept to job creation, sales, business operations, and customer relationship management ultimately circle back to the boss and his or her philosophy and motivations.

Ego satisfaction. Business entrepreneurs have great opportunities to be visible in their community. Membership in chambers of commerce, business awards, community boards, and other corporate boards of directors serve the personal esteem and satisfaction motivations of some entrepreneurs.
Source: Jack.Pinkowski@dublincity.ie
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