For all the talk about the high amount of risk that is involved with starting and running your own business. There are several key benefits that arise from starting a business. A few of these benefits are as follows; freedom, money, hard work paying off, being more of who you are and who you can be, to name a few.
Let’s look at 3 in particular that are particularly relevant in today’s market. They are hard work being rewarded, money and freedom.
Imagine busting your tail for a company for years, sacrificing family time, increased stress, innovation of new products and ideas for that company that you aren’t directly paid for and then in one 30 minute meeting on a Friday evening you are told that your time with the company is over. Maybe the company is having financial issues and needs to cut back, maybe there was a merger that took place and there is no longer a spot for you or perhaps they just weren’t satisfied with your performance. Regardless of the reason, you are left with nothing at that point but a story for your resume and a declining 401k that no one is managing. Entrepreneurship is a lot of hard work, in many cases much more time consuming than your W2 wage job. If you spent 5+ years running your own business, chances are if it has lasted that long you are starting to realize real success and have a wealth vehicle built that you own and control. This is much better than the alternative of the 9 to 5 where when it ends all you get is the crappy severance package and an uncomfortable conversation with your wife and kids.
Money is another benefit. No matter how great you are at a W2 job, you will never get paid what you are truly worth. In your own business, you are more likely to control this and get compensated for the value that you are creating in the marketplace. More money gets you closer to the last benefit that will talk about with regards to business ownerships.
That benefit is freedom. When you own your own business, you have to be disciplined. With the proper discipline comes the benefit of never having to apologize again for taking a day off and going on vacation. No more missing important functions with your kids etc. It’s just important that you don’t abuse use and run your business into the ground as a result of neglect.
There are certainly risks associated with starting a business. There are also ways to mitigate those risks with planning and starting your business for the right reasons. No of the above benefits is a reason to start your business but they are fruits to be enjoyed from business well done. Ask yourself this question, are you a top notch performer at your current job? If so, would it make sense to go out on your own and maximize your talents? If you are in a job where your talents are not allowed to grow, is it time to leave? What has been your experience as a wage earner or business owner with regards to the above benefits?