Rewards for entrepreneurship varies depending on the perspective in which it is being viewed. My view is based on the major benefits every entrepreneur is after at the initial stage of establishment with the hope of achieving in the long run.
The main motive of going into entrepreneurship of course asides making money is the idea of independence that comes with it. In business terms, being independent means being one’s own boss and for this reason alone most people go into entrepreneurship.
Being independent gives an entrepreneur a sense of purpose and security because he doesn’t have to worry about the consequences that come with being late for work or being slack at one’s job.
As an entrepreneur he is able to fix his own schedule to go in line with his work and other activities knowing fully well that he is in charge of his own fate.
- Economic power:
In a mixed or a free market economy where the factors of production are left in the hands of organisations, firms and business men, an entrepreneur and individuals alike have total economic power resulting from the fact that they are the ones in charge of the forces of demand and supply.
The conversation of foreign exchange and the economy value at large is determined by the activities of the entrepreneurs. When an entrepreneur has economic power, it does not necessarily mean the right to control the affairs concerning the state in terms of economic policies but the power to determine an economy’s GDP and GNP.
Knowing fully well that your enterprise contributes to the betterment of the society in terms of standard of living resulting from a balanced and growing economy is a reward for every entrepreneur knowing that they have made a difference.
- Profit maximization:
It’s all because of money! Nearly all the worlds problem can be solved by money and most of those problems were probably started by money in the first place. Why do we work? Why do we go to school? Why do we steal? Why do we fight? I think you already know the answer.
An average individual is bound to want more out of life hence creating the entrepreneurial spirit in us, that inner voice that tells us to do something that will generate for us a source of income, thus an entrepreneur is born!
In the establishment of a business, the first motive of an entrepreneur is to make profit, an entrepreneur offers peoples needs in return for their money hence he creates quality products with the aim of selling or making more money from them than it cost him.
An entrepreneur assesses his achievement rate based on his profit.
- A satisfying way of life:
Last week I spent my time blogging from the top of a mountain, and the week before I did it from the bus station and today I’m doing it in my office. That’s one of the perks of entrepreneurship, the flexibility that comes with it.
Most people venture into entrepreneurship in order to get that life always dreamt and being an entrepreneur gives them just that. That awesome retirement plan, vacations that comes in between work, early retirement and passive income, all of these are attached with entrepreneurship.
Most entrepreneurs do virtually nothing and live a very satisfying and comfortable life, while other don everything themselves but one thing that is common is that they both get a satisfying life in return as a reward.
- Opportunity for serving one’s community and society:
I always say to me self “continue on this path of yours and you’ll one day become a philanthropist”. Why? The reason is not far-fetched, I will probably make more money than could ever spend and in order not to go crazy I’ll have to give it away to those that are in need of it, as a result be of service to my community and the society.
Entrepreneurship gives you that much and the more reason why it is important for everyone to cultivate an entrepreneurial spirit because in the long run if all works out it can be very rewarding and the only way to give back is by helping other people achieve their dreams, you get a chance to be of service and to really make a difference. With great power comes great responsibilities right?
- Protection of business and property:
Well if it’s yours, who can take it away from you? There’s a guarantee and a sense of assurance that comes with engaging in entrepreneurship, that feeling that you are secure and protected, most employees don’t get that. Another reward of entrepreneurship to entrepreneurs.
- Opportunity for expressing one’s self:
Entrepreneurship is all about creativity and creativity begets innovation, the combination of the three musketeers entrepreneurship, creativity and innovation makes a man a better version of himself, the ability to for one to maximise his potentials.
Entrepreneurs have a flair for trying out new things and learning in the process, always wanting to be the best in everything which creates an avenue for expression of ones self.
One of the major attribute of an entrepreneur is his ability to never give up, when all these are added up, it only makes such an individual better. And it is only befitting to say it is a reward available only to entrepreneurs.
- Optimal utilisation of one’s life:
When pushed to the limit, man is capable of achieving the impossible and that’s what entrepreneurship is all about, it makes an entrepreneur venture into things other people thought was impossible.
Such an individual is then able to meet up with his own expectations and standards others have set for him going on to exceed them.
REWARDS FOR ENTREPRENEURSHIP
There you have it again!! my piece on the rewards of entrepreneurship, hope they were comprehensible enough for your understanding and in case you didn’t get it all, here’s a second chance at the main points.
- Being an entrepreneur gives time and financial freedom
- One of the perks of being an entrepreneur is that it helps an entrepreneur and a nation become independent.
- As a reward, entrepreneurship gives a satisfying life.
In case you feel more should be added in highlighting the rewards of entrepreneurship, feel free to drop a comment below.