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 the top five reasons why running your own business beats working for a big company:
1. Small business funding is gaining momentum
Funding for small business is more abundant than ever and with start-ups 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 realising ideas and developing an effective business strategy.
2. An entrepreneurial mind is a happy mind
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.
Self-employed individuals are in charge and capable of redefining work to suit their strengths and interests. This is essentially why starting your own business has the potential to make you happier.
The study also found that the level of satisfaction increases from the first year of self-employment to the second.
Scientists agree that the average happiness of early stage entrepreneurs is higher than the happiness level of employees in big companies.
3. 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.
Lachlan Heussler is the managing director of Spotcap Australia and has been working in financial services for the last 15 years, both in Sydney and New York.