Why starting a business can help you lead a better life

The list of reasons for becoming an entrepreneur is nearly as extensive as the number of entrepreneurs who choose this lifestyle. Potential reasons can be financial, creative, or related to personal ambition. In general, there are no good or bad reasons.

Being an entrepreneur has improved the lives of so many people that it's hard to summarise this topic adequately. So, let's look at how starting a new venture and going into business for yourself may help you lead a better working life.

Freedom

Freedom is the ideal world of every entrepreneur. Related to this is being autonomous and independent, characteristics which are vital in creating a new business. However, these are only some of the main reasons people decide to become entrepreneurs.

Being free means having control over your life and possessing the power to choose your direction rather than following someone else's orders. Running your own company means being your boss, deciding when you work, how you work, and which projects you get involved in. It means absolute autonomy.

Watch this webinar to find out how to define freedom according to your desires and aspirations:

New experiences

There's a personal element to starting and setting up a new business. Every entrepreneur will have unique experiences during their life. The path you take will be yours alone. You'll be able to choose how you face each bend or fork on your journey.

Some of the experiences you'll have will be incredible opportunities. Indeed, without being an entrepreneur, you wouldn't have had them.

A source of pride

Taking on a complex adventure and being successful are sources of pride. However, make sure that satisfaction boosts your self-esteem and doesn't turn into arrogance. Take the credit for doing something special, like starting a new business.

Beginning a company isn't an easy job. You'll need to work hard. However, entrepreneurs are bold and strong.

Watch this webinar to find out why it's a mistake to wait for everything to be perfect before getting started:

Improvement

No business out there does everything right. So, consider your day-to-day life and whether things are ideal. Usually, you'll always find unresolved worries, troubles or problems.

Try to find a solution to these problems by becoming an entrepreneur. One of the reasons to start a new business is that you can always strive for perfection.

Continuous learning

You're bound to agree that training and learning opportunities are golden. However, wouldn't it be great to pursue your self-development continuously? Creating your business means acquiring new entrepreneurial skills to suit your new ecosystem.

There's more than a mere idea involved when starting a company. You need skills to make things happen and attract customers. Being an entrepreneur means you can learn these skills and then use them as and when needed. Lifelong learning allows you to grow your intellectual abilities as you go.

Passion

A good reason to launch your new business could be the opportunity to take part in work in a world that fascinates you. Most people would give their every penny to work in a job that involves something they care about. Now's the time to let your passion run free.

However, let's not be naïve. Not everything you love will turn into a money-making idea, but you should always consider turning your passions into a business.

Just remember to be selective and accept that not everything will work. On the flip side, many things can succeed. For example, being passionate about your job often has a direct impact on your business's growth.

Enthusiasm

Freedom, learning, pride, passion and uncertainty all go hand in hand to create enthusiasm. Being an entrepreneur is a continuous and diverse journey where you invest in your future dreams.

Enthusiasm is the natural outcome of the creative process and a combination of visions of the future and the process. Starting a new business is undoubtedly something to motivate you.

Goals

Creating a business is a big project and a great aim. If you're thorough in your approach, it will give your project meaning. Being self-committed reinforces this sense of a goal. People are prepared when they have their businesses to commit to running them.

A life full of meaning is the life we all desire. Conversely, a life without purpose can be unhealthy. Moving forward in life with a goal can improve your health. A business can add a fantastic sense of meaning to your life.

Social entrepreneurs

A good reason for becoming an entrepreneur is that once your new business is more mature, you can give some of your profits to a charitable cause. You don't have to be Bill Gates, just a financial contribution or devoting quality time working for an organisation can do a lot of good.

Also, you can set an example and stand out from the crowd by being a socially connected entrepreneur. One or two schemes in the UK, such as UnLtd, which funds and supports social entrepreneurs, come up with solutions for changing society to make it a better place.

The term 'social entrepreneurship' is broad. It includes businesses with:

• a purely social purpose

• charitable work with profit

• both social and commercial aims and mutually compatible objectives

Being an entrepreneur by nature can also guide you towards social entrepreneurship. Why not create a business to find solutions rather than solve consumer needs?

You could solve (or help) social problems – for example, Social Enterprise UK, an enterprise made up of young entrepreneurs. If you're motivated, you'll undoubtedly find your place here.

Challenges

Let's not trivialise the fact that launching a new business isn't easy. Many entrepreneurs sacrifice considerable time and effort in the first few months of their new company. After that, finances can be tight, and the work accumulates, making a new business a real challenge. However, overcoming them is a real boost for your self-esteem and ambition.

Relevant resources

• The uncertainty of starting a new business: Are you prepared?

• How to overcome anxiety and fear when starting your new business

• Common mistakes to avoid when starting a new business