15 Benefits of Being an Entrepreneur (+5 Downsides) in 2023

There are lots of benefits of being an entrepreneur. On this put up, I’ll share causes to think about leaving the 9-5 behind to pursue a extra freedom-filled life-style.

My full-time freelancing profession started in 2020, and my life hasn’t been the identical since. I used to be eager about graphic design, artistic writing, social media, and web site design. So, I made a change in my life and determined to grow to be an entrepreneur.

I constructed up my very own on-line enterprise and lately, I get to make money working from home (or anyplace on the earth), be my very own boss, and most significantly, I really like what I do!

15 Benefits of Being an Entrepreneur

Advantages of becoming an entrepreneur
Changing into an entrepreneur has extra execs than cons!

If you happen to’re organized and artistic and are searching for one thing new and thrilling in your life, take into account turning your passions into income. Changing into an entrepreneur is the most effective factor I’ve ever completed.

I’ve skilled each the benefits and drawbacks of being an entrepreneur, and on this put up, I’ll share my prime factors with you.

For extra inspiration about altering your life-style and turning your ardour right into a profession, take a look on the new Go Forth sequence on YouTube by GoDaddy. The mini-series follows the journey of three athletes who begin their very own companies pushed by their passions. Tony Hawk (the legendary skateboarding icon) can also be featured within the sequence! 

Right here’s my listing of 15 causes to grow to be an entrepreneur (plus 5 downsides…)

1. You Can Set Your Personal Hours

Entrepreneur working on his laptop and making his own hours, one of the advantages of entrepreneurship

One of many advantages of being an entrepreneur is having the ability to set your personal work hours. If an entrepreneur doesn’t really feel like engaged on Mondays, then they don’t must.

As an alternative, your workplace hours could be Tuesday by way of Friday, if you need. Or, you’ll be able to select to simply work each morning, or solely within the afternoon. 

The liberty you’ve over your day by day schedule is among the finest components of being an entrepreneur.  

2. You Get To Be Artistic Each Day at Your Job

Woman standing in front of a wall full of motivational sayings

One of many prime causes to grow to be an entrepreneur is you can be artistic each single day at your job. From working in your branding and updating your web site, to public talking and social engagements, you actually have management over each piece of the artistic course of.

If you happen to get up in the future and determine you don’t just like the model’s colors, otherwise you need to create a brand new product, you’ll be able to! Plus, if the companies that you simply supply are primarily artistic, like graphic design, then you definitely’ll be the one who has the ultimate say on all shopper initiatives.

3. Get pleasure from a Versatile Schedule as an Entrepreneur

Man walking into the sunset

Having the ability to have a versatile schedule is among the finest causes for being an entrepreneur. While you work for a supervisor or at one other firm, you want to request trip time weeks, typically even months, prematurely.

Even if you need simply in the future off, you’ll have to submit your request. Plus, there are solely a specific amount of days you can take off yearly.

Entrepreneurs can get up in the future and determine that they need a “me day”. 

If you happen to work for your self, you’re accountable for your personal schedule and received’t have to request day without work. In fact, you’ll have to let your purchasers know that you simply’ll be unavailable, however that’s a straightforward factor to do. 

4. Work from Anyplace! (arguably the most important benefit of being an entrepreneur)

Working from anywhere as an entrepreneur while kayaking
Think about that is your workplace!

If you happen to’re working a web-based enterprise, or are working within the sports activities or out of doors trade, you’ll be able to select exactly the place you need to work from daily, which is certainly one of many execs of being an entrepreneur.

If you happen to’re a yoga teacher, you’ll be able to run retreats all all over the world. Perhaps you begin a kayaking firm or open a scuba diving store and are in a position to dwell in Mexico! Perhaps you’re into meals and wine, wherein case, you can begin a foodie firm that gives experiences across the globe.

And naturally, for these entrepreneurs who run their companies from a laptop computer, all you want is secure WiFi.  

Get up in the future and determine to work on the seaside, or take your laptop computer with you on a campervan highway journey and work from campgrounds, subsequent to rivers, or within the mountains. 

