Do you think starting a business is too much of a risk – on a financial, social and personal level?

Even with such considerable risks involved, people are always drawn to the world of start-ups, and there seems to be just as many reasons to get started as there are risks to inhibit us.

Here are just a few of many reasons to start your own business:

1. Spare time

This one might take a while. Initially you’ll work longer hours for less pay. But if you do it right, you could start to perfect your schedule and the freedom that being an entrepreneur provides is awesome.

2. A great story to tell

People are always going to ask you questions like “So what do you do for work” and “How’s your business going?” By starting your own business you can determine the story that comes next based on your own goals.

3. A Sense of Pride 

Whenever you build something successful, it’s a great feeling. You had a vision, were able to carry it out and can reap the benefits of saying “I did this.” Conversely, it can be difficult to be proud of the billionth request you’ve completed for your employer.

4. Posterity 

It’s hard to imagine passing on your career to loved ones if it’s something you don’t enjoy. But by starting your own business you have something to pass on to the next generation. And, as your brainchild, you can be proud of it.

5. Novelty

Not a lot of us have the luxury of experiencing new challenges in work, but this changes completely when you start running the show. Starting your own business comes with a plethora of new challenges, ensuring you’ll always be experiencing something new.

6. Become a Guru

Regardless of what you are doing as an entrepreneur, if you stick with it, you’ll probably become pretty decent at it. And this provides you with a sort of soapbox, so use it. You’ll have the chance to be interviewed on your proficiency, write about it and get to spread your message.

7. Skills 

There’s no doubting that by becoming an entrepreneur you force yourself to become good at a range of skills to survive. While this may be tough at first, by being the only resource of your business you quickly learn countless skills that you may later be renowned for.

8. Determination

Life as an entrepreneur pushes you to adapt to committing to changes, and enables you to become far more dedicated and determined to causes. The determination you learn through your business will likely start to reflect changes in your personal life – you may learn to be a better boss, friend or parent.

9. Create jobs

There’s nothing like the satisfaction of knowing you’re accountable for the success of your staff. Your ideas provided them the chance to earn a living, provide for their loved ones and accomplish their own dreams.

10. Your brand

It’s enjoyable to be known for something you’d like to be known for. People might start referring to you as the app guru, or the DIY guys – whatever you’re recognised as shows what your brand stands for, and that you’ve earned that recognition.

Looking to start your own business? Check out our legal documents store to get all the essentials for starting your own business at a fraction of the price.

Dominic Woolrych

Dominic is the CEO of LawPath, dedicating his days to making legal easier, faster and more accessible to businesses. Dominic is a recognised thought-leader in Australian legal disruption, and was recognised as a winner of the 2015 Australian Legal Innovation Index.