Updated: Aug 31, 2020
Succeeding in entrepreneurship is not dependent on a person's age, gender, race, ethnicity, or social status. Although it is something that one (but not everyone) can learn, managing a business requires passion; dedication; resilience; proper risk management; adequate knowledge and planning; power; and other essential factors for it to succeed.
Willingness to act upon an opportunity once it presents itself is one of the attributes of successful entrepreneurs. However, prior to launching a business you must be able to determine the benefits it could do to your life. Undivided focus on these fuels up your passion and keeps you optimistic even amidst the lean phase of your entrepreneurial venture.
Starting your dream business offers a wide array of benefits or opportunities. While wealth creation is, perhaps, the most prominent motivating factor that compelled those who dared to try, there are other very good reasons to become an entrepreneur.
Benefits of Entrepreneurship
1. Opportunities to exercise control and to shape your future. It is an inherent desire among humans to exercise control and independence. In as early as 12 to 18 months of age, we begin to assert some form of control over our lives. This can be particularly observed among toddlers who'd often use the word 'no'.
There's a huge difference between employees and business owners' ability to shape their future. Employees are obliged to abide by the rules and regulations set by their employers. In addition, there are times when even though an employee has the competence to climb up the career ladder, he has much less control about it because the discretion belongs to the higher level manager/s. How many times have you witnessed an unexpected promotion of a colleague who has less skills compared to another person who didn't get promoted?
By being your own boss, you are able to:
Decide what services or products to sell. This is dependent upon your expertise or passion. You may choose to create your own products or to deliver services which you are knowledgeable about. Some business owners capitalize on and distribute other people or company's products/ services. Other examples of business you might be interested with are: buffet business, pawnshop business, forex trading business, rental business, blogging, or business that could render passive income.
Set your work hours/ schedule. This is one of the most attractive perks of owning your own business. You can set your own pace of work based on your availability and the demands of the tasks to be accomplished. Take note, however, that it is not uncommon for entrepreneurs to work longer hours than employees especially during the start-up phase of the business.
Decide where you'd work. Depending on the type of business, you can work within the comfort of your home in your pajamas, or situate your office where there is a lot of traffic.
Determine how much profit you want to make per service/ product sale. Pricing can be a challenging task because it could make-or-break your business. A good pricing method considers essential factors such as the product or service cost, target customers' buying power, supply and demand, your competitors' price, seasonality, alternative products available in the market, and your desired image of the products or services based on your price. Overpricing can scare customers away; while underpricing can make an impression that your products/ services are lower in quality. Both of these scenarios are detrimental to your business because these lead to loss of sales. Another key in successful pricing is to ensure that your customers perceive the value for the amount they are willing to pay. Your goal is to make a profit while balancing price and quality.
Work at once on your own ideas when creativity and innovation are required. Creativity and innovation are essential concepts in business management because it is through these efforts that you create the value of your products/ services.
Implement your own marketing strategies. Since you have the power over your own business, you can easily make products available to your target customers based on your own market research of what your customers need, demand, and want.
Ultimately, you make your own set of rules to reach your dreams and the kind of life you want to live.
2. Opportunity to contribute to the society. Just by looking around within our society, we can determine problems that need attention-- be it big or small, from simple cleaning solutions to those that control pollution (such as in green entrepreneurship). Once you spot an issue, think how your passion, knowledge, or experience can tackle these. This is how social entrepreneurs look into business. They aim not only to make a profit with their business but also to benefit the society, making it a better place to live in.
3. Opportunity to be the best version of yourself. By far, this is my most favorite. Why? It is because of the fact that we cannot give what we don't have. To be able to give your best shot in helping others through your business, you must first become the best version of yourself. Being able to reach your highest potential is the beginning of that energy which makes you influential in impacting the lives of others for the better.
Moreover, managing your own business is so empowering because you get to decide for yourself and for the business. It allows you to express yourself through creative and innovative ideas put into action. Your whole self is strengthened by the trials that come along the way making you an expert in stress management. You learn how to deal with failure, not focusing on the problems but on the solutions. Entrepreneurship offers us the opportunity to reach human's highest-order needs (based on Maslow's hierarchy) which is self-actualization needs.
4. Opportunity to create wealth. Wealth is the ultimate tangible reward of entrepreneurship and this opportunity is not limited to those who have built glamorous businesses.
While employees only receive what their employers can afford and are willing to pay, entrepreneurs have to opportunity to create a source of income that has no limit.
You must be able to maximize the use of your education, experience, skills, passion, and ideas in producing valuable products or services that your target customers would love and patronize. In return, you could reap the rewards of impressive profits.
5. Opportunity to be recognized.
We all enjoy positive recognition from a work well done. It is something that gives us a sense of purpose in this world. This kind of opportunity is true in its highest form among entrepreneurs who have made significant impact on the lives of their customers. Once you have built a group of loyal customers, it means you have gained their trust and respect. You then become more dedicated in perfecting your products. At that point your satisfaction with impressive profits only becomes secondary compared to the joy you experience from being valued in the industry.
6. Opportunity to make a living while having fun. When you are able to do something over and over again without getting burnt-out or exhausted means you're passionate about it. Think how you can develop that passion into a dream business, and you'll never have to face again that dreadful feeling of dragging yourself to work.
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