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)!
Educator 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.