Entrepreneurship is so addictive and fun to me because it has so many benefits, touch-points such as:
Table Of Contents
- 1 More Life Options + Flexibility**
- 2 Growth Hack / Constant Learning
- 3 Earn More (Improve Your Quality of Life)
- 4 Entrepreneurial Skills Are Valuable…Which Tends To Be Recession-proof
- 5 Profitable Enterprises and Businesses Are Valuable
- 6 Build A Business That Aligns With Your Values & Culture
- 7 Time / Schedule Flexibility
- 8 Meet Like-minded People
- 9 Expect The Unexpected, Serendipity & Thrilling Experiences: Not Boring or Mundane…and Possibly Find Meaning Or Purpose
- 10 Greater Self Confidence, Leadership & Communication Experience
- 11 “Best” Offices
- 12 Your Unique Meaningful & Creative Legacy + Deep Work
- 13 Don’t Waste Time
More Life Options + Flexibility**
This is perhaps the most underrated important factor amongst ALL the benefits I listed for entrepreneurship.
- Maybe you’re happy earning $47,000 a year writing all about peanut butter, and happy to work from home and just try more and more nut butter products and recipes.
- Or maybe you’re happy earning $63,000 a year doing a pickle business, one person show, and able to attend all your kids’ sports and school events.
- Perhaps you’re driven to earn $250,000 a year.
- Or you want to go big and earn 7 or 8 figures and hiring a team.
You can choose to work with people you WANT to work with, and not work with people you don’t want to work with.
It’s up to you how far and deep you want to go, and there is no wrong or right – it’s what is right FOR you. When done right, your entrepreneurship can provide you with more flexibility and options in life.
Growth Hack / Constant Learning
Starting, managing, leading and growing a business / company will force you, in a very, very intense manner, to improve all the skills required to build a profitable business and the kind of culture or values you want.
You will have to learn, practice, refine skills such as:
- sales and marketing (outreach, design, copywriting, closing, marketing, networking etc)
- management (vendors, landlord, projects, hirees etc)
- reporting (profit loss, sales and marketing, balance sheet, sales processing etc)
- legal (contract law, business law, HR law etc)
- executive decision making (what to focus on, what not to etc)
- human resource (HR, payroll, training, hire, fire)
- etc etc
Each of these skill points have their own sub points and specializations.
Don’t forget you still have to take care of yourself, your health (mental, physical, emotional, spiritual), your family etc.
There is ALWAYS more to learn and apply and refine to your businesses, and these will keep you on your toes, preventing complacency and you will always have to learn something new or refine something you had learnt previously.
Earn More (Improve Your Quality of Life)
How does earning extra $500 a month sound to you?
Or $1000 a month?
A little cliche…but there is no ceiling cap if entrepreneurship is scaled right.
What would that mean to you and your lifestyle?
Does that mean you can or will
- Invest profits/more for more passive income with real estate, dividend stocks, cryptocurrency or other investments?
- Spend time pursuing meaningful things, relationships and dreams. For some, it is spending more time with their loved ones like children, parents or spouses. For others it’s focusing on spiritual matters and relationship like church and God and mission work. For some it’s to volunteer. For others it may be to pickup a new education and pivot. For others it may mean to give back and teach and serve. For some it’s all of the above.
- …or just go to work (day job) as normal, minus the stress. You can be more picky with your workplaces and colleagues. You can fire your idiot boss and colleagues. Or just work with 95% less stress because you no longer work for money, but work purely for fun and social interactions and to learn.
- Take more, further or longer vacations to see the world and even work (or not work) in other countries that you may be interested in. Maybe 3 or more months a year. And bring your family and parents along.
- Afford to have or adopt a child or pay for their medical / educational expenses.
- Give to causes you care about, such as research to abolish diseases, illiteracy, or sex trade or others.
- Send your kids to private school or additional stuff that you’d like them to learn and know more, based on their interest?
- Hire a butler to handle all your home management? Hire a chef to handle your food and nutrition?
- You can even will your business to your kids, loved ones, a trust fund etc
Entrepreneurial Skills Are Valuable…Which Tends To Be Recession-proof
Firstly, the abilities, skills and skills of entrepreneurs are highly valued…because of the ability to earn money (creating value and profits). No schools in the world teach this, not any MBA or business degree. They all teach how to manage money, where to store, where to invest BUT none teaches how to create money and profits.
These skills will give you an edge, be it boom time or down time (like how COVID-19 trashed so many jobs) – one you learn how to create value and profits, be it $1, you will know how to create $100 and $1000 and $10000. Rinse and repeat.
You know that you know that you know that you can always earn more. You will no longer fear losing a job.
Should you ever decided to be hired as a consultant or an employee. I know I will no longer be an employee for anyone (hadn’t met anyone who has made me remotely think about becoming their employee, ever).
Secondly, these skills are teachable: this means that
- You can teach your children or loved ones
- You can create a school for this and teach this skill to your students
Profitable Enterprises and Businesses Are Valuable
Business that are profitable…are valuable. You can then sell it, grow it bigger, keep it as it is.
When I sold my first business for 7-figures, one of the reasons why it was so high a multiple is because of the way I structured the business to be able to run automatically without me.
