Are you at that stage where you are asking what it means to become an entrepreneur?
There is still a lot of buzz about entrepreneurship. In fact, recent events seem to have only accelerated the need and appeal to become an entrepreneur. Celebrated entrepreneurs are proving they can create multi-billion-dollar companies, even in the wildest times. Many make it look very easy.
Even though it may not be as effortless as made out to be in the media, the risk of going into entrepreneurship may now be seen as far lower than before, and even working for many large long-running corporations. So, what is it really like? What does it mean? What can you expect?
The Ability To Make An Impact
When it comes down to what it means to become an entrepreneur, it is all about giving yourself the ability to truly make an impact. To be able to do something meaningful, and even to shape the world and the future. This is really what it is about. To see a really big problem, and to create a solution for it. This is what really drives the most successful entrepreneurs, not just the money.
You can make the world better or worse with your contribution. You can touch and impact billions of lives, and even do this across generations.
The Freedom To Work On Your Own Terms
One of the top reasons people choose to start their own businesses is to gain the freedom to choose how they work and live. Not everyone is cut out for this or can handle it. Very few people have been trained to work like this. Most have been programmed for the opposite.
As an entrepreneur, you get to choose the when, where and how much you work. If you are doing something you really love, then it may not ever feel like work at all. So, working too much can still be a danger.
Still, if you want to work from a different country every month, or on the road in your RV or from your cabin in the mountains, you can. Or you can work from your home office in the city while your kids home school online in the other room. You can work seven days a week or three. You can work whichever hours suit you best.
Keep in mind when considering what it means to become an entrepreneur that there is no clocking in or out. Though that also often means no salary.
The Ability To Create Jobs & Futures For Others
One of the favorite rewards of entrepreneurship for some of the most successful repeat startup founders is being able to create multiple millionaires every time they sell a company or take one public. It’s a deeply impactful way to change the lives for many families.
Even if not all of your team members get that kind of outcome, you can provide a much needed and better workplace and financial package. This can go far beyond the money. There’s no telling the difference it can make in their family and all of the others they are able to touch and help in the future too.
You may be creating great outcomes for your investors, but even recruiting a top team, empowering them, and getting out of their way so they can do amazing things is a big deal. Just find the discipline to let them do what they do best, and make sure your company doesn’t run out of money and have to lay them off in the meantime.
The Ability To Serve Customers Better
The best reason to become an entrepreneur is usually to serve others better than they have been. This is truly important when figuring what it means to become an entrepreneur. This can be B2B or B2C. It’s the opportunity to give them products and solutions they really need. Either completely new options, or options that are notably better than incumbents. Sometimes it is even just about providing better customer experience and service. Treating them the way they should be treated.
To Take On The Responsibility Of Multiplying Other People’s Money
Whether you are borrowing through loans, getting grants, or raising equity funding from angels and VCs, entrepreneurship, and becoming an entrepreneur is largely about taking care of, protecting, and multiplying other people’s money. You are personally accountable for that. It is a big responsibility which demands you do your best and hire the best help to do it.
See How I Can Help You With Your Fundraising Efforts
- Fundraising Process : get guidance from A to Z.
- Materials : our team creates epic pitch decks and financial models
- Investor Access : connect with the right investors for your business and close them