So long as the job will get completed, you’ll be able to work anyplace. If you wish to spend a 12 months or so in a singular vacation spot, be certain that to take a look at these international locations providing digital nomad visas.

That’s why lots of digital nomads are entrepreneurs. You possibly can critically dwell and work all over the world so long as you meet deadlines and hold your purchasers glad!

5. Decide the Actual Providers You Wish to Provide

Man and woman packing boxes to be shipped

Selecting what you supply and (extra importantly) don’t supply, is among the perks of working your personal enterprise. If you’re a social media supervisor however aren’t a fan of Pinterest, you don’t have to supply that specific service.

If you wish to educate individuals find out how to begin a web site from scratch, however aren’t (or educated) within the website positioning facet of issues, then solely supply the service that you simply’re comfy with.

Entrepreneurs can select the precise companies they need to supply to purchasers, and in the event you discover there’s one that you simply don’t like doing, you now not have to offer it. Actually, the management over selections that you’ve is among the prime benefits of changing into an entrepreneur.

6. Be Your Personal Boss and Work for Your self

Woman working with her tablet and laptop

Essentially the most attractive of the explanations to be an entrepreneur is that you’re in cost. If you happen to’re the form of one that doesn’t like having to reply to another person or needs artistic freedom, then grow to be an entrepreneur.

Being your personal boss implies that if you wish to clock out early for the day, you’ll be able to. In case you have a day the place you’re feeling off, that’s okay.

While you need to make adjustments to the corporate’s construction, model identification, or something to do with investments and funds, it’s all as much as you.

7. Every Day is Totally different

Advantages of being an entrepreneur

Being an entrepreneur implies that no two days are ever the identical. One of many worst components of working an workplace job is that they begin to really feel repetitive — espresso, answering emails, head to a gathering, get work completed, lunch, extra work, go dwelling, repeat.

Nevertheless, one of many benefits of being an entrepreneur is that every day is totally different.

You’re all the time working with totally different purchasers (or pitching new ones), constructing your model, or arising with a brand new mission or product. To not point out, the times aren’t 9-5, and lunch breaks are when you need them.

8. You Can Be Choosy When it Involves Selecting Shoppers

Three people in an informal business meeting

Think about having the ability to decide the individuals that you simply need to work with. Effectively, entrepreneurs can do exactly that. In case you have a discovery name with a shopper solely to search out that you simply don’t suppose they’ll be a superb match, all it’s a must to do is allow them to know and ship them another suggestions.

It’s genuinely one of many prime causes to grow to be an entrepreneur, particularly if you recognize you solely work effectively with sure kinds of individuals. The longer you’re an entrepreneur, the higher you’ll get at saying no to individuals who don’t align along with your values.

9. These Simply Beginning Out Can Earn a Lot of Cash

You can earn a lot of money as an entrepreneur

You might already know this, however one of many causes for being an entrepreneur is that you simply’ll have extra management over your revenue.

Even newbie entrepreneurs can select how a lot they need to cost for his or her companies and infrequently cost larger than minimal wage.

I rapidly jumped from charging $20 USD per hour to charging $40 USD per hour for my companies inside only a few months after beginning my on-line enterprise, and also you simply can, too, relying in your skillset.

10. Scale Your Enterprise Shortly & Watch the Development Firsthand

Small blocks with the principles of entrepreneurship written on them

Entrepreneurs can develop their companies rapidly and may scale as quickly as they need to. Having the ability to develop is among the benefits of being an entrepreneur. Along with being accountable for your revenue, you actually are in charge of each a part of your small business.

While you determine it’s time to develop, you’ll be able to both tackle investments to blow up your model or use your personal financial savings. You can begin focusing on extra outstanding purchasers and charging extra to your work.

Then, you’ll be able to rent a workforce to broaden and scale your organization. Earlier than you recognize it, you can simply have a six-figure enterprise.

