Entrepreneurship isn’t for everyone, but if you do have the bug to experience freedom and still generate income, it can lead to an amazing life. You get to set your own schedule, you get to call the shots, and answer to yourself.
Each of us spends 40-plus hours of our week in some form of work. That time could be spent doing something you love or doing something that makes you miserable and affects all other areas of your life. Here are five reasons why you should consider spending those hours on something that’s yours.
Related: 50 signs you might be an entrepreneur
1. The opportunity to control your destiny
When you work a 9-to-5, you’re at the mercy of your boss and the company you work for. They can decide to hire or fire you, they decide how you spend your eight hours every day and what happens in those hours affects you beyond that time.
You have little control and in exchange, they give you a paycheck. The problem is today’s economy. Gone are the days of working at a company for years and retiring with a pension. These days, entrepreneurship is the new pension plan. Your income is too important to leave in the hands of someone else.
2. Freedom to spend your time doing what’s important to you
Life is short and time is the one thing we’ll never get back. This makes time one of your most valuable resources and you should treat it accordingly. Entrepreneurship gives you the ability to balance your time.
If you have family or other life circumstances come up, you can decide to forgo any work for that day. You don’t have that kind of flexibility at a job. Your work should fit into your life, not the other way around. The life part has to come first.
3. Unlimited earning possibilities
At a job, your earning potential is set by the company. You can get raises and promotions, but those are exceptions, not the rule. Your earning potential is capped no matter how long you stay at that job.
To be fair, you could earn nothing at your business, but those who jump into entrepreneurship are self-motivated to build a profitable one. Entrepreneurs aren’t happy with the status quo and continue to grow their business and income. The beauty of entrepreneurship is that there are no gatekeepers to keep your income regulated.
Related: You might be an entrepreneur if you meet these 3 conditions
4. Location independence
The beauty of having your own business is the ability to create something that supports you no matter where you are in the world. There are more than 2.5 billion people online daily, which means you could have an unlimited customer base and build a location-independent, online business.
No longer do you have to be tied down to a single location. You can have freedom to be where you want to be. This is great because different environments can foster innovation and creativity.
5. The chance to leave a lasting legacy
When you build your dream business, it can carry on to your kids and their kids. What starts as a quest for freedom can end as something that’s in your family for generations. A company like Ford has been passed down through the generations and continues to impact lives.
If your business is started out of something you are passionate about, that passion will impact lives for years and generations. You can leave your children something you can be proud of.
We live in a time when we can use technology and the Internet to create the business and life we love. It’s not going to be easy and it will take time, but it is possible. If you're thinking about making the leap, make sure you're prepared. You don't want to turn your dream into a nightmare.
However, have an emergency plan, just in case. Have a clear plan for your business and a plan for growth. Have a plan to market your business that goes beyond the cliches. Don't jump into this world until you understand what it involves.
Related: You've built a startup. now, build a legacy.
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This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editor.