The life of an entrepreneur is challenging and rewarding all at the same time. Are you tired of your current job? Have you gone as far as you’re able and hit a glass ceiling? Perhaps your boss isn’t good at communication, puts too many demands on you or pays you poorly. Why become an entrepreneur? Only you can answer that question.
Maybe you just have a dream and have always wanted to start your own business. Whatever your reason, don’t wait to strike out on your own. You can look at the economy, insurance issues, financial stability and any number of other issues and continue putting off opening your own business. Or, you can bite the bullet and take a chance on yourself.
How Do I Start Entrepreneurship With No Money?
Perhaps the only thing holding you back is financing. Business News Daily estimates you’ll need around $3,000 to start a microbusiness. What if you don’t even have $100 to get started? Should you still become an entrepreneur? When looking at why become an entrepreneur, consider every aspect of running your own business.
Not only will you gain freedom but you’ll build something for future generations. Rather than putting all your time and energy into building something for your boss, you’ll build something lasting for your heirs.
Why become an entrepreneur? There are many reasons to jump in now and start your own brand. Here are a few.
1. Make Money
Many people start their own businesses to make a lot of money. The truth sometimes falls flat of the dream, but you have much more control over your upper limits than when working for an outside company.
However, most people find they make similar to the amount they made as a full-time worker once they’ve paid self-employment taxes and other fees.
Why become an entrepreneur if you already have a steady income? There are many other reasons why outside of potentially increasing your income.
2. Create Passive Income
Around 20% of households have passive income of some type. Passive income means you do the work once and reap the benefits for a long time. Some examples include:
- Monetized how-to videos
- Online courses
- Real estate
- Digital goods
Think about what things go best with your business model. What knowledge do you have that no one else does? How can you create material once and sell it repeatedly? One reason why people become an entrepreneur is to have more time with family and friends. Creating passive income allows you to work smarter and not harder.
3. Find Flexibility
Are you perhaps tired of juggling your work schedule and childcare? One amazing thing about becoming an entrepreneur is the schedule flexibility. Why become an entrepreneur when you’re a parent? You never have to miss another school field trip or class party. Take breaks when you want and work around your kids’ schedules.
Have you ever had to take a sick day at work because your child had a mild case of the sniffles and day care wouldn’t accept them that day? Not only does it use up all your paid time off (PTO) but it can impact your ability to get promotions if your company sees you as unreliable.
When you’re the boss, you can settle your kid with a good book and some soft blankets and work from your laptop while they rest.
4. Expand Your Skills
One reason why you should become an entrepreneur is to maintain full control of your professional life. Perhaps you work in an industry such as marketing or design. If you are overlooked for too many promotions, your career could grow stagnant.
If there are skills you need to build, you can open your own agency and seek clients allowing you to build experience in those areas. There is no written rule that you have to quit your day job. Instead, moonlight with your own freelance agency and add to your resume so you can move into the position you’d like with confidence.
5. Jump on the Bandwagon
You’ve likely heard of the Great Resignation. People are tired of being underpaid and overworked. There is little work/life balance at some companies. Brands expect employees to go above and beyond but they aren’t willing to return the favor. Younger workers, in particular, are fed up and leaving the corporate world in droves.
NPR recently reported around 440,000 new businesses started last year–a record high. If you decide to start a business in the post-pandemic world, you’ll be in good company. With so many people launching their own companies, you’ll find plenty of support in social media groups and via local business organizations.
6. Choose Your Co-Workers
Sometimes people have a hard time dealing with the people in their workplace. Negative attitudes and too much competition can create a negative company culture that doesn’t resonate well with positive, upbeat personalities.
If you want to leave your current job and start your own business to get away from the cutthroat nature of your job, one of the most significant benefits is choosing who you work with. You can hire people who have a similar attitude to you.
You’ll also train any co-workers, so they’ll already have your philosophy. Build the company culture you want for your business.
Other Reasons Why to Become an Entrepreneur
The above are some of the most common reasons people choose to launch a business. Each entrepreneur is an individual, so you likely have your own unique list of benefits to working for yourself. The key is to get started, even if you just do something small in your spare time. You’ll never know how far your brand can go until you take the first step.