A world reeling from the reality of COVID-19