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Why Become an Entrepreneur

entrepreneurTop 5 Reasons to Become an Entrepreneur

Ever thought about becoming an entrepreneur? Most of us will work in some form or fashion for at least 40 hours a week.  Some doing things they love with people they hate, others doing things they hate with people they love.  If you're lucky, you're doing something you love with people you love.  Unfortunately that's pretty rare in a traditional working environment. If you are in the former 2 categories, maybe it's time to consider becoming an entreprenuer.  Here are my top 5 reasons for becoming an entrepreneur.

 

Reason #1 to become an Entrepreneur: Earning Potential

There’s no question that having a job and steady source of income is a good thing,  especially given the economy over the last few years.  There’s also no question that for the majority of people, their earnings potential with a job is limited to a fixed range.  While the risks with entrepreneurship are greater, so is the potential reward.  Statistics from the small business administration show a much higher median income for small businesses owners rather than traditional employees.  As an entrepreneur you have more control over your income, and the sky truly is the limit.

Reason #2 to become an Entrepreneur: Freedom & Independence

As an entrepreneur, you control your destiny.  Being your own boss gives you the freedom and independence to set your own schedule.  While there will be many days of long hours and hard work ahead of you, when you are your own boss, you have the flexibility to take time out for that afternoon field trip at school, or be there to meet the kids at the bus stop. It’s that flexibility that most people don’t have working a regular job.

Reason #3 to become an Entrepreneur: Tax Advantages

The US tax code was written for business owners, not employees.  The tax code is written to stimulate activities that the government feels are essential to the economy.  As a result, there are many tax advantages and incentives for entrepreneurs to take advantage off.  Every business situation is different, and you should always consult a financial professional, but in the right situation, things such as meals, travel, entertainment, & education can be deductions.  You can even set up your own retirement plans, and hire family members as employees.  When you are your own boss you get to take full advantage of the tax code and keep more of what you earn.

Reason #4 to become an Entrepreneur: The Opportunity to Leave a Lasting Legacy.

It’s hard to leave a lasting impact or legacy while working as an employee for someone else.  As an entrepreneur, you have the opportunity to create a legacy that can be remembered and passed down for generations.  Consider the impact and lasting legacy of a Bill Gates.  Not only did he change how we live and work with his Microsoft products, but his legacy of philanthropy through the Bill and Melinda Gates Foundation will truly have an impact for generations to come.  

Reason #5 to become an Entrepreneur: Job Security

If you’re the boss, you can’t get fired right?  Seriously though, if you’ve ever been the victim of downsizing, rightsizing, or have just plain been fired, then you know how difficult that can be.  That won’t happen when you own your own business.  Now you may decide to close up shop, but you’re the boss, and you make the call.  If you find the information on my blog helpful, please comment or share on your favorite social media site.

 

Allan Thompson making the shift

Allan Thompson's Making The Shift Blog
Email: Allan@makingtheshift.biz
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