The advantages that make up for the risk of going out on your own
Starting your own business involves coming face-to-face with the prospect of failure. This possibility, and its attendant consequences – financial strain, pressure on personal relationships, blows to drive and confidence – can be enough to warn most people off beginning their own enterprise. But the benefits of starting your own business can trump the risks that are involved.
Knowledge of Self
Starting a business for the first time will bring new experiences every day. Facing up to these experiences will teach you about yourself – how you deal with disappointment, how you rise to challenges, how you use your smarts to get what you want, what you’re willing to sacrifice to make your dreams reality. Your success will be a result of your own doing, and with that, you will gain insight that others won’t have access to about what kind of person you are. “Know thyself” was the inscripted instruction that loomed at the entrance to the Temple of the Oracle at Delphi – and starting your own business is a certain route to doing just that.
Risk means reward
You’re putting your money where your mouth is when you begin your career as an entrepreneur. Your bet is on your abilities – and your reward if this bet pays off is being the one who can lay claim to the payoff from your labours. The willingness to risk lean periods of financial health in order to pull in profits at the end of the day is the hallmark of the entrepreneur. You get command of your profits, rather than having the product of your work managed and diverted through a corporate framework.
Variety spices life
Some people are suited to monotony. They like to see the same faces, streets, workloads every day. The entrepreneur is not such a person. The web of tasks for which the entrepreneur must take final responsibility is part of the attraction of being an entrepreneur. No day will be the same as you strive for continual improvement in the fortunes of your enterprise.
Freedom and flexibility
When you start your own business, you get to do what your heart desires, rather than what has been mandated by others. Because your success is derived from your own efforts, and because you can expend your efforts when you deem necessary, you won’t be locked into a conventional schedule as an entrepreneur. This may mean burning the midnight oil as you work to accomplish a project, or it may mean taking a 6-month vacation as a reward for your success. Being an entrepreneur means, at base, that you are doing what you want, and, doing what you need to in order to do what you want.
Pride, before and after a fall
Nobody but you is entitled to claim ownership of the success that comes from your own business. Being one of the few willing to face their fears, and the perils of a life without a safety net, will become a cornerstone of your identity, and a source of pride. You will not be among the multitudes who live with regret over what could have been – even in failure, you will emerge enriched.