Why do entrepreneurs choose to create new ventures rather than work as managers in other businesses? Working for an established business with a guaranteed paycheck seems like a preferred career choice, yet millions of highly capable people become entrepreneurs. If entrepreneurship does not guarantee success, and it requires a leap of faith into an uncertain environment, why do so many people choose to live an entrepreneurial lifestyle? For a deeper understanding of entrepreneurship read our Blog What is Entrepreneurship?Â
What’s Driving The Entrepreneurship Boom?
There are two main drivers of the entrepreneurship boom.
First, Job resignations soared to an all-time high of 4.3 million in August 2021, according to statistics from the Labor Department. This mass resignation coincides with a surge in applications for new businesses. The data suggests that much of the great resignation is driven by the repositioning of careers away from corporations and toward entrepreneurship.
Second, Gen-Z is the great entrepreneurial generation. A Nielson study also reports 54% of Generation Z say they desire to own their own company with their desire to live a purposeful life driving their entrepreneurial goals.
Entrepreneurial Freedoms Drive Entrepreneurs
People are motivated by different things, but there are some common freedoms that drive many entrepreneurs. Here are 9 freedoms that entrepreneurs seek:
Freedom Of Creativity
The first freedom is the freedom to be creative. Entrepreneurs are often highly creative people who have ideas for products or services that they believe could enhance the lives of customers. They want to create something new and different, rather than simply working on someone else’s ideas.
Freedom Of Control
The second freedom is the freedom of control. Entrepreneurs want to be in control of their own destinies. They want to make the decisions and have the final say on what happens in their business. They don’t want to answer to a boss or be limited by someone else’s rules.
Freedom Of Time Flexibility
The third freedom is the freedom of time flexibility. Entrepreneurs often have very busy lifestyles and need to be able to work on their own schedules. They don’t want to have to punch a clock or adhere to someone else’s schedule. They need the flexibility to work when they want and how they want.
Freedom Of Risk
The fourth freedom is the freedom of risk. Entrepreneurs are often willing to take risks that others are not. They believe in their ideas and are willing to put everything on the line to make them a reality.
Freedom Of Reward
The fifth freedom is the freedom of reward. Entrepreneurs believe that they should be rewarded for their hard work, dedication, and value creation. They want to reap the benefits of their success and enjoy the fruits of their labor.
Freedom Of Relationships
The sixth freedom is the freedom of relationships. Entrepreneurs often have very strong relationships with their family and friends. They want to be able to work with people they trust and have a close personal connection with.
Freedom Of Location
The seventh freedom is the freedom of location. Entrepreneurs often want to be able to work from anywhere in the world. They don’t want to be tied down to one location. They want to be able to travel and work from anywhere they have an internet connection.
Freedom Of Impact
The eighth freedom is the freedom of impact. Entrepreneurs often want to make a positive impact on the world. They want to create something that will help others and make the world a better place.
Freedom Of Legacy
The ninth freedom is the freedom of legacy. Entrepreneurs want to leave a lasting legacy. They want their businesses to continue to grow and thrive long after they are gone. They want to be remembered for their achievements and have their name associated with something positive.
Do You Want The Entrepreneurial Freedoms?
All of these freedoms are important to entrepreneurs. These freedoms are what make entrepreneurship such an attractive option for many people. If you are thinking about starting your own business, keep these in mind. They may just be what you need to take the leap and achieve success.
