Entrepreneurship – 8 advantages to being your own boss
Entrepreneurship – 8 advantages to being your own boss.
An entrepreneur is described as being someone who sets up a business or businesses, taking on the associated financial risks, with the aim of generating profit.
As we all know, entrepreneurship is not for the faint hearted. According to GEM Ireland however, over 127,000 individuals started a business in Ireland between January 2016 and June 2019.
With these numbers like these, it’s unlikely that generating profit is the singular motivation for everyone starting a business in Ireland.
Have you ever considered the possibility of becoming an entrepreneur? We explore some of the other reasons and benefits to starting your own business.
1. Full control
As an entrepreneur, you have complete autonomy when it comes to your company.
You make the decisions and create the long term strategies that will steer your company in whatever direction you choose.
Although this does bring responsibility, it also affords you complete control to run your business your way. From choosing suppliers, to hiring staff, to product pricing, you get the final say on everything. Or, you can hire managers and specialists to assign individual areas of responsibility. However you decide to structure your business, it’s your call.
When you start your own business, you can set your own parameters. The hours you want to work, where you want to be based, and how much you’re prepared to commute are all for you to decide. If you need to work from home some days, or have a daily school run to factor in, you can do that too.
You might decide to work longer than regular hours, especially when getting a new business off the ground. Ultimately, there’s no clocking in and out when you’re the boss.
3. Job satisfaction
Do what you love. When you set up shop you can create your perfect role.
Enjoy making use of your strengths while learning new skills. Maybe you’ve never managed people before, or recruited and trained staff. As a business owner you’ll be learning all aspects of business management, which can be a refreshing journey, especially if you have been working within your field for some time.
When you run your own business, there are many more ways to ‘win’. Creating a great partnership, making an important sale, organising a successful event, or simply by just being a great boss. There’s no feeling quite as satisfying as creating your own success.
4. Better working conditions
You set the tone and culture of your workplace. Think of the best and worse employers you’ve ever had, and set your own standards. As a leader, you can establish excellent working conditions within your workplace. Want a happy, communicative, hard working environment? Or particular perks and benefits? How about a fresh, modern workspace? You get to choose and implement your ideal environment. Lead the way!
5. Freedom and expression
As an entrepreneur, you have the freedom and flexibility to exercise some creativity, even if you are not in a particularly creative sector. If you have a new idea, you can try simply try it out and see what happens.
If you’re not in a creative business, this might be in areas such as marketing and advertising, where you create new and imaginative ways to promote your business. You might like to try out new processes, or embrace new and innovative technology. The sky is the limit for you to create your own unique approaches.
As your business grows, you are providing more to your local community. Your business will be a valuable service to the area, on top of creating employment. Additionally, you might decide to sponsor a local club or charity that’s important to you, if your budget allows. Maybe you would like to support or host local community groups and events. Depending on your type of business, there may be volunteering or internship opportunities. Being part of your local community and benefitting those around you is a positive experience, particularly in rural areas.
7. Financial independence
Having full control of your finances is major benefit of going out on your own. When you are self employed, your potential earnings are unlimited, and you are in control of your budget.
It might take some time to build your business, but ultimately you make the decisions when it comes to your finances. You put in the hard work and the ideas, and use or reinvest the profits as you see fit.
8. Reap the rewards of your hard work
When you work for an employer, no matter how hard you work the outcome will be the same. You get a salary, and your employer gains the reputation and the profits of your success. When you’re the business owner, the risks may be yours to take on, but so are the benefits. Your hard work, hours, ideas, income, and learnings are all investments in your business, and the subsequent rewards are yours to enjoy.
As you can see, despite the challenges faced by start up businesses, they are balanced by numerous rewards and benefits. Entrepreneurship may not be for everyone, but if you have the drive and enthusiasm to go it alone, being your own boss certainly carries some appeal.
Will you be joining thousands of Irish entrepreneurs in taking a chance on your dream business?
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About the author:
Susan McGuire is originally from London, United Kingdom, and has now lived in Galway, Ireland, for 15 years.
She has been with Retail Solutions for almost 7 of those, and during that time has enjoyed various roles within the areas of Maintenance, Finance, & Marketing.
You can follow her on LinkedIn!