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DO YOU WANT TO GO INTO BUSINESS?

WHY GO INTO BUSINESS

Entrepreneurship is a way of life. Being entrepreneurial means being able to identify, start, and maintain a viable and profitable business, particularly a small enterprise.

People spend most of their lives working for someone else. Some people eventually rise to positions of wealth and power, while the rest languish in unchallenging and low-paying jobs. On the other hand, there are a select few who strike it out on their own rather than work for others. They put up their own enterprise.

You may ask: “Why should I risk my resources in an unpredictable business when I could hold a stable job with permanent tenure and an assurance of a regular monthly income without any risk?” In other words, why be an entrepreneur rather than an employee?

Having your own business has tremendous rewards, but be sure to weigh prospective returns against potential risks and losses.

REWARDS OF GOING INTO BUSINESS OR ENTREPRENEURSHIP

Having unlimited opportunity to make money

When you have your own business, you will most certainly have unlimited potential to earn money. How much money you earn depends on the time and effort you put into your enterprise. Successful entrepreneurs have earned their wealth and prestige through hard work and by having the right product for the right market at the right time.

Being your own boss

As manager of your business, you make the decisions for your enterprise and take full responsibility for these. The quality of these decisions will translate into either gain or loss for your business. Being your own boss means you are in control of your future. You have a better grasp of what you want to be.

Tapping your creativity

A business usually starts out as an idea. You will have the opportunity to harness this creativity and turn your idea into products and processes.

Overcoming challenges and finding fulfillment

Starting a business is by itself an accomplishment. Running a business tests an entrepreneur’s capability in securing and managing resources. How well a business turns out depends on the owner’s ability to face challenges and overcome difficulties.

Helping others

In the process of running a business, an entrepreneur employs workers, and pays them income which improves their lives. An entrepreneur who succeeds and grows also helps suppliers, sub-contractors, dealers and other businesses connected to him succeed and grow too.

Building an entrepreneurial legacy

A business can be a lasting legacy to the family. It can ensure employment for some members of the family. It can create an enterprising culture than can be handed down through the generations.

Source:  

Department of Trade and Industry

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Filed under: Business, Business Ideas for OFW Families, Livelihood, Motivation, Negosyo Tips, People who inspired Us,

One Response - Comments are closed.

  1. Jess says:

    I fully understand wanting to be your own boss but I would urge anyone wanting to work for themselves to work for someone else first. At the very least, get some formal business training. However much passion you have, and passion is essential, it will not be enough to make your business successful. You need to know the mechanies of running a business, the everyday nitty gritty. The dull side of things, you might say.

    But it’s just as essential as passion.

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