Thousands of People Become Entrepreneurs

Every year, thousands of people become entrepreneurs. It’s a challenging road, one filled with harsh reality checks, unexpected turns and a great deal of financial and emotional strain. So why do so many people opt for this lifestyle in the first place?

If you’re reading this article, you’re likely either an entrepreneur already, or you’re considering becoming one. If that’s the case, do you know the real reasons why you’re doing it in the first place?

Related: 7 Life Lessons From My Entrepreneurship Journey

Why It’s Important to Know

It seems like a silly question. After all, there are some obvious benefits to entrepreneurship. But not all of them may be important to you, and some of them may be affecting your decision making without you realizing it. Better understanding your own motivations can help you in a number of areas of entrepreneurial development:

  1. Direction. First, understanding your personal motivations for being an entrepreneur will help you direct the business in the right direction. For example, if you’re looking for a challenge, you may drive the business in new, unconventional areas, but if you’re more interested in preserving a healthier, flexible work-life balance, you may prefer keeping things in a more conservative balance.
  2. Clarity. Identifying your personal motivations can also help you explain why certain choices appeal to you more, or why certain things are affecting you in a positive or negative way. For example, if money is a major motivation of yours, you may be more affected by short-term losses.
  3. Morale. Finally, knowing what you want can help you get what you want, and keep your morale especially high in the process. When you have a good idea of your needs, you can work harder to fulfill those specific needs, and worry less about everything else that’s going on.

With that being said, you may need a helping hand to figure out exactly what your motivations are. Here are some of the most common ones.

1. Money

There’s nothing wrong with becoming an entrepreneur to make more money. By now, you should realize that entrepreneurship isn’t a get-rich-quick scheme (no matter how many news stories you’ve read), but even modest businesses can return an impressive salary for hard-working entrepreneurs.

Entrepreneurship bears nearly limitless income potential — provided you have a good idea — and knowing that money is a big priority for you may help you direct your business in a more profitable direction.

2. Independence

Some people opt in for entrepreneurship because of the independence it offers. They’re tired of having a boss or supervisor tell them what to do, and they want to take charge of their own lives.

There’s a certain pride in making the decisions and setting the course for an enterprise, not to mention, you’ll have more flexibility to do what you want in life — even if that means taking an extended vacation or going home early on a light day.

3. Creativity

Some people have an urge to create things, and entrepreneurship is nothing if not a creative endeavor. This is an artistic or DIY project on the largest scales, as you’ll be incepting and shaping an entire self-sustaining system in your course as an entrepreneur. When this is your primary motivation, you can focus on those self-sustaining elements, and prioritize your inner vision, even if it isn’t always the most pragmatic.

4. Legacy

For some entrepreneurs, creating a business is all about leaving a legacy — and there are actually a few different forms of this. For example, you might be building a business so that your children or grandchildren can inherit a means of making money. Or you might be building a business to change the world (and have your name associated with that change). Read more

More from author

Entrepreneurs Failure Stories Are Arguably Just As Important As Their Success Stories

Highlighting the benefits of super successful startups that became a unicorn is common in media. Stories of startups...

Recruiting Prospective Employees Online vs Traditional Recruitment

New technology has brought with it many changes. It has transformed how we interact, connect, and perform...

Maria Fox Giambrone Teaching Women Real World Business Skills

Maria, once a budding entrepreneur, is now a 7-figure earner with her name carved into the beverage...

Entrepreneurship Gets Better After Age 40

Entrepreneurship Gets Better After Age 40: Think about what the stereotypical entrepreneur looks like. Can you see...

Related posts


Latest posts

Entrepreneurs Failure Stories Are Arguably Just As Important As Their Success Stories

Highlighting the benefits of super successful startups that became a unicorn is common in media. Stories of startups becoming unicorns or entrepreneurs making a fortune...

Shift Away From Cash And Credit Cards To Digital Wallets

By 2025 digital wallet use will account for just over half (52.5%) of ecommerce transaction value worldwide, versus 48.6% in 2021, according to the...

How To Start A Drop Shipping Business In Canada?

You should take several steps to launch an e-commerce venture. First, you should find a niche. Next, you should choose a province to headquarter your...

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!