January 18, 2013

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11. Hire employees and contribute to economic growth.

“The companies that have a greater impact on the U.S. economy are, in fact, the smallest. So while investors and the media may pay the most attention to those on Wall Street, it’s the small businesses on Main Street that are quietly playing an instrumental role in the U.S. economy, in terms of both employment and private (non-farm) gross domestic product,” according to CIT Group.

12. Call the shots and become a leader.

Starting a business will yield the opportunity for you to become a leader. “Peter Drucker famously stated that “management is doing things right; leadership is doing the right things.” Great leaders possess dazzling social intelligence, a zest for change, and above all, vision that allows them to set their sights on the “things” that truly merit attention.” If you were born to lead, entrepreneurship is the perfect way to start.

13. Become involved in all aspects of a company’s operations.

Many entrepreneurs enjoy being involved in various aspects of their business – from product design, marketing, sales, and branding to financial analysis, public relations, customer acquisition and more. Starting a business will give you the ultimate crash course in what it takes to build something from nothing and turn a profit.

14. Put a personal touch back into doing business.

Many entrepreneurs have cited the reason they started a business was to put the relationship factor back into business. As your company grows larger, many business owners neglect the human component — especially larger corporations.

15. Improve upon old ideas.

Entrepreneurs are complainers with solutions. Many in fact, aim to improve upon old ideas that no longer work in today’s business environment. It has been said that “There are only three original jokes and all the others have been derived from them. It’s why Hollywood remakes old movies. And the dearth of original ideas is why businesspeople sometimes pay other businesspeople to come up with a new concept for their own products or services,” according to an Entrepreneur magazine post.

16. Celebrate massive accomplishment.

Starting a business, turning a profit and surviving the journey along the way is a huge accomplishment. As an entrepreneur, you enjoy the feeling of accomplishment and fulfillment in knowing that you are offering a valuable product or service to your community. The satisfaction derived from achievement motivation–”the psychological drive to excel, a social form of motivation to perform at a high level of competence”–is like none other.

17. Provide a better quality of life for you and those you care about.

What does an improved quality of life mean for you and those you care about? Entrepreneurs who attain certain levels of financial success in business often help others with their financial needs on an individual level or through philanthropic ventures.

18. Build a business as an investment for yourself and future.

Consider your small business as an investment. Entrepreneurs not only reap the financial rewards of building a profitable company but they also gain tremendous insights into the most important investment of all — one’s self. An investment by nature, is putting something on the line. Entrepreneurs take a risk on themselves because they know “they’re worth it!”

19. Design the lifestyle that best suits you.

Are you a morning person? Do you prefer to work from remote locations around the world? Do you like to take trips often? One of the perks of entrepreneurship is the creative ability to design the lifestyle that best suits your desires.

20. Rule the world and improve upon your own personal power … mwahahaha!

Let’s be honest. When you build an empire from scratch and earn appreciation and gratitude along the way — it is empowering. Most people in this world want to harness their personal power and are unsure how — which results in a whole smorgasbord of misuse and negative expressions of perceived power.

Entrepreneurship can set you on the course for true personal power. “As described in “The Ethics of Interpersonal Relationships (2009),” there is a clear distinction between positive power–personal power–and negative power, which can take either a covert or overt form,” according to a post in Psychology Today. “Personal power is based on strength, confidence, and competence that individuals gradually acquire in the course of their development. It is self-assertion, and a natural, healthy striving for love, satisfaction and meaning in one’s interpersonal world.”

Why do you love being an entrepreneur? Let me know in the comments section below.

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Photo: Tommy Hilfiger

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