Three hundred forty out of every 100,000 U.S. adults started a business in 2009, according to May 2010 data from the Kauffman Foundation, one of the largest foundations in the U.S. This represented a 14-year high. People have many objectives of entrepreneurship, the act of starting a business. One of the foremost is creating jobs for themselves and others. Your reasons might be more intrinsic or self-driven.
You may want to become an entrepreneur to be your own boss. In that case you are not alone. One of the main reasons people start businesses is because they don't want to work for a boss, according U.S. News and World Report. You may have had a bad experience with a boss in the past; or perhaps you do not want to get stuck in a cubicle for the next five years. Some bosses can be domineering, dictatorial and controlling. This can lead to low morale and job satisfaction, which can hamper your performance.
Another objective of entrepreneurship is pursuing your own ideas. Working for a corporation can be restrictive. You have specific duties and responsibilities on a job. However, these responsibilities may not represent your true passion. You may want to start your own gym, for example, if you are a fitness buff. Entrepreneurs control their own destinies, which is another motivating factor for starting a business. You make all the decisions as an entrepreneur. For example, as an Internet marketer, you design your website the way you want it. You also write your own advertising copy if you enjoy being creative.
Your goal as an entrepreneur may be to earn more money. Entrepreneurs do have the potential to earn higher incomes. For example, if you own a marketing consulting firm, you earn 100 percent of the profits as a sole proprietor. Conversely, marketing-consulting firms must pay their account executives, project managers and secretaries a portion of the profits. The downside to entrepreneurship is that you are responsible for all the bills. Therefore, it is wise to choose a business venture in which you have some familiarity.
You may work 60 to 80 hours per week as an entrepreneur, especially at the inception, but you get to choose the hours and days you work. You may even be able to work from home. This is certainly convenient if you have small kids. Many people choose entrepreneurship for the freedom to control their own time. You can generally take vacations when you want, as you are not limited to two or three weeks of the year. You also eliminate the commute to and from work if you work at home.