Advertising
Advertising

10 Benefits Of Being Self-employed

10 Benefits Of Being Self-employed

Leaving behind the comfort and familiarity of a regular job and a reliable paycheck is a daunting prospect for many budding entrepreneurs. Indeed, the fear of becoming self-employed often scuppers many great, profitable ideas. Yes, there is no denying that being self-employed has its challenges and that not everyone has what it takes to grow a successful business. But if you feel that you have a great idea, are persistent, determined and resourceful, then being self-employed offers a potential lifestyle you’ll never realize as an employee. What follows is a list of 10 of the biggest benefits of stepping out of your comfort zone and becoming self-employed.

1. You control your life

Many entrepreneurs are the type of people that like to take control and make decisions. As a self-employed business owner you have the freedom to make decisions that shape the present and future for yourself and your family. Your destiny is in your own hands. As an employee, however, your financial status is intrinsically linked to the success of your employer.

Advertising

2. You get to choose your hours

Being self-employed means you get to choose when you work. Rather than being contracted to set hours, you can start as early or late as you want. Although this inevitably provides a much desired level of flexibility, the self-employed entrepreneur must be disciplined in order to run a successful enterprise. Balancing work and family life can be difficult, but running your own business affords you the ability to take time-out when needed. As long as you’re realistic and don’t award yourself too many vacations, a well-run business provides many lifestyle benefits you simply don’t get as an employee.

3. You get to work with people you like

When you’re an employee, you work with people you like and others you very much dislike throughout your career. As an employee, you don’t get to choose whom you work with. If you don’t like your co-workers, tough. But that’s not the case when you own your own business. You get to make the decisions about who to hire and fire, and you can build a team aligned to your personality and goals.

Advertising

4. You get the rewards

Sure, as an employee you’ll get paid overtime for putting in the extra hours. But you’ll rarely get a share of the profits generated from that work. Whereas when you’re self-employed, you get to see the financial results of your hard work. Yes, starting a business is never without risk, But if you get it right, the rewards far outweigh that risk.

5. You can follow your passion

If it’s just about the money, forget it. The most successful business owners are rarely purely motivated by money. Invariably, they love their product or service or just love building a business. They want to make things better, cheaper or easier. Being self-employed helps you escape the trap of working in a job you hate and allows you to turn your passions into a business.

Advertising

6. You get to live a varied life

Honestly, I don’t think I could ever go back to punching the clock for an employer. Arriving and leaving at the same time each day. Knowing exactly what each day will hold. Is that in any way exciting or inspiring? Being self-employed is often like being on a roller coaster. No day is ever the same. You’ll get used to dealing with orders, accounts, sales, complaints, celebrations and bereavements all in the course of your working days. It’s rarely dull…

7. You create

Being creative is uniquely satisfying. The very best entrepreneurs are often creative people with a desire to solve problems and make life better. In fact, the actual process of building a business is creative in and of itself. When you own your own business, you get to shape the dreams of yourself and others. You’re always building.

Advertising

8. You get to help people

Being able to help people is one of the main benefits of being self-employed and running a business. Even a very small local business helps people by creating jobs and supporting a community. Maybe you’d love to create a program that improves education among children? Or create a service that improves the lives of local families? Owning your own business can help you achieve these goals.

9. You can make a stand

Being self-employed means you can stand up for what you believe in. Not only do you get to build a business that provides a product or service that benefits others – you are also able to create a vision, goals and an ethos that inspires those that you employ and serve. You can truly change people’s lives.

10. You are rewarded with self-fulfillment

What if you never took that step? What if you let a fear of failure condemn you to a life of mediocrity? If you find yourself dreaming of running your own business and of making a difference, you must not let anything stand in your way. The lessons you learn and the pure sense of self-fulfillment trump any fleeting fears or failures. It’s a journey truly worth taking.

Featured photo credit: Unsplash via unsplash.com

More by this author

10 Things Only Bosses Understand 10 Benefits Of Being Self-employed 10 Benefits Of Being Self-employed 15 Simple Ways To Save Money on Groceries And Still Eat Well Being Single: What It’s About And Why It May Be The Best Way To Live Your Life

Trending in Work

1 10 Most Successful Entrepreneurs and What We Can Learn from Them 2 How to Switch Careers and Get Closer to Your Dream Job 3 9 Tips for Starting a New Job and Succeeding in Your Career 4 How to Swiftly Make a Midlife Career Change 5 10 Essential Skills to Become a Successful Team Leader and Manager

Read Next

Advertising
Advertising
Advertising

Last Updated on May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

          Advertising

          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

              Advertising

              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

                  Advertising

                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

                      Advertising

                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

                      More Articles About Entrepreneurship

                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

                      Read Next