Entrepreneurship is a pro¬cess of action an entrepreneur undertakes to establish his enter¬prise. Entrepreneurship is a re¬sultant mix of many qualities and traits of an entrepreneur. Entrepreneurship can be de¬fined as a process undertaken by entrepreneur to augment his business interests.

It is an exer¬cise involving innovation and creativity that will go towards establishing his/her enterprise. Life as a business owner may not always be easy, but entrepreneurs do enjoy numerous benefits. Here are some of the advantages that often come along with starting your own business:

1. A flexible schedule: People who work reasonable hours are often more productive than those stuck at work for nine hours or longer each day. Entrepreneurship offers the chance to get away from a fixed routine and instead develop your own personal schedule.

2. Autonomy: People who have more autonomy in their jobs are more invested and involved in their work. Because entrepreneurs are responsible for their businesses, they have no shortage of motivation to work hard to ensure that their business succeeds. With your own business to manage, you have a sense of self-governing and self-directing.

4. Continued growth and development: Entrepreneurship requires constant growth. You have to be able to adapt as your business expands or the market shifts. A growth mindset enables you to view challenges as opportunities and failure as something to overcome. There are always new concepts to learn and apply to your business, which prevents complacency and encourages constant professional growth.

5. Potentially unlimited income: Unlike working for a company, where your salary is decided by someone else, when you run your own business, your income is decided by you alone. If you work hard and the business is a success, you can reward yourself. Being an entrepreneur is high risk, high reward – you could make millions, or you could make nothing at all. But the earning potential is higher than almost any other career.

6. Choose who you work with: When you run your own business, you build your own team. You can surround yourself with people who share your vision and work the way you want them to. Being able to nurture new talent and get the best out of your colleagues is one of the most rewarding things about being an entrepreneur.

7. Enhanced managerial abilities: Entrepreneurship will help you identify and develop your managerial skills. Necessity can be a great teacher, and your firsthand experience as a business owner can enhance your existing business knowledge and leadership abilities. With time, you may even learn new managerial techniques and functions. You might even find yourself motivated to enroll in a business-related course to ensure you understand what is required to build a successful business. No matter what your future holds, all of the skills and knowledge you gain through entrepreneurship are invaluable.

8. Fulfilling and Boosts Self-Esteem: Entrepreneurship requires a lot of managerial skills such as decision making and being able to do so confidently boost their self-esteem. Entrepreneurs are those who inspire people to do business on their own and confidently pursue their passion in a certain way. They are people with good leadership qualities and a vision. The ability to be able to create a product and fulfill a certain customer need with the use of individual ideas, talent, and resources creates a huge sense of satisfaction and is very fulfilling.

9. Getting to Learn New Things: One of the biggest benefits of being an entrepreneur is you get to wear various hats and get to learn many things. These learnings are not just limited to your own industry but about marketing, managing money, handling people, dealing with risks, getting the work done in the most effective way, etc. It enables one to explore and figure out how to do things even if they don’t know much about it.

10. Developing the Economy: Entrepreneurship enables new markets to develop in the form of goods, services, and technology. It paves ways of generating wealth; these higher earnings contribute to increased national income and tax revenues. It promotes innovation, self-reliance and generates employment opportunities.

Published in The Daily National Courier, September, 15 2022

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