More people are taking the path of entrepreneurship than ever before. In a recent Global Entrepreneur Report, young people are more entrepreneurial than ever. At the same time, more adults 50 and older are taking the leap and starting their own businesses as a second career or retirement income source. Besides the prospect of increased profits and the ability to pursue a business idea of your own, becoming an entrepreneur can provide a long list of benefits to the owner, their families, and the economy overall.
Benefits Of Entrepreneurship
#1. Be Apart Of The Leading Economic Driver In The Country
One of the key benefits of entrepreneurship cited by the Center For American Entrepreneurship is its ability to drive innovation. The larger economy also relies heavily on innovation and improvement of products and processes. With innovation comes the possibility to improve and refine products to make them better.
However, entrepreneurs also contribute overwhelmingly to economic activity. Approximately 15 million Americans are self-employed. Smaller businesses were also responsible for 97.5 percent of exported goods for the county in 2015. Finally, small businesses employ 47.5 percent of Americans- almost 58.9 million people so you can also feel good that your entrepreneurial activity will be making a meaningful contribution to the country’s economic progress.
#2. Experience Constant Personal And Career Development
Pursuing entrepreneurship also provides continuous opportunities for self-improvement. As an entrepreneur, you can expect to wear many hats when running your business. From marketing your new business venture to doing the monthly bookkeeping and keeping up to date with legalities as an employer like securing worker compensation, your day as an entrepreneur will be varied. The commitment to continuous research and learning will be key in achieving this. On the plus side, technology and business tools have made this process incredibly easy for new entrepreneurs. For instance, https://cerity.com/ generates a workers compensation quote online in 3 minutes, making the process simple and quick. However, it is still recommended that you get to know the laws behind it. While this can also mean you are working long hours in the beginning, it also encourages you to learn new skills every day to make your business a success.
#3. Build Your Skills As A Potential Leader
As your business grows, you may find the need to hire employees. As an employer and leader of a business venture, you will also get the opportunity to hone critical leadership skills over the years. For entrepreneurs to be successful leaders, delegation and people skills will be important. Being able to reflect, accept responsibility and learn from your missteps is also crucial fr great leadership. With more practice and dedication to learning those skills, you can evolve into a respected and trusted leader in your community.
In communities, homes, and the economy overall, entrepreneurship is the center of our foundation. Whether you are a budding eCommerce titan or a small town storefront owner, the journey to entrepreneurship may be fraught with long hours and barriers. But, the benefits far outweigh the challenges you face.