Imagine a world without office politics, micromanagement or working for someone who doesn’t appreciate you. Imagine bidding farewell to your daily commute and a coworker’s terrible playlist. Welcome to the wonderful world of self-employment.
These are some of the more obvious perks of entrepreneurship but there are plenty of others which may not be as top of mind. Here are five reasons why running your own business beats working for a big company:
- Small business funding is gaining momentum
Funding for small business is more abundant than ever and with startups and innovation at the forefront of Australian government policy right now, it’s a great time for Aussie entrepreneurs.
In the past, entrepreneurial ambitions all too often fell through due to a lack of financing. But today, crowdfunding, angel investing and small business loans are just a few of the new ways small businesses can access funding. Now the biggest challenge is choosing from the wide range of funding options. This leaves more time to focus on your ideas and developing an effective business strategy.
- An entrepreneurial mind is a happy mind
Self-employed individuals are in charge and capable of redefining work to suit their strengths and interests. According to a study by the United Nations University, individuals who gave up regular employment to work for themselves experienced a significant increase in life satisfaction. You see? Starting your own business has the potential to make you happier.
- The chance to experiment
Experimentation is imperative for small businesses focused on innovation, ideas and opportunities. A small company offers you the chance to shake things up. Lots of large corporations have lost their ability to innovate due to financial woes and inflexible management.
- Small businesses are more resilient than ever
Entrepreneurship has experienced a real resurgence in recent times. More startups are being founded than ever before and small business makes up 70 per cent of total Australian employment.
At a time when many countries are struggling with economic uncertainty, small businesses have become a viable source for employment and an attractive alternative to corporate life.
- We idolise entrepreneurs
The social prestige ascribed to entrepreneurs right now is substantial. Larry Page, Richard Branson and Mark Zuckerberg are pioneers and idols for a whole generation. By comparison, corporate life has become less attractive.
According to a study by PWC and the London Business School, millennials long for greater flexibility, control and purpose at work. More and more people are seeking career satisfaction by initiating change instead of tolerating a mind-numbing day job.
So get out there and follow your dreams!
Originally published October 13 2015 , updated January 18 2017