Entrepreneurship is a journey worthwhile for individuals whose quest is to innovate. There are quite a lot of benefits of entrepreneurship. Read this article to discover the core benefits.
What does an entrepreneur do?
An entrepreneur is a risk-bearer. They mostly build businesses from scratch. You must work smart or hard if you want to become a successful entrepreneur.
Just as Kaushik Srinivasan said in an article published by the World Economic Forum some years back; “Being an entrepreneur is not a very easy journey”.
One thing that keeps an entrepreneur going is the benefits they stand to gain during the process of business formation.
Benefits of entrepreneurship
Now, what do you stand to gain when you become an entrepreneur? What are the core benefits of being an entrepreneur?
Stay with me and I will give you the answer to these questions and suggest the next step you need to take to start your entrepreneurial journey.
5 Core Benefits of being an Entrepreneur
There are a lot of benefits you gain by being an entrepreneur and compiling them all in this article won’t be funny.
But I decided to sort out the 5 core benefits of entrepreneurship and I believe that in this list lies the answer to your questions.
#1. Value Alignment:
One of the very first benefits you gain as an entrepreneur is value alignment.
An alignment between your values and your career life which in turn leads to having a fulfilled live.
As an entrepreneur, you can create a business enterprise based on your own personal value.
You don’t have to look for that perfect job; all you have to do is create it yourself. Entrepreneurship gives you the opportunity to create the very life that you want to have.
An opportunity to solve the problems of the people in areas where your passion is and you value the most.
And because of this, you have a continuous drive to get to work every day knowing that you are going out there to do what resonates with you.
It boosts your performance and effectiveness and you end up having a strong influence in your field.
Performing every of your daily business activities won’t seem like work to you instead; it feels like fun to you.
Even when you fail at some point, you are more likely to get back at it because you value and also love what you do.
But all these can only be possible if you actually venture into businesses you are really passionate about and one which align with your value.
And I strongly advise that you take your time to figure out what yours is and not just jump into any business because someone is successful in it.
#2. Opportunity to Learn New Things:
Entrepreneurship brings you the opportunity to learn new things include skills that would lead to your personal and business growth.
Running a business enterprise effectively requires that you learn various skills and the very first skill I think you would need to learn is Good Communication Skills.
You have to know how to communicate your creative ideas to other people around especially your team.
And the best way to communicate your ideas to them is by being a Good Listener. Being able to make others feel their opinion counts and not you forcing your idea on everyone.
You also learn some leadership skills that help you in leading a team and managing people well.
You get to know what to say to people in other to get them at their best in their work and how to work intelligently with people having different characters.
In other to succeed in your business, you had to know how to market your product or service well and get the customers to choose you instead of your competitors and all this can be done when you have sound marketing skills.
You also learn some money management skills in order to be able to manage the business funds and not end up wasting them.
You get to learn all this and more as an entrepreneur, some of which you might not have the opportunity to learn if you choose to remain an employee (I know you don’t want that).
And the learning process of all these skills can be stressful at first but soon becomes fun and the end result is worth it.
#3. Being the Creator of A New “Market”:
One of the awesome benefits you get as an entrepreneur is being the one to create a new market from scratch.
Though this is not the case for all Types of Entrepreneurs, this is a benefit that the Innovative Entrepreneurs get.
An innovative entrepreneur is one who invents a new and unique way of solving the problems of the people.
They create solutions – that does not exist before – in the form of a product or service and these new products or services need to be sold.
In other to make sales, the entrepreneur develops a market for this product or service.
They build everything from scratch right from the less aware stage to the most aware stage.
And what this does is that it build their authority in the field as the years pass by. Customers would be able to trust their brand over others.
Even if an entrepreneur ventures into this same field, it will take great hardwork for such a person to win the competition.
So this is one benefit you gain as an innovative entrepreneur. You get to be the one to start a new market for your creative idea.
And this would boost the influence you would have in the field you venture into.
One of the added advantages you get as a result of this is more sales. The customers in need of this product or service trust your brand because of the authority you have in the field.
And when it is time for them to buy from anyone, they would turn to you; leading to more sales on your side.
#4. Creation of Wealth:
As an entrepreneur, you enjoy the benefit of wealth creation even despite the risk involved in getting to this point.
When things are done properly and you are determined to be successful and create wealth for your loved ones, You sure would get there.
In other to enjoy this benefit to the fullest, you have to get very good at selling your product, ideas and service to anyone.
But why is this important; Here is why.
It is said that 90% of businesses fail in their first five years and the major cause of this is lack of sales. If there is no sales for the product or service, I guess there is no business then.
Now if lack of sales is one of the things that make 90% of the entrepreneurs fail, what then would be the next thing to do, other than getting good at selling.
Develop your sales skill so well that no one can sell your product or service better than you then train your sales team well.
If all these are put in place, the possibility of success is high and you get to create wealth all through the entire process.
#5. Flexible Schedule:
Being an entrepreneur gives you the ability to choose your working hours and how your business would be run.
You are the one to decide when you want to work and where it is going to be. The good news is you are no longer confined to your “9 to 5” job. Also, you are in control of your work schedule and everything related to it.
And what is so interesting about this is that if you become an “Online entrepreneur” – one who runs his business using the interest and not in a physical location.
You can choose to work during the day or at night, which ever way you want it and when you feel you are most productive.
But if your business is one that must be done in a physical location with your employees or teams, you are still in charge of when working activities starts and ends for you.
Whichever way it is, my advice to you is to put in your “best” to get the “best“. Nothing good comes easy.
According to research, an average successful entrepreneur works for about 59 hours weekly.
If you truly want to end up at the successful end you have to sacrifice your time too.
With all these benefits attached to being an entrepreneur the odds of having any of them is null if you don’t start your journey as an entrepreneur.
Follow the link below to checkout the content we have for you at YIEE on the topic “What is Entrepreneurship” and check the aspect on “What are the Processes of becoming an entrepreneur”.