4 positives of becoming an entrepreneur

There are many positives to becoming an entrepreneur. An entrepreneur by definition is someone who organizes, manages, and assumes the risks of a business or enterprise in order to make a profit.

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This blog post will discuss 4 positives of becoming an entrepreneur and will hopefully aid you in kickstarting your own journey to entrepreneurship.

4 positives of becoming an entrepreneur:

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1.     Being your own boss.

‍Being an entrepreneur means you will be in business alone (unless you have a business partner) and you will not have to report to anyone. Basically, you will not have a direct line manager as you would in a full or part time job. Being your own boss means you wear all the hats and are responsible for the success or failure of the business venture.

In my own personal experience, being your own boss is great but having a business partner helps out a lot. Even though you do not have to report to anyone, it is still a good idea to run ideas past someone to sense check them. When I started my first venture ‘AO Accountants’, I quickly found out that I needed an extra pair of hands. Simple tasks such as creating a business logo, website and content quickly becomes a long to-do list. Getting a business partner was a great step to take in the early stages and is paying off now.

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Being your own boss means you wear all the hats and are responsible for the success or failure of the business venture.

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2.     Better work-life balance.

‍Once you become an entrepreneur you get to choose when (and sometimes where) you work, depending on the venture. You can plan your work around other commitments you may have. Working a full-time job does not give the best balance if you spend most of your day in the office. By becoming an entrepreneur, you now have a greater influence on how hard you work and what your working hours are.

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3.     Higher earning potential.

‍By being employed on a fixed hourly or annual salary, you get paid the same salary regardless of how hard you work. In most cases, putting in the extra hours as an entrepreneur usually means you earn more at some point. Entrepreneurs tend to have a high work ethic which should translate itself to extra revenue – by going the extra mile and adding more value, your earning potential as an entrepreneur will sky rocket!

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4.     Leaving behind a legacy or funding your retirement.

‍One of the major positives of becoming an entrepreneur is that you are building a legacy for your children or other family members to inherit. On the other hand, selling your business ventures/assets could also be a way for you to fund yourself through your retirement and give you a much-needed cash boost.

Entrepreneurship brings with it many benefits, especially from a financial point of view. It is also worth mentioning that there are risks of losing your capital or business failing to materialise. These are two downsides of being an entrepreneur but should not put you off embarking on the journey. As they say, no risk = no reward.

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For more articles on personal finance and entrepreneurship please visit the My Future Pound blog.

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