Much of the payback people get from their entrepreneurial ventures is personal. Having the independence and flexibility to make time for family, hobbies or other activities is a huge draw to the entrepreneurial life. It also It also provides an opportunity to do something you have a passion for than spend the majority of your waking hours performing tasks you have little real interest in. And, increasingly, location independence is a huge benefit: many people want to live in a particular geographic area — say, close to the mountains or by the ocean — or perhaps in a place where there aren't an abundance of jobs. Avoiding long commutes is a growing priority, as is the ability to work virtually from anyplace to enable a more footloose lifestyle.
Professional benefits
You will also reap extensive professional benefits from your entrepreneurial endeavors. For starters, you can advance more rapidly than you would in a traditional office setting. You won't be limited by what your boss thinks. You won't be held back because you lack experience or seniority. You will succeed or fail on your own merits.
You'll also be able to fully leverage your creativity and ingenuity. Rather than simply carrying out other people's ideas or implementing their visions, you reap the professional benefits of any exciting insights or "ahas" you get. You can be aggressively proactive at pursuing exciting new ideas for products and/or services, and you can pave a path or create a legacy for those who come after you.
Finally, you will thrive due to the sheer adrenaline factor. Entrepreneurs are challenged and surprised every day, and because of this they grow at a much faster rate professionally than their counterparts in traditional employment situations. And because you're the boss, you can invest in further education and training as you want or need it.
Financial benefits
The financial benefits or running your own firm can be substantial. Research performed by Thomas Stanley and William Danko for their best-selling book The Millionaire Next Door found that self-employed businesspersons were four times more likely to be millionaires than those in traditional employer-employee roles. Your earning potential is theoretically unlimited — you can go as far as your business idea will take you. You also benefit directly from your success. The fruits of your labors belong to you. You can take as much or as little out of your business as you choose. And you are untethered from the economic ups and downs — and whims — of a traditional employer. You make, and reap, the financial rewards of your own hard work.
(2 of 2)Unemployed short on opportunities, benefitsWhen a Model No Longer Works, It’s Time to Adapt
