9 Key Advantages of Entrepreneurship

Becoming an entrepreneur is the dream of millions of people around the world. Its benefits & advantages attracts many of them towards entrepreneurship. Most of them see the significance or importance of entrepreneurial profile and want to be a part of startup ecosystem. Being an entrepreneur has many benefits.

Given below are the key Advantages of entrepreneurship which you must know –

1. Independence

Be your own boss.

Entrepreneurship give an opportunity to be free from daily job routine and bindings to work in a certain pattern.

Entrepreneur is free to chose his work, timing and people to work with or for.

He or she gets business autonomy, i.e. the freedom to work in the way that suits him or her best.

2. Flexibility

Entrepreneur gets time flexibility. They can schedule tasks as per their choice.

Generally entrepreneurs get following kind of flexibility:

• Time or schedule flexibility
• Flexibility to choose work type
• Flexible to choose people to work with
• Financial Flexibility

3. Tax Benefits

In India, eligible start-ups can opt and get income tax exemption for three consecutive years. But they need to incorporate their business to get tax benefit.

4. Financial Freedom

Monetary freedom is another benefit or advantage of becoming an entrepreneur which has potential of unlimited income.

5. Growth

Entrepreneurship contributes to a Personal as well as professional growth. Success or failure, an entrepreneur learns a lot from experience.

6. Creates Jobs

Entrepreneurs create new job opportunities as well as strengthens the country’s economy.

7. Passion

Follow your heart.

Entrepreneurship offers an opportunity to pursue a passion and earn money at the same time. An entrepreneur gets an opportunity to do what he or she loves or is passionate about.

8. Social Welfare

Entrepreneur contributes to the society through sustainable and environmental friendly business.

9. Innovation

Entrepreneurs introduces innovative tools, technologies and/or processes in the market. For example, Elon Musk’s Tesla introduced a wide range of electric cars.

Summary

When compared with job, entrepreneurship offers more freedom, flexibility and growth. But at the same time, one need to understand that Entreprenership is more risky and challenging career path to walk on.