Pros of Entrepreneurship

Small Business Founding Team

Entrepreneurship is an appealing career choice for many, with several pros and cons. Today, let’s review the pros of entrepreneurship – tell us which one appeals to you the most!

Pro of Entrepreneurship #1: Variety in Your Work Routine

As a small business owner, you’ll face a lot of responsibilities, ranging from ordering supplies to accounting and bookkeeping to social media marketing. Depending on your business, you can even take on varied projects. For example, photographers can also offer photo retouching services as well. This is especially tempting for people who enjoy diversity and get tired of concentrating on specific and repetitive tasks.

Pro of Entrepreneurship #2: Technological Advances

Changes in technology have created opportunities for rural and Indigenous entrepreneurs to create a place of employment where they live, rather than having to move into urban centres to create job or business opportunities. Win-win!

Pro of Entrepreneurship #3: Flexible Work Hours

With entrepreneurship, you can often set your work hours to best fit your lifestyle. For example, you can work around rush hour, starting at 10:00am and finishing the day at 6:00pm. Also, schedules can be arranged around things like appointments, children’s school hours, and personal responsibilities.

Pro of Entrepreneurship #4: No Dress Code

If you don’t have to be present at a physical business location or meet with customers or clients, you can dress however you like! The COVID-19 pandemic has introduced many people to the joys of working in comfy clothes. Just remember to change if you have a video call – at least from the waist up!

Pro of Entrepreneurship #5: More Tax Deductions

There are a series of tax deductions you may qualify for. As a rule, any reasonable current expense you have paid or will have to pay to earn business income can be deducted from business income. Employment-related expenses like home office expenses, travel and professional development costs can be deducted. An accountant can tell you exactly what you need to know. Don’t be afraid to invest money in your business — some of it may come back to you at tax time!

Pro of Entrepreneurship #6: Job Security

It might sound weird at first, but being self-employed or running your own small business brings a certain level of job security. After all, you make the rules! There’s no risk of being fired, laid off, demoted or having your hours cut. You no longer have to be concerned about the direction your boss is taking with the company and how it could affect you, because you are the boss. Cool!

Pro of Entrepreneurship #7: Choose Your Employees

As an employee, you meet people who you wish you didn’t have to work with. But as the boss, you have the power to choose employees or partners who best fit with your business’ goals and your own personality. This can lead to enriching business relationships — and you get to create them.

Pro of Entrepreneurship #8: Personal Achievement, Recognition and Growth

Unlike positions with large corporations, the successes and accomplishments of your small business have your name directly behind them. Your hard work is recognized and you get to keep all the credit for it. And with all the things you’re responsible for, you can also learn and grow as a person while discovering your own strengths and weaknesses. This is the main reason small business ownership can be so rewarding.

Pro of Entrepreneurship #9: A Direct Impact on the Company’s Success or Failure

With entrepreneurship, a job well done seems that much sweeter. Sometimes your daily tasks as an employee may seem unimportant in the grand scheme of things, but in your own company, you can see the purpose and results of your work. Your own actions have a direct influence on your business.

Pro of Entrepreneurship #10: Make the Rules Rather Than Follow Someone Else’s

Being bossed around and told what to do is never something that anyone likes. But when you’re running your own company, you get to write the rulebook and decide how things are going to go for you. You can adjust anything you like, whether it be hours worked, rates charged or even what kind of work you do.

Next week: A little reality check with the cons of entrepreneurship (fear not, we’ll help make it painless)!

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How to find your entrepreneurial purpose

small_business_locationEducator and author Joanna Macy once spoke at a conference about three directions in which to look for your own purpose. We think these can apply to entrepreneurship too.

Take a look at each of these three directions and see how they apply to your goals and vision as a small business owner. How does it differ from the purpose of your business itself?

1) Work With Your Passion

Would you run your business for free? We’re not saying you should, but it’s a good indicator of how much you enjoy what you do. Approximately 15% of new business ideas are related to the entrepreneur’s hobby. Makes sense, right? If you start your small business around something you love doing and have passion for, chances are good that you’ll stay interested and engaged in the day-to-day tasks. You’re also more likely to stick with it if the going gets tough.

Of course, this doesn’t mean that your favourite hobby will automatically become a great small business. You may know a lot about your hobby, but it’s much different when it becomes a business. Make sure you do lots of research about the viability of your small business idea before you jump in.

2) Work With Your Pain

No, this doesn’t mean going to work even if you have a broken arm. Like passion, working with your pain can mean creating a small business around your desire to make the world a better place.

Social entrepreneurs, also known as philanthropist or non-profit entrepreneurs, measure success by the impact that they have on society. Highly passionate, the greater good of the community is their primary interest, and they create a business to provide solutions to social issues. The results can be very rewarding.

3) Work With What’s At Hand

Entrepreneurship doesn’t have to mean instant success, staggering riches, or flashy fame. Starting a small business with what’s at hand can be impactful and satisfying. How can you use your small business to respond to vital, yet everyday needs in your community? Some small businesses that fit this category are tutoring, meal delivery, home daycare, and that organic bakery your neighbours are demanding.

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The 31 questions to ask yourself before you start a small business

Starting a small business is a big step, and one that shouldn’t be taken lightly. We’ve compiled 31 questions that all entrepreneurs should ask themselves to ensure they’re on a promising path to small business success. Take some time to answer the questions below to determine if your great business idea will translate into a great business opportunity as well.

  1. Who will buy?
  2. Who are my customers?
  3. Are my customers other businesses, consumers, or both?
  4. Are the customers easily identified? Are they accessible through media? Is the market for this idea growing?
  5. Do social, technical, economic, political or environmental trends support this idea?
  6. Why will they buy?
  7. Does the idea solve a real and known problem?
  8. Does the idea satisfy a need in the marketplace?
  9. Will the idea be seen by my customers as clearly superior to that of competitors?
  10. Is our idea unique and innovative enough to become intellectual property for my business?
  11. Can we protect our intellectual property (our ideas and other things we create)?
  12. Will we be first to market with this idea?
  13. How much will they buy?
  14. How much does it cost to make — what are my variable costs?
  15. How much would it cost to run a company like this for a year — what are my fixed costs?
  16. How much would people pay for it?
  17. How many units will I have to sell to break even? Use the break-even formula: Break-even (in units) = fixed costs ÷ (unit selling Price – unit Variable cost)
  18. How much money do I need to start up this business?
  19. How long will it take before we can make a sale?
  20. How long will it take before we can generate a profit?
  21. How many can we sell in a year?
  22. Do I have the start-up capital? If not, do I have access to money from friends or family?
  23. Would I qualify for a loan?
  24. Can I afford to live until my company is profitable enough that I can draw a salary?
  25. Can I pull this off?
  26. Do my four Capital Factors (human, social, psychological and financial) support me running a business like this?
  27. Does my education, experience, and domain knowledge support this idea?
  28. Can I pull together a skilled team to help me start this business?
  29. Do I have access to the right people to hire?
  30. Do I want to run a business like this — do I have the passion?
  31. Is my spouse or partner supportive of me running a business like this?
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