Why would anyone want to start their own business? There is so much responsibility and potential for failure.. Why would someone dream of such a thing? The risks and heartbreak and trauma…

When I told my grandma that I had started a business over a year ago, her first reaction was this, “Honey, retirement is when you can do things you love. Until then, just work for someone else.”

Which brings me to my Top 5 reasons to start a business:

Entrepreneurial Reason #1 - Prove EVERYONE Wrong

There are very few satisfactions in life that can equate to knowing that you were victorious. This is true in sports, gambling, the debate team; you name it. Knowing that you proposed the impossible business idea and were successful is a very powerful thing. Included is the community you are in, the social group you occupy, or your peers. All businesses start from a single idea, no matter how far fetched, and have the potential to blossom into the next big thing.

Entrepreneurial Reason #2 - Unlimited Income Potential

When you are no longer tied to a time = dollar figure, the sky is the limit. The difference is how much business strategy you apply. It is important to take competitors, industry, target market and its potential, and so on into consideration; but you can manipulate those things through proven strategies. The end result is you making a much greater amount per hour than you could if you worked for someone else.

Entrepreneurial Reason #3 - Having Your Own Direction

This point is rather all encompassing, but has a few subpoints I want to dig into.

The first being you plan your own schedule. Admittedly, the first months of your new venture will be spent working - 16 hours days, 7 days a week. That is usually unavoidable. But your decisions after that turning point are when you can put your business on autopilot.

The second subpoint is that you will never be told, “That is unacceptable” again. You no longer have a boss to answer to. You have your clients and customers, but there is a certain amount of respect there anyway. If you are married, you still have to answer to your wife. But all in all, the person you answer to is yourself. If you didn’t charge enough, adjust your price scales for the future. If you didn’t close a sale, figure out the failure point and change it.

Thirdly, having your own direction allows you to creating your own future. No longer are you tied to the whims of you superiors. Their senseless decisions don’t affect you. You do what you want, when you want, and that is all there is to it.

Entrepreneurial Reason #4 - Everything Is Subject to a Tax Break

One of the most gratifying things about having a home business/side business/main business is the tax breaks you can get. If you have federally subsidized programs in your area, they might match your first 5 years revenue. You can claim your home office and a portion of your utilities on your personal taxes. You can take business partners or clients out to eat and write it off. If you want a new computer, buy it and deduct it from this year’s profits. I am no tax accountant, but I can assure you it has saved me loads already.

Entrepreneurial Reason #5 - Become Placeless

The fifth reason to start a business, and possibly the most influential for a lot of young entrepreneurs, is the idea of becoming placeless. This is the power of the Internet. Bloggers, webmasters, professionals, you name it; are no longer tied to a place. Their place of business is the nearest location that offers an Internet connection. I can pick up and move to Brazil or China or Bermuda; the place is irrelevant.

The Life Of An Entrepreneur

Starting a business is a bit like riding the biggest, darkest scariest roller coaster you have ever seen. Walking up to it, you think, “Damn, I really don’t want to go on that.” Then you get into line, struggling with the idea of whether you should be scared shitless or exhilarated beyond belief. You take the ride, kicking and screaming until you are blue in the face. And then you get off saying, “That kicked ass, let’s do it again.”

Welcome to the life of being an entrepreneur.

This entry was written for the Problogger Group Writing Project.

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