The Merriam Webster dictionary defines the word entrepreneur as: “One who organizes, manages, and assumes the risks of a business or enterprise”. But for anyone who has ever undertaken the journey of entrepreneurship, as well as those who may feel motivated to do so, the definition of the word is secondary to the motivation to get there.
Entrepreneurship by the Numbers
Many people are satisfied with a steady and supervised employment that feeds families, provides stability, and offers structure. But there is another group of individuals who feel the call to start their own business and take on most, or all, of the risks. To put the lure of entrepreneurship into perspective, one study by the Global Entrepreneurship Monitor found that there are over 582 million people who currently run or are starting a business.
The data also shows the diversity of age, culture, and other factors that show how entrepreneurship is a viable option for anyone with the drive and motivation to achieve. Other relevant supporting data on the value of entrepreneurship includes:
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Failure rate for small businesses has fallen by 30% since the 1970s. Entrepreneur
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Of those starting small businesses, 60% are between 40 and 60 years old.
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Fully 50% of all women-owned businesses in 2019 were owned by minorities. AmEx
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Of those who are self-employed, 97% feel they will never return to traditional employment. FreshBooks
These numbers are only a sample of data that shows both the universal appeal of entrepreneurship and its increasing value to business today.
10 Reasons to Love Entrepreneurship
People become entrepreneurs for different reasons. Those reasons are shaped and informed by each person’s experiences – both in life and business. They are also formed by culture, drive, education, passion, and a desire to build something from the ground up.
Here are ten reasons to love entrepreneurship and start your own business:
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Bringing Ideas to Life – Entrepreneurship allows you to turn an idea into reality. Whether a product or a service, bringing an idea to fruition can result in new ideas, new products, and improvements on the idea to carry the business forward.
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Creative Freedom – Many people feel boxed in by traditional employment where jobs are task oriented or highly structured. Even in professions where creativity is required or encouraged, employees may feel stuck in a tunnel, unable to innovate outside of a corporate-defined project. As an entrepreneur, creative freedom is often the heart of the business. The owner is more motivated to innovate and look for improved iterations as well as tangential products that result from the freedom.
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Contributing to a New or Existing Industry – Many entrepreneurs started within larger corporate structures and grew to feel their contribution to their industry could be better utilized. By branching out into their own business, these people often create new products, introduce new technology, or develop disruptive business models that refresh the industry.
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Flexibility – Entrepreneurs often own more than one business and may have multiple projects going at once. This allows them freedom of pursuing more than one interest as well as freedom in their personal life to build their business or businesses around the schedule that suits them.
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Personal Development – Entrepreneurship can help new and aspiring owners develop new personal and professional skills. In some cases, the entrepreneur seeks mentorship as they realize they need help in some business matters. In other cases, they may start the company to be immersed in a reality where they must quickly learn core business skills at a pace a former employer would not have allowed or would have allowed incrementally. Entrepreneurship helps leaders develop personal skills such as discipline and character while forcing them out of a comfort zone and into a trial-by-fire where they can learn quickly.
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Re-Inventing Corporate Culture – Many entrepreneurs who have worked at larger companies have witnessed a stagnant, ineffective, or toxic corporate culture. Entrepreneurship allows them to build a corporate culture from the ground up with the features they always imagined.
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Innovation – As entrepreneurs bring their ideas to life, they are also innovators. This may take the form of a disruptive new technology, a game-changing process improvement or a new product that becomes ubiquitous across numerous markets. As their company grows, they can continue to innovate, improve, and iterate to grow the company organically.
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Agility – Because decision-making is streamlined and often vested in the entrepreneur, they can respond quickly to new opportunities. This allows them to identify, respond and seize upon opportunities much quicker than their larger and more bureaucratic counterparts.
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Risk – Many entrepreneurs are people who like and embrace risk. This life-on-the-edge aspect makes entrepreneurship appealing because it is risky. Whether they are risking money or reputation, or whether they are simply driving to better themselves and push themselves further, they enter this world precisely because of the risk.
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Legacy – Many entrepreneurs want to build a legacy. And many do so by breaking down barriers. Entrepreneurship knows no bounds on education, culture, ethnicity, or age. People may undertake the journey to inspire those within a category or out a desire to build socially responsible, sustainable businesses with an accountable business model.
These are only a few reasons to love and embrace entrepreneurship. If you’d like to learn more about a journey into entrepreneurship, or for assistance in business innovation, R&D or business mentorship at the Henry Bernick Entrepreneurship Centre (HBEC), contact us.
