THE MERITS ASSOCIATED WITH BEING AN ENTREPRENEUR

There are merits associated with being an entrepreneur, people who choose to an entrepreneur as a career usually do so six basic reasons. The reasons are the merits of being an entrepreneur which includes

1.      Personal satisfaction:  One of the chief reward in being an entrepreneur is personal satisfaction. Personal satisfaction is all about do what you want with your life. Therefore being an entrepreneur will enable you to be self satisfied.

2.      Independence: Another merit of being an entrepreneur is independence. Independence is freedom from control and domination of others. You are able to use your knowledge,, skills and abilities as you deem fit. When you are an entrepreneur, you are driven by the spirit of self-reliance in individual survival. Compared to those who for work people or companies, their do not have freedom as an entrepreneur. They are in charge or can make decision without first having to get the approval of someone else.

3.      Profit and income maximization: One of the major rewards expected for being an entrepreneur is profit. Profit is the amount of income left after expenses have been paid in an enterprise. Being an entrepreneur, you will have the capability to control your income. When you are working for someone in an enterprise, your income will be fixed. But if you are an entrepreneur, with your enterprise, you can a goal of the profit you want to make, and you will surely achieve it if you work towards it.

4.      Job security: Many enterprises were created by a person who are seeking for employment but they couldn’t get. Being an entrepreneur will give u job security with the assurance of continued employment and income. Entrepreneur cannot be laid off, fired, or force to retire at a certain age from his or her enterprise.

5.      Status: Status is a term used to describe a person’s social ranking position. Entrepreneurs receive attention and recognition through customer contact and public exposure to people. As a result, being an entrepreneur makes you o enjoy status above that of many other types of workers. Closely related to social status is pride of ownership; most people enjoy seeing the names of buildings, vehicles, stationery and advertisement. Some entrepreneurs are interested in their enterprise while some are not interested in their own enterprise. This may be an important consideration in selecting the type of enterprise to embark on so as to be a successful entrepreneur. The key is to choose type of enterprise that has a status you will feel comfortable with.

6.      Flexibility: Individuals who become an entrepreneurship have option have option to start enterprises in all categories and sizes depending on their capabilities. Entrepreneurship also gives the individual the joy of being an employer and a leader, rather than an employee and a follower.