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Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire, and the people who do so are called ‘entrepreneurs’. Being an Entrepreneur has a lot of advantages. Here are the 7 Benefits of being an Entrepreneur:

 

1. Net-Worth

Every idea, project, or revenue you contribute is yours. If you’re an employee, it belongs to the company. More important, as your business grows, your net-worth also grows in terms of Financial, Asset, Network, Loyal Customers, and even Ideas.

 

2. Tax Advantages

You can’t deduct your business expenses as an employee. But you can file it if you are a Business Owner.

 

3. High Income

As an entrepreneur, there are no limits when it comes to your income. You can control your income by offering more products or services for sale. You can also expand your business easily as long as you have capital.

 

4. Control

As an entrepreneur, you can decide when, where and how long you want to work. You decide which customers and employees to work with. You control what to sell and how to sell them.

 

5. Good Debt

Banks will lend money to your business for working capital or expansion. They will not lend money to you for your career growth if you’re an employee.

 

6. Diversification

Once you have a moderately successful business, you can launch other businesses. Unlike if you are an employee you cannot transfer to other career or company easily if you want.

 

7. Managed Risk

You may be an excellent employee but if your company goes south or is acquired, or if your position is deemed redundant or obsolete, there goes your job. Yes, running a business is also risky. But you have greater ability to minimize those risks.