The Charms of Being an Entrepreneur

Why do people choose the demanding path of entrepreneurship instead of a salaried job? The charms — the attractions or rewards — explain the pull. They are partly financial and partly personal.

1. Independence and freedom. The entrepreneur is his or her own boss. There is freedom to take decisions, choose the line of business, fix working hours and shape the enterprise, without answering to a superior. For many people this autonomy is the single biggest attraction.

2. Profit and wealth creation. The entire profit of the enterprise belongs to the entrepreneur. A successful venture can generate income far beyond a fixed salary and can build lasting wealth.

3. Turning an idea into reality. Entrepreneurship gives an outlet to creativity. The satisfaction of seeing one's own idea grow into a real product used by customers is a powerful non-monetary reward.

4. Recognition and social status. A successful entrepreneur earns respect in society as a job creator and wealth generator, gaining prestige and a sense of achievement.

5. Job creation and contribution to society. By setting up an enterprise the entrepreneur creates employment for others and contributes to the economic development of the region and the country. Serving a real need and improving people's lives is itself a source of pride.

6. Flexibility and control over one's future. The entrepreneur controls the direction of the business and, to a large extent, his or her own destiny — deciding how to grow, when to change course and how to balance work with personal life. …