There are big lifestyle differences between being an employee and running your own business. For many entrepreneurs, it is these lifestyle benefits that attract them to starting their company. This article explores the key opportunities from starting your own company – from lifestyle reasons to economic benefits.
Benefit 1: Control your own schedule
One of the most direct lifestyle benefits that you can achieve through setting up your own company is having full control of your schedule. If you want to get up late, or take off a particular day, there is no one that you need to seek approval from – you are your own boss. Of course, there is also the risk that you will end up working all day every day, but ultimately you have much greater flexibility in setting your schedule than you would typically have as an employee of a firm.
Benefit 2: Set the direction of the firm yourself
Beyond the flexibility that you have with your time, you also have the flexibility to set the direction of your company. You are ultimately responsible for the strategy of your firm, and unlike working for an employer, you have the ability to change and adapt parts that don’t work.
A key frustration that individuals have when working for an employer is not having control over their company. They may see parts as pointless, antiquated, or simply bad decisions. By being your own boss you can avoid some of these frustrations – although there is no guarantee that you will make good choices for your firm, at least you are the one responsible for them, and can adjust your approach should you determine that it is no longer working.
Benefit 3: Pursue an area that you are passionate about
Many entrepreneurs start their businesses because they are passionate about a particular area. Maybe you can see the opportunity of a new technology, or want to achieve some societal benefit through your firm.
Working on an area that interests you can bring benefits beyond the money that you make – whether you enjoy your work or not is a bit part of your overall happiness. Indeed, turning your hobby into a full-time job is part of the reason individuals pursue entrepreneurship – and if you have a specific talent that you can work out a way of making money from, this may be a key justification for setting up your own firm.
Benefit 4: A sense of accomplishment
Launching your own company also has the possibility of a sense of accomplishment. You can achieve something big – with impacts that extend to the multiple stakeholders of the company. Indeed, companies can outlive individuals – the business that you found may be around hundreds of years from the point that you started it.
Benefit 5: Economic upside - the financial possibility
The final benefit of starting your own company is the possibility of high financial returns. While success is by no means a given – there are a lot of challenges with starting a company, and many startups fail – a primary reason why individuals start their own company is the allure that there are no limits on how much you can earn. Indeed, entrepreneurship is a key means by which individuals can accumulate wealth, and one of the key means of social mobility. Ultimately, you see the returns of your business – if the company is a big success, you stand to reap those rewards.
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