This means that even if I died the next day, the business will continue to run without me.
And that’s how I create my businesses, not because I want more money. The reason why I do that is because:
- It’s responsible – even if I die the next day, the people I hired will not lose their jobs and they can keep working and earning
- I value my time (and I get bored easily) so I prefer to free my time to do other more valuable (or interesting) things*
Build A Business That Aligns With Your Values & Culture
If the business grows and you get to choose to grow, you get to create a community with values that you love and align with.
For me, I absolutely detest individuals and organizations that practice short term thinking, toxic culture and do stuff that I don’t agree with. I don’t want to work with idiots who would lie, take others’ credits, play politics etc.
…so I create businesses that have a culture that includes honesty, openness, transparency, sincerity etc. Of course it’s an ongoing and constant improvement, but man, I am 10x happier this way.
Time / Schedule Flexibility
I wanted to laugh when I first wrote this benefit because….
Which is usually what happens in the first 2-5 years (at least that’s what I experienced).
In the beginning, I worked like a dog. I turned down social events (wait, did I even have friends or a social life lol), work 7 days a week at least 12++ hours a day (tops 16 hours a day), don’t celebrate any events or whatever.
It was grueling.
- as I got better at what I did, I started to be able to identify which processes, leads and clients were the most important, and I started to prioritize
- as I earned more, I delegated out what doesn’t work for me or my time (or I don’t care much for)
As your business grows and you hire more and more qualified people to work for you, your business will continue to grow in value, meaning plus you will be able to delegate for passive income or to focus on the roles you enjoy. Or both.
Nowadays, I work on a consultation and as-when basis, which can range from 2 hours a day or 10.
Meet Like-minded People
You will meet lots of people, online and offline.
You may meet idiots.
You may meet the person of your dreams.
Or you may not want to, if you don’t want to.
Expect The Unexpected, Serendipity & Thrilling Experiences: Not Boring or Mundane…and Possibly Find Meaning Or Purpose
Entrepreneurship is usually not boring for me
- sometimes, you get to meet lots of different people (customers, vendors, contractors etc)
- sometimes, you get to handle a lot of problems (lots of trouble shooting)
- sometimes, you can get hell where everything doesn’t work (or a nasty customer: note – fire ’em)
- sometimes, you get nice serendipitous days
- sometimes, you meet the person of your dreams (as mentioned above)
- sometimes, you get nice opportunities of business expansions
…and sometimes you realize you’re happy, have meaning or purpose. Sometimes.
These keep things fresh for me hohoho!
Greater Self Confidence, Leadership & Communication Experience
Naturally your entrepreneurial, financial and personal confidence will build up as you survive and build a profitable business.
As you continue to build and level up your businesses, as you deal with setbacks, challenges, difficulties, different clients, learning to communicate better, working out $500 deals, $1000 deals etc (nowadays I’m comfortable making 6 and 7-figure deals and I can’t wait to continue to learn and improve and level up hehe) – your natural confidence, leadership and communication skills will improve too.
Depending on the nature of your enterprise and entrepreneurship journey, you may or may not need office space.
Your work space may be
- your home
- a coffee shop
- a jazz bar
- a spruced up serviced office
- co-working spaces
- a friend’s place or sofa
- another town or country
Plus if you rent or own your office, you get to renovate it the way you want it to look.
Or change the look yearly. Whatever rocks your boat.
Your Unique Meaningful & Creative Legacy + Deep Work
Les Brown once said…
The richest place in the world is the cemetery, where the best ideas of people get buried with them, never to be realized.
I agree with his point, and it’s true – we all have something unique (talent, skill, gift) that’s unique to us. Don’t let it die with us.
I think I have this perspective because of my earlier work after graduation – I worked in acute care public hospitals, as well as in nursing homes…where I had to work with many people who were older, sick and sometimes dying.
It’s jarring and shocking, when you see regret in their eyes. Some were joyful and happy, but boy, many had stories for me, of their regrets such as:
- I wish I spent more time with family
- I wish I didn’t work so hard and spent so much time at work
- I wish I had done what made me happier
- I wish, I wish, I wish…
When they realize they fucked up, and they’re out of time or energy: that’s more fucked up.
Don’t let your fears of judgment hold you back: bring the gift and talent you have that only you can bring to the world.
Don’t Waste Time
This is a continuation of the above, about bringing to life your special gift and talent only you can bring.
Do it sooner than later, today.
We don’t have much time on earth…wanna know the scary numbers?
- Assuming 75 is the average length of life….that means you have 75 Christmases OR New Years to celebrate
- Say you are 40 years old this year, minus 75 years means that you have 35 years left. Hours for yourself per week
- Assuming weekday: sleep 8 hours a day, commute 3 hours a day, eat/prepare/wash-up meals 3 hours a day, work 8 hours a day, that means that you have 2 hours a day FOR YOURSELF on weekdays
- Weekends you you don’t need to commute or work, so that’s 2+3+8 = 13 hours per Saturday or Sunday
- Total of (2 hours per weekday x 5 week days) + (13 hours x 2 weekend days) = 10 + 26 = 36 hours per week
- Note: I hadn’t included time taken for social events, responsibilities such as parenting/caregiving, hobbies etc
What will you do with these time you have?
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