Transcription
Daily, more and more young and dynamic individuals choose to forego the traditional nine to five jobs over becoming entrepreneurs. With a lot of hype around worldwide, what exactly is entrepreneurship? What is entrepreneurship? Maybe it seems to be a simple question, but the essence of the word can go out of hand.
Howard Stevenson, a Harvard Business School professor, defines it as "entrepreneurship as the pursuit of opportunity beyond resources controlled." The true excellence of Stevenson's definition depicts how it opens up entrepreneurship to any person, including such people we don't usually think can have the capability to be entrepreneurs. Entrepreneurship becomes a creative mindset rather than the caricature we're used to of the driven, risk-addicted type.
A serial business starter, however, simply put, entrepreneurship is the process of starting a business to make a financial profit. Of course, making money is not the only motivation for entrepreneurs, but risk-taking, usually in financial investments, is the bottom line of all entrepreneurs. At the same time, an entrepreneur is defined as someone who can establish and administer a startup venture and risk entitled to it to make profits.
Entrepreneurs are often known as sources of new ideas or innovators who bring new ideas in the market by replacing the old. Being an entrepreneur isn't just another job; instead, it's a lifestyle. As mentioned earlier, it often involves undertaking a lot of risks and uncertainty, but at the same time, it comes with great potential and leading a rather remarkable life.
There are multiple successful entrepreneurship stories and examples worldwide, like Bill Gates, Jeff Bezos, or Indian entrepreneur heroes like Azim Premji, Ritesh Agarwal, and even Shravan and Sanjay Kumaran. They prove that entrepreneurship is the most creative and rewarding form of business, both to themselves and the societies. Even though multiple studies show that almost 90% of startups fail, there come certain benefits along with entrepreneurship which you must not miss listening to. So, let's take a look at those eight benefits.
Benefits of Entrepreneurship:
Number one: Take control of your destiny. You no longer have to deal with promotions, salary hikes, or job performances decided by others. You're the master of your business goals, mission, vision, and everything else. Think of ideas and have the liberty to implement it too, which you might not get to do at your job.
Number two: Choosing who to work with. You get to decide who is part of your team, ensuring that you determine what type of people and what skills you want to bring aboard. Hence, your company's success or failure is entirely dependent on you and your decisions.
Number three: Be your own boss. No matter how high up you have climbed up the corporate ladder, there will always be a boss above you. Not in entrepreneurship. Here, you are your own boss. You manage all the work schedules, not just yourself but all your employees as well. Additionally, you get to decide your salary based on the success of the business.
Number four: A flexible schedule. So many people resent the office routine that it's called the nine to five grind. As an entrepreneur, you can break out of that cycle and create your own schedule. Start your day early if you're a morning person, or work later past 12 if you are a midnight owl.
Number five: Making a difference to serve the society. Being an entrepreneur gives you a chance to change the world for the better. Partner with NGOs or employ disabled people if your operations permit it. This will provide you with immense contentment and, at the same time, is excellent marketing and promotion of your business.
Number six: Lead an exciting life. Yes, entrepreneurship comes with its share of challenges, but tackling these challenges ensures that you lead a fascinating life. Each day is filled with opportunities to grow, develop your skills, and there's always something new to learn.
Number seven: Meeting like-minded people. Entrepreneur Jim Rohn said, "You are the average of the five people you spend the most time with." By becoming an entrepreneur, you will join a group of ambitious people who believe in bettering themselves and the world. These connections will help you evolve into a better person in the future.
Number eight: Leadership experience. Communication skills, self-discipline, passion, patience, optimism, and unrelenting work ethic. Building a company from the very bottom level nurtures these leadership skills. This means that entrepreneurship can transform you into an inspiring leader, both professionally and personally.
Finally, concluding with a famous quote by Shark Tank investor Lori Greiner: "Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week." Of course, if the working hours are as per your flexibility and norms, even 80 seems a small number. Similar to high-risk activities like adventure sports, people feel the adrenaline and take up entrepreneurship as an exciting venture rather than a risk-taking factor.
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