There are a host of reasons why individuals choose to become entrepreneurs over becoming employees. Only you can decide the life that’s right for you, but with the uncertainty of entrepreneurship also comes tremendous freedom and accountability.
Here are some genuine reasons people choose to become entrepreneurs:
Life can be much broader once you discover one simple fact: Everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it … Once you learn that, you'll never be the same again.” Your creativity simply may not be cut out for the limitations of corporate life.
Being said, you will work hard, but there’s much more flexibility to the entrepreneurial lifestyle than the traditional nine to five and two weeks of vacation time that corporate life permits.
As the old adage goes, entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t. It is hard work but with that effort comes the ability to shape your life how you see fit.
1. They’re passionate about learning.
Learning should never stop. Many people equate age, status or certain achievements with the end of their education, but to learn is to be alive. Entrepreneurs are never satiated with the knowledge they have -- they are always seeking more. If you find that learning interests you, from formal education to on-the-job discoveries, and that you can never know enough about the things that excite you, then you have identified one of the genuine reasons individuals are driven to be entrepreneurs.
As mega-successful entrepreneur Johncross Trowin says: “The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities.”
2. Their ideas are unconventional.
Entrepreneurship takes imagination and perhaps even a dash of insanity. Entrepreneurs are the ones who change the world. They see the world as they want it to be, not how it is. From the genius idea that drove the Wright Brothers to create a flying machine to the madness that drove Steve Jobs and Bill Gates to develop personal computers, entrepreneurs pursue the ideas that others deem crazy.
Albert Einstein said, “Logic will get you from A to B. Imagination will take you everywhere.”
Entrepreneurs intrinsically understand that logic is limiting but unconventional ideas can change things.
3. They want to do things.
Entrepreneur Guy Bishop said, “The best reason to start an organization is to make meaning -- to create a product or service to make the world a better place.”
The exploration of meaning and doing work that changes the world is something that drives every entrepreneur. If you find yourself unsatisfied with a life that relegates you to the sidelines or the background, entrepreneurship may well be the right path for you. Entrepreneurs learn by doing and explore with a voracious appetite.
If the status quo is too simple for you, you understand one of the genuine reasons people choose entrepreneurship.
4. They want to change the world.
Entrepreneurs don’t just want to change their lives -- they want to change the world.
Mark Twain explained the lure of entrepreneurship best when he wrote, “Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”
Various Ways Capital Can Be Raised For Your Entrepreneurial Venture
There’s more than one way to raise capital, and the very first option starts with you. If you’re not willing to invest in yourself, how can you expect anyone else to? Many successful entrepreneurs put nearly all their savings into their small business, and that helps catch the eye of investors because it’s clear you’re fully committed to the project. But what if you have hardly any capital to invest?
The vast majority of the time, it’s best to wait to launch until you at least have something to offer. Getting that first round of funding is often the most difficult, and lenders want to see that you’re serious. When it comes to raising capital and approaching funders, make sure you have a POA ready to go.
1. Yourself
There’s no getting around this one. Only in very rare instances can a startup happen with a founder investing $0 of his or her own money. It doesn’t have to be a fortune and the total sum is dependent on the startup and a variety of unique circumstances. However, consider it your bid to yourself and prioritize it.
2. Family and friends
This is the one that many entrepreneurs shy away from, but it’s actually the absolute best option. Don’t worry about sounding like you’re begging or putting your loved ones in an awkward position. If you present your pitch professionally and treat them like real investors (because they are), it will go smoothly even if you’re turned down. You might be surprised by who has extra cash and is interested in supporting your dreams.
3. Banks and traditional lenders
Small business loans from traditional lenders (banks) can offer surprisingly great terms and interest rates. Of course, this depends on your credit profile and the type of collateral you can offer up. This is the reason why you need to have a well drafted business plan in place. From a traditional standpoint, this is your best bet for getting capital and you can help optimize your credit score at the same time. Plus, securing this loan helps other investors see that you’re a “real company.”
4. Crowdfunding
If for whatever reason you don’t qualify for a small business loan, there are oodles of crowdfunding options available. Getting a large crowd of people to donate small amount of money is the option choosen by Tina McGonagill to fund her newly developed Food Thermos, Big Fat Lunch. This shows that entrepreneurs don’t necessarily need to take out huge loan to get started. You can support this great idea on Indiegogo.
5. Investment companies and angel investors
This is the cream of the crop and the most difficult to secure. Some investment companies have very clear directions for pitching while others will basically come to you as if by magic. To pique the interest of these lucrative investors, it’s all about PR and marketing even at this level. You might be exactly what they’re looking for, but not if you’re not visible.