Benefits of Being an Entrepreneur

9 Benefits of Being an Entrepreneur

There are so many benefits of being an entrepreneur that they’re hard to narrow down into a list.

For me, being an entrepreneur is all about being able to live a certain way. Because I am an entrepreneur, I am able to spend time on the things that matter most to me, and find a healthy balance that works.

Here are 9 benefits of being an entrepreneur that I have experienced.

1. Autonomy and Flexibility

Benefits of Being an Entrepreneur

One of the greatest benefits of being an entrepreneur is the autonomy and flexibility that comes with answering to yourself.

Because I juggle so many roles in my life—father, lawyer, business owner, community leader, and more—I need a position that allows me to set my own schedule.

So many people don’t have the option to shift an appointment to see their kids’ choir performance, or turn off their cell phone for a few hours when they get home in the evenings.

I’m so glad I’ve created a lifestyle that allows for all of those things and more. Most of the other benefits I’m going to discuss today fall under the umbrella of this benefit.

2. You Get to Be Your Own Boss

I know the phrase “being your own boss” is thrown around a lot, but I can’t overstate how much that has changed my attitude towards what I do.

When you are the one making decisions about the direction of your work and what your day-to-day looks like, you know that you are making the most of your time, according to what you have deemed important.

It’s easy for a lot of entrepreneurs in a growing business to have their business take over their life. Sometimes it doesn’t feel like you are your own boss, even when you own your own company.

However, I have learned that through long-term planning and strategies, being your own boss is possible. Being in charge of the ultimate destination should be a primary goal.

3. Your Work Has Purpose

If you’ve started a company, you know that it’s a risky move. You were willing to take this leap into the unknown, which means it’s likely that you believe in what you’re doing.

You aren’t a cog in a corporate machine, you’re spearheading an effort that has purpose.

I always say that to live life with purpose, you have to live life on purpose.

That’s easier to do when you own your own company. I can’t overstate how important this feeling of purpose is for feeling satisfied in all areas of life.

You might have to make sacrifices to achieve this dream, but you know exactly why you’re making them and can see where it will lead you in the end.

4. You Decide How and Where You Work

Benefits of Being an Entrepreneur

I do different kinds of work best under different circumstances.

When I’m working on blog posts like this one, I work best at home after the kids have been put to bed. I like to take meetings with my content editor over lunch, and like to do big-picture planning first thing in the morning, usually when I’m working out at the gym.

For you, it might be that you like to take meetings somewhere informal, like a coffeeshop. Or maybe you do your best planning and thinking on a morning stroll.

Being an independent entrepreneur lets you experiment and figure out how and where you are your most effective—without an impatient boss breathing down your neck.

5. Personal Responsibility

The accountability that comes with being an entrepreneur is viewed by some as a double-edged sword. I prefer to see it for what it is: a sign that you are the one in control.

As the late British poet, William Ernest Henley, once wrote, “I am the master of my fate: / I am the captain of my soul.”

That means that you’re the one who has to take the blame when something goes wrong, but it also means that you get the credit when you start seeing real success.

At first, it might feel intimidating to be the one ultimately responsible for your business, but I’ve found it to actually be liberating.

6. Your Work is Dynamic

Benefits of Being an Entrepreneur

Good entrepreneurs are unafraid to switch things up for the sake of improvement and growth.  This means that every day has the potential to be something new and exciting for you and your team.

This kind of dynamic environment makes me more eager to go to work than I ever was working for someone else. I know that the decisions I make and the ideas we collaborate on lead to creativity and excitement I wouldn’t experience working for others.

7. Personal Growth

One of the big benefits of being an entrepreneur is how much you grow from running your own business.

You may not think of yourself as someone who could lead a group of people to success. Maybe that’s due to social anxiety, fear of public speaking , or a myriad of other doubts whispering in your ear.

The reality, however, is that your new role as an entrepreneur will push you to grow as a person at the same time as your business grows. You have all of the potential in the world at your fingertips, you just have to be open to widening your horizons.

Sometimes, there may be opportunities presented to you that really go beyond your normal boundaries. Be ready to move forward and you’ll find yourself becoming more comfortable with the dynamic and exciting role you fill as an entrepreneur.

This doesn’t mean you’ll never fail, or that you’ll always get new things right on the first try.
It’s likely that you’ll mess up more than a couple of times. Remember not to let these mess-ups make you doubt yourself. The important thing is learning from these failures.

Incorporate the lessons from these missteps into your ever-growing cache of entrepreneurial know-how and keep moving forward.

8. You Get to Build Your Team

Benefits of Being an Entrepreneur

One of the greatest joys of my professional life is working with a team I truly look forward to seeing every day.

There’s nothing quite so draining as working while surrounded by people whose values, work ethic, and personalities don’t mesh with your own.

When you’re an entrepreneur, you can carefully decide with whom you’d like to do business. You can employ a team of people who believe in your vision and are ready to do what it takes to see the business grow. It’s also so fulfilling that I’m able to reward these people for their hard work and provide for them the office culture and environment that they need to do their best work.

9. Income

Starting out as a entrepreneur usually means making sacrifices in terms of time and income. But after that initial push, you’ll start to see the kinds of returns you can only get when you’re a business owner.

Your pay is that much more rewarding when you know that you built your business from the ground up, and that all of your struggle and faith in your ideas turned out to be worth it.

Conclusion

Being an entrepreneur may not be for everyone. It’s a risky, difficult path, but I believe that the benefits of being an entrepreneur far outweigh the potential hardships.

If you’re someone who has big ideas, thrives on seeing your dreams become a reality, and finds the confines of corporate work limiting, it might be time to take the leap into entrepreneurship.

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    JACOB TINGEN

    LAWYER & ONLINE ENTREPRENEUR

    After graduating from law school and passing the bar, I struggled to find work, pay my bills, and make ends meet. That's when I decided to take control of my future and start working for myself. Now, three years and several companies later, I'm sharing how I launched a successful business, and how you can do it too.

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