If you read an interview with successful entrepreneurs, you will realize that they all started their empires for different reasons.
There are no right or wrong business ideas. The goal is to pick ones that can transform into a profitable business.
If the highly competitive industry, economic instability, and the fear of failure are still paralyzing you to start your entrepreneurial career, there are many reasons to rethink your decisions.
Apart from the obvious benefits of launching a business, such as making money, learning new skills, or escaping the inflexible nine-to-five business hours, here are four benefits of launching a business you have never thought of.
1.You Have a Chance to Create New Jobs
The Coronavirus pandemic has triggered the worst job crisis since the Great Depression. Since its outbreak, employers have cut hundreds of thousands of jobs.
When starting a company, you create job opportunities for other people in the industry. That is one of the most satisfying things about entrepreneurship.
No matter how small your business is, it can make an impact. According to the U.S. Bureau of Labor Statistics, small companies create 64% of new jobs in the U.S.
For you, that is a chance to become a manager you wish you had. You can build a recognizable, empathetic, and inclusive company culture where employee happiness matters the most.
2.You can Follow your Dreams and Passion
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And, the only way to do great work is to love what you do,” Steve Jobs said.
When choosing a business idea, always go with something you are passionate about. Taking your desires, lifestyle, and skills into consideration is a crucial move for any entrepreneur.
Sure, you cannot turn everything you love into a business opportunity. However, that does not mean you should give up on your passion. Sometimes, you only need to broaden your horizons, make a list of your potential business ideas, and find where they overlap.
For example, if you are a software developer and are passionate about jogging, you can develop a unique training or lifestyle app.
Turn your frustrations and experiences into a profitable job. For instance, if you are an actor who struggled to find the right career opportunities, you may decide to start a talent agency that creates actor jobs and connects them with brands.
Remember, apart from being exciting, your business idea needs to be relevant, valuable, and profitable.
3.You can be an Innovator
What connects Jeff Bezos (Amazon), Elon Musk (Tesla), and Mark Zuckerberg (Facebook)? Apart from being founders of the world’s top companies with big budgets, they are also renowned industry innovators.
Jeff Bezos founded the ecommerce colossus and changed the face of online retail forever. Amazon is today synonymous with employee-friendliness and customer-centricity.
Elon Musk is the wealthiest person on the planet. He has been revolutionizing transportation (both on Earth and in space) for quite some time now.
With the introduction of Facebook and its features, Mark Zuckerberg contributed to the growth of social networks, communication, and digital marketing.
Innovative entrepreneurship is not a luxury. With a good business idea, you can contribute to industry innovation and propel its advancement. You will be proud to know that you have created something new and authentic that improves your customer lives.
4.You can Support Causes You Care About
The best thing about starting a business is that you will finally have resources to support causes you care about. In the era of economic instability, many charities and non-profit organizations face funding issues.
Many socially responsible brands understand this problem and address it.
For example, when you buy a STATE bag, the company fills another with school supplies and gives it to a local kid in need.
Allbirds donates shoes to medical professionals working on the front lines of the COVID-19 pandemic. They also send lightly used Wool Runners to Soles4Souls that further donate it to people in need.
Avocado Mattress donates 1% of its revenue to environmental non-profits like Plastic Oceans International and Big Green.
Being a socially responsible brand also impacts customer perceptions. Statistics say that customers choose ethical and sustainable brands.
Have your Reasons for Starting a Business
The most beautiful thing about entrepreneurship is that it gives you autonomy and freedom. You can finally get rid of 9-to-5 work arrangements and conventional business strategies. For you, that is an opportunity to build a successful company upon your goals, values, and missions.
Sure, those are just some of the numerous reasons for starting a business that might motivate you.
Do you have any passions, goals, and values that inspire you to embark on the entrepreneurial journey?
Eve Anderson is a marketing specialist turned blogger. Interested in sports and exciting travel destinations. Love to share content that can inform people.