Thinking about becoming an entrepreneur? Wondering if it will actually improve your life? These are questions that should be going through your mind if you are thinking about entrepreneurship and venturing out on your own.
Being an entrepreneur is absolutely worth it, entrepreneurs/self-employed people are happier and feel a deeper satisfaction from their work and flexible lifestyles compared to employees or wage-earners. Not only are entrepreneurs happier, but they also have more potential opportunities to create a level of wealth that is out of reach for most employees.
This isn’t to say that every entrepreneur is guaranteed happiness because there are a lot of factors that contribute to “being happy.” In a study published for worldscientific.com of 90350 individuals across 60 countries, they found some interesting results regarding individual happiness in comparison to wage-earners.
Globally, entrepreneurs are happier in all aspects of their lives but some regions throughout the world expressed the opposite based on cultural differences.
Entrepreneurs throughout the Middle East were found to be less happy than sub-Saharan and eastern European Entrepreneurs ie. Western Culture.
Resorting to logistic regressions, we achieved two main results: (1) regardless of the proxy for happiness, entrepreneurs are happier than non-entrepreneurs; and (2) the relationship between entrepreneurship and happiness is mediated by culture: in some cultures
(sub-Saharan Africa, Scandinavian Europe, Anglophone and, Southern Asia), entrepreneurs are happier than non-entrepreneurs, whereas, in others (Middle East), the opposite result is obtained.
The cultural aspects of entrepreneurship can’t be underestimated especially if you are in an area that has a strong influence on your actions and social freedoms.
What Makes It Worth Becoming An Entrepreneur?
In some ways becoming an entrepreneur will test you and force you to grow, in others, you will feel like it was meant to be or you got lucky. Throughout all of the ups and downs, you will need to be reliant upon yourself to find the path to success.
This is also the leading metric for why entrepreneurs are happy. Entrepreneurs find their happiness from self-expression and the procedures involved in achieving their goals. This is called procedural utility.
The procedural utility is an approach to human well-being that emphasizes the conditions and processes that lead to outcomes, rather than only the outcomes.
As an entrepreneur people are more involved in how things come about “the procedure” and how they develop into the many goals that may need to be achieved. In contrast, people who are wage earners or employees are subjected more to taking orders or following directions in what they do through their careers.
As you shall see, developing and gaining more self-reliance and responsibility has an increased effect on people’s happiness AND health through many aspects of their lives.
The best way to feel better in every way is to increase your responsibilities. By increasing your responsibilities you will constantly be testing and pushing yourself to become better.
This doesn’t just apply to entrepreneurs, it applies to you too. You don’t need to own a million-dollar company to start taking on more responsibility. You just need to start actively pursuing betterment for yourself and your family.
Using job satisfaction as a proxy measure for utility from work, it is shown that the self-employed enjoy considerably higher job satisfaction than employees in all three countries considered.
the higher job satisfaction among self-employed people can be explained mainly by two job aspects: their more interesting work and their higher autonomy.
But, some more interesting stats show who is in fact more likely to become an entrepreneur or a serial entrepreneur!
For most people, we think about the young adults who struck it rich with their new business and made millions. People like Mark Zuckerberg or Steve Jobs both started their own companies at young ages. This couldn’t be farther from the truth for most entrepreneurs.
The average age that an entrepreneur starts his or her own business is 42! That’s right, 42.
There is some logic involved with this though and it makes a big difference. By the time you get into college or University, you are still “on Top Of The World” so to speak. You have the world at your fingertips and self-assurance can run high for some people.
By the time you’re 40, you have had some time to mature and learn more about how the world works and get more involved within career paths. This all adds up to an experience that a 19-year-old doesn’t have. Those extra years increase your chance of success because you can look at situations more critically and assess risk easier.
It’s a hard blow if these young entrepreneurs start a business and fail. Which is unfortunately very likely. 90% of all new business ventures fail within 5 years. That’s a lot of businesses that only start to get a foothold then start on a downward trend until closing.
THEN, out of the 10% that make it past 5 years, 90% of those companies will fail within 10 years!
Why Do It?
So, why? Why do entrepreneurs keep going and keep opening more businesses? Why should you start your own business?
Simply, satisfaction with their work. That’s the biggest driver. You get to choose your business. Something YOU like. Something YOU want to do.
Entrepreneurs live a lifestyle of freedom where they get to guide their business and be the one in charge, not the one being told what to do. This leadership role has a profound effect on how people feel about their jobs/businesses. You get to do what you want when you want AND no-one is telling you to do it!
So when you take on the responsibility of an entrepreneur and you want your own business any success you receive is amplified because you had to do it for yourself. You weren’t relying on someone to tell you how or what to do when something went wrong. You needed to come up with a plan of action and see it through.
The Potential to Make More Money!
It’s an unfortunate truth but, you go to work to make money. Just like an entrepreneur, the goal is to make money.
It’s how you feed your family and keep a roof over their heads. So what kind of potential do entrepreneurs have that salary earner don’t?
Exponential Income! Entrepreneurs have the potential to make thousands, millions, or even billions of dollars while a wage earner is going to peak out in the wages they can receive.
See there’s no room for expansion when you are a wage earner. You are working “X” number of hours getting paid “X” salary and that’s how you make money.
An entrepreneur can start a business online and open his customer base to over 300 million people just in the US!
If you created a product and made $2 off of each sale, it may not seem like much but volume and scale can be achieved to make $2 in profit into 2 million a year in profit.
You only need to sell something 1,000,000 times to make that $2,000,000. That might seem like a lot but think about Coca Cola. Coca Cola sells 1.8 BILLION cokes EVERY DAY!
Scale can allow an entrepreneur to make Millions of dollars a year while hourly wages hold people back from their potential.
It’s important to realize that most entrepreneurs don’t really start making any kind of substantial income for at least a few years. Some start out and make tons of money really fast but most people end up taking some time to build up to that point.
Be prepared to work “For Free” for a few years while you grow your customer base and business. This can take a lot of determination and is one of the reasons most people fail at starting a business.
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If you are at all interested in becoming an entrepreneur, take it seriously. Embrace the curiosity and start reading about everything involved with creating businesses.
There’s a lot to learn and even after you start your business you will still need to learn and adapt more every day!
Websites are great! You can customize them how you want and when you aren’t working you just close down your computer and “the shops closed” at least at your end. It still runs and is open to the world!
No matter what your reason to want to become an entrepreneur, you owe it to yourself to explore and decide after getting the right information.
Taking the first step and knowing you want to start something is the most important. Take ACTION, it’s the only way to success!