Something that I am asked every couple weeks is “why entrepreneurship?”. This is a question that always makes me hesitate, and I’ve noticed that my reply is never exactly the same. Yet deep down I know it’s what I love and would do even if the world was topsy turvy and making a lot of money through entrepreneurship wasn’t possible.

Let’s examine the decision to be an entrepreneur. It’s a complex topic so I’m going to break it down into a few posts exploring the benefits, disadvantages, misconceptions, and motivation behind entrepreneurship. I recently read that lists are more likely to attract traffic and since I have neglected the blog this week let’s begin with what I feel are the top 5 reasons to be an entrepreneur:

#5 There is an Upside

There aren’t a whole lot of categories that most of the world’s rich fall into. Inheritance, real estate, and business are the main three as we learned in New Venture Creation at WLU. It’s hard to be born rich or inherit the family farm, but business unlocks a path to real wealth potential. Whether you build it up to a multi-billion dollar venture yourself or sell while it’s hot, there is definitely money to be made. But is it all about cash? That’s a topic for a future article.

#4 If You’re Bored You’re Doing Something Wrong

Running a business is an incredibly diverse “field” to be in. Through my ventures I have been exposed to incredible and interesting knowledge ranging from business fundamentals such as marketing, accounting, sales, and customer service to the importance of time management, goal setting, and even exercise. I literally view the world in a completely different light now than before I became involved in business. Everyday I find myself learning something new and being immersed in a different and new area. You can’t get much further from an assembly line than this.

#3 It’s More Satisfying than Roller Coaster Tycoon or Sim City

I’ve always enjoyed playing simulation games. While Doom was the hot item with most of my friends I really prefered Sim City and other empire building games. It’s an incredibly satisfying feeling to start with nothing and end up with something absolutely amazing. I believe in seizing this building attitude and applying it to life. Afterall why should I build a virtual company when I could apply the same concepts to real life? Treating life as a game may sound silly as first, but frankly I’m having a lot of fun.

#2 Thinking is Rewarded

Running a business may be hard work, but that’s certainly not what you are rewarded for. Often times burning the midnight oil is simply the bare minimum for entry into business. Your returns come from working smart, and the quality of your ideas and creativity are now directly tied into your revenue size. A single good idea can make you $10 000 in one hour while slaving away for 40 hours on a bad one can have virtually no return.

While working a regular job isolates you from the risk of no return on bad ideas, it virtually nullifies the incredible return on good ones. Imagine coming up with a way to save your boss $30 000. You’ll be lucky to get a $500 bonus, and in all likelihood you will receive nothing at all.

#1 Success is in Your Hands - A Whole New Job Security

Headlines constantly barrage us about the lack of job security in so many sectors. GM and Ford are both laying off masses of people. I’m only 21 and I have already been laid-off twice. I’ve also only ever been an employee twice. Having a job these days, even with a massive company, provides only the illusion of security. Why let your well-being depend on the decisions of a CEO, whose absolute #1 priority isn’t your future? Ensuring your own prosperity and achievement of your goals is ultimately the responsibility of one person and one person only - you.

We’ll even things out in the next entrepreneurship post when we discuss the multitude of reasons to not be an entrepreneur.

Replying to [Raja Jee Enterprises]: You or any other person can read many books and adapt many principles that you think outline entrepreneurship and if those are your beliefs then that is what defines you.

Personally, for myself and other successful men and women that I have known the entrepreneurial spirit has no boundaries and or risks that would define us. Limiting yourself to be tied down by definitions and risks condems the true entrepreneurial spirit to failure. Its a vision of endless stepping stones and bridges never to be satisified in the moment but in the adventure.

Best regards,

Ranger