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10 Benefits of Becoming an Entrepreneur
Most people who have a job eventually ask this type of question, “Is this job all I’m supposed to do with my life or is there something more I’m supposed to be doing?” Working from 8am to 5pm Monday through Friday becomes quite monotonous with the same tasks done day in and day out. Having a job has its benefits, but it has its drawbacks, as with anything else.
Most people have a job for the steady paycheck, job security and company benefits. The drawbacks are capped earning potential, the work not being fulfilling and restrictions. The drawbacks of being an entrepreneur are giving up benefits of being an employee. I’m going to take a closer look at the benefits of being an entrepreneur to see if I should at least consider it further and how the benefits affect me personally.
1. The freedom to choose my direction.
As an entrepreneur, I get to choose what I do with my life. If I don’t like a business I’ve started, I can close it, hire employees to run it or sell it; then I can work on my next business venture. I get to choose what business I spend my time on. Being an entrepreneur is about the freedom to choose the direction of my life and what role I want to play in my business or businesses. As an employee, I get to choose where I work, but ultimately, the employer chooses everything else beyond that including when I get fired or laid off.
2. The ability to set my own schedule.
As an entrepreneur, it’s my choice to set my own schedule. My employer does not set it for me. I can work as much or as little as I’d like. I answer to myself or whoever I choose to answer to. I spend the day how I want to spend it. I can get up early and get some work done, enjoy the day, then get some more work done later. I get to do as much volunteer work as I want to each week. I don’t have to work on holidays. I can work all day or all night for ten hours or more. I can also take the day off when I choose.
If you don’t live by a schedule now, you’ll probably want to hire a business coach to guide you in setting a weekly schedule as a starting point. At the end of the day though, I have to get work done to produce revenue or I lose the benefits of being an entrepreneur and I have to get a job.
3. The option to work wherever I want.
Working at the office everyday becomes a thing of the past unless I choose to work in an office. I can work at home if I want to. I can go to a coffee shop and enjoy a cup of joe or grab a bite to eat while I work. I can meet a client at his home or at a bowling alley. If I want to bowl a few games with my client or after our meeting, I can do that. I can work at a library. No more do I have to be stuck in traffic that can make a 20 minute drive into over an hour commute unless I choose to drive during rush hour times. I get to choose.
4. The potential of unlimited income.
I can earn as much as I choose to or if the business is not producing cash flow by a certain time, I can close it and move on to the next business. If I want more income streams, I can start other businesses. I can hire employees to sell products, create new products, produce more revenue and look for ways to decrease expenses. I can task employees to create more streams of income and do promotions to boost revenue.
When I review my business expenses and see I’m spending a lot of money purchasing products from a certain supplier, I can start a supply business to save money on the mark up, then that new business can provide supplies to other businesses creating more cash flow. After all expenses, if one of my business produces cash flow of only $200 a month that I bring home, it may not seem like much, but if I have 100 business that do that, the cash flow is $20,000. It’s a substantial amount collectively.
5. The work I’m doing matters.
Anytime I’ve ever worked a job, I did it just for money. It’s a sad reason, but that’s the reason most people have a job. I’m not for the people who don’t work and live off the taxpayer’s dime when they’re well and able. I’m for doing work that means something other than money. The jobs I’ve had did not matter to me. I wasn’t making a difference in the lives of people. I was simply filling a role doing what an employer told me to do. I had bills to pay, so I worked a job to pay those bills.
As an entrepreneur, I get to do fulfilling work I choose to do. I get to make a difference in the lives of people and earn money while doing so. Money is part of it, I get to choose to do something that gives me a sense of accomplishment and fulfillment while I earn money doing it. If you’re working a job just for money, you know how draining it is when you feel like you’re spinning your wheels or feel like a rat in a wheel.
6. The tax advantages.
Entrepreneurs have many tax advantages that employee do not have. A certified public accountant (CPA) can guide you more specifically through these tax benefits. Don’t forget that tax planning means planning for an audit all year long. There’s nothing to be afraid of when it comes to an audit as long as you keep good records and you have a good CPA. Meals where you take clients to a business lunch is tax deductible. Your travel expenses to attend or speak at an event are tax deductible. That home office you use is tax deductible. I get to have plenty of tax benefits to take advantage of.
7. The opportunity to meet great people.
When you work a job, you meet other employees that think like an employee. As an entrepreneur, you meet employees who work for you, clients who see value in your product or service, and other entrepreneurs trying to accomplish the same things in life. You’ll cross paths with employees that will become loyal to you and stick with you through the ups and downs. Clients that you provide a service to can end up as your lifelong friends. You’ll meet other entrepreneurs and business people to develop a camaraderie with and reach out to when you need them later. Most jobs will not provide the opportunities to meet these kinds of people.
8. You learn things you never thought you would need to.
I’ve learned so much up to this point, from learning lessons from my own failures. I’ve learned lesson on starting a business. I’ve learned a lot getting a website up and running, producing a podcast and writing a blog. The work I’ve done up to this point has not been easy, but it’s been fun. I had to learn how to design a website, read and write code, edit and manipulate audio and lots of marketing.
I had no idea what I was getting myself into, but you learn along the way. I made myself learn these things and my education level has increased to where I can teach what I’ve learned to others. As an entrepreneur, you’re forced to learn on the fly. Knowledge truly is power!
9. The ownership of a wealth building asset.
Your business is your baby. It’s yours to nurture and grow. Once it starts producing money, it’ll continue producing money if it’s well-managed. It can be scaled up or down if you choose. Your business can be passed down to your heirs.
As an employee, your job doesn’t get passed to your heirs; they just replace you. If your heirs don’t want your business, they can just sell it and split the profits.
10. The option to close my business.
I can choose at any point to close my business and get a job. I don’t have to be an entrepreneur if I don’t want to be. It’s my choice to I take a job and never think about another business again. If I’m not making money in my business, I can hire a business coach to help me solve problems and give me ideas to generate revenue. If I still can’t create revenue after a defined period of time, I can close the business and go back to a job, which is where I am right now.
Are the benefits of being an entrepreneur enough for me to at least consider it? Do I see the value in being an entrepreneur? Am I willing to give up the security of a paycheck? My decision to go into entrepreneurship and enjoy these benefits is getting closer every single day and I’m so excited about it. The benefits of having options far outweigh those my job presents. It’s going to be so worth it. I can’t wait! A job limits how much we can earn. If you want to be wealthy, a job is not going to do it! You must do it through business, then real estate later.
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