11. Create a Enterprise That Aligns with Your Values

Rock climbing, turning passion into profit
Create a enterprise round your values and pursuits and it received’t really feel like work

As an entrepreneur, you’ll be able to create a enterprise that completely aligns along with your values and beliefs. If you happen to’re an adventurer at coronary heart, you can also make a enterprise mannequin that targets others explicitly with related pursuits and values — whereas doing what you like.

If you happen to’re into eco-friendly practices, possibly create a enterprise round these values and also you’ll appeal to purchasers who’re in that area as effectively. 

In the sequence that I discussed initially of this put up, every of the adventurers turned entrepreneurs have created companies that align with the hobbies and actions that they’re captivated with — mountaineering, ski base leaping, well being, health, and public talking.

This is among the primary benefits of changing into an entrepreneur. You’ll be capable to resonate with your small business and your purchasers by creating one thing that’s according to your beliefs and pursuits.

12. Entrepreneurs Are Extra More likely to Keep Invested in Their Enterprise

Woman typing on her laptop

Drawing off of the final level on this listing, one of many rewards of being an entrepreneur is that you simply’ll be extra prone to keep invested in your small business due to all of the arduous work you set into it. 

Most entrepreneurs take a look at their enterprise as their “little one” due to how a lot love and care they’ve put into it over time. As their enterprise grows, they solely find it irresistible extra.

They’re additionally extra prone to need to see their enterprise succeed versus in the event that they labored for an additional firm.

13. See the Lives That You Change by Working Instantly with Shoppers

Man standing in front of a chalkboard

If you end up an worker, you aren’t as prone to see the individuals’s lives that you’re immediately affecting along with your work.  

Entrepreneurs, particularly freelancers, have the choice to speak on to their purchasers and observe up with testimonials to make case research after they’re completed working collectively.

Whether or not you’re offering jobs by using a workforce of individuals, serving to a start-up get their title on the market, or are educating somebody a brand new talent, having the ability to see the affect you’re having may be very rewarding. 

14. You Can Strive Out New Concepts

A folder labeled entrepreneur

If you wish to experiment as an entrepreneur, then you’ll be able to! You could have free reign over what you need to check out.

I’ve tried many alternative traces of labor, together with social media administration, net design, graphic design, artistic writing, and even net improvement lately.

You’ll have the liberty to attempt issues that you simply’ve all the time been eager about. You possibly can often change your small business mannequin and companies, too, till you discover what works finest for you and what you need to concentrate on doing.

15. Shortly Uncover What You Like to Do 

Woman on the phone in a clothing design studio

Since you’re in a position to check out so many several types of companies and enterprise fashions, one of many benefits of being an entrepreneur is that you’ve the chance to determine what works finest for you and what you truly get pleasure from.  

To not point out, you’ve spare time to easily pursue your passions and discover your function. 

You possibly can construct a whole enterprise based mostly in your pastime, which is among the finest elements of working for your self. Perhaps you like fishing, taking part in an instrument, {golfing}, cooking — attempt them out as a enterprise!

In each your skilled and private life, working for your self permits you to uncover what you get pleasure from doing. 

5 Disadvantages of Being an Entrepreneur

Whereas being your personal boss has its benefits, there are additionally disadvantages of being an entrepreneur. Under, study extra about a number of the frequent cons that entrepreneurs face day by day.

1. Entrepreneurs Can Discover It Arduous to Keep Motivated

Unmotivated man staring at his laptop, one of the disadvantages of entrepreneurship

One of many cons of being an entrepreneur is that it may be arduous to remain motivated. Whether or not you’re employed for your self in an workplace, otherwise you’re working from dwelling more often than not, it may be arduous to search out methods to be productive.

Fortunately, there are methods to counter this, together with discovering enterprise buddies, investing in co-working areas, and likewise becoming a member of mentorships that will help you keep accountable. 

2. Newbies Would possibly Should Wait to See a Payoff

Holding an empty wallet, one of the disadvantages of entrepreneurship

Having to attend some time to see a payoff as a newbie is among the lesser-known disadvantages of being an entrepreneur.

Many individuals suppose that the second they begin their enterprise, they’ll be making a living left and proper to the purpose the place they won’t even must work anymore.

Usually, this isn’t the case.

While you first begin out, you could have to attend just a few months for it to start out paying off. In fact, this isn’t the scenario for everybody and it will depend on your skillset and advertising and networking skills, however it’s one thing to concentrate on.

3. Being an Entrepreneur Can Be Lonely

Working for yourself and having a break on the couch
If you happen to’re a solopreneur with no workforce, it might get a bit lonely at instances

Being lonely is among the cons of being an entrepreneur that most individuals don’t take into consideration. If you happen to’re working from dwelling on a regular basis or every other location by your self, it might really feel a bit lonesome.

To counteract this, you are able to do just a few issues. I lately joined a training program that has launched me to fairly just a few new associates that I meet up with through FaceTime each every now and then.

You would additionally work at co-working areas, look on Fb for entrepreneur meet-ups in your metropolis, or, get a canine 😉 

4. You’ll Assume About Your Enterprise All of the Time (Sure, Together with Time Off)

Man on the phone while skiing

Entrepreneurs are all the time switched on and don’t get a break that always, regardless of being accountable for their very own schedule.

While you create your personal enterprise, you’ll end up desirous about it on a regular basis, even whenever you’re making an attempt to have a break day.

Even whenever you aren’t engaged on shopper initiatives, or have a workforce overlaying every part for you, you’ll most likely really feel the necessity to test emails, present up on social media or do some networking. 

The lifetime of an entrepreneur could be busy, which is why you’ll have to take devoted day without work. Hold that in thoughts earlier than beginning out on this journey.

5. There Could Be Months with Little Cash

Working for yourself as an entrepreneur at home
Some months might not usher in that a lot revenue, however keep it up!

Actually, one of many greatest cons of being an entrepreneur is that you simply may need months the place you barely make sufficient to cowl hire. Or there can be months the place you don’t even make sufficient to cowl hire.

When bootstrapping a enterprise, it’s necessary to kind out your funds forward of time to make sure you have sufficient to get you thru the primary few months. Or, you’ll have to tackle buyers and financing.

Whereas there is perhaps meager months, there can be extra worthwhile ones sooner or later. Hold with it, don’t stress out an excessive amount of, and attempt to benefit from the means of constructing a enterprise. 

FAQs In regards to the Benefits of Being an Entrepreneur

Have a fast query about the benefits of entrepreneurship? Take a look at these FAQs.

What does it imply to be an entrepreneur?

Being an entrepreneur means beginning your personal enterprise. It additionally means threat, motivation, ardour, creativity, and all of the ups-and-downs that include them.

What are the 4 kinds of entrepreneurship?

Entrepreneurship is commonly divided into 4 sorts. Generally used classes are small enterprise, scalable startups, massive enterprise, and social entrepreneurship.

What expertise ought to an entrepreneur have?

Entrepreneurs ought to have enterprise administration, time administration, essential pondering, management and teamwork expertise. They need to be artistic, motivated and good communicators.

How do you grow to be an entrepreneur?

First, provide you with a enterprise thought. Develop the concept and write a marketing strategy. Then, discover funding, and there you go!

What’s the primary benefit of being an entrepreneur?

There are lots of benefits of entrepreneurship. For my part, having a versatile schedule is the highest benefit of being an entrepreneur.

The Takeaways

These are simply a number of the benefits of being an entrepreneur. The important thing to being profitable is to remain motivated, handle your time effectively, and be ready to hustle.

Working arduous is important, or your small business might doubtlessly plummet, and also you’ll end up proper again at that desk within the workplace you dreaded a lot. With ardour, a superb work ethic, and the precise perspective, you’ll be able to change your life.

Take the leap into the world of entrepreneurialism at present and begin residing your finest life!

Notice: This text was delivered to you by GoDaddy — a model that empowers doers to construct the world they need. Take a look on the Go Forth sequence on YouTube and get impressed to create the approach to life of your desires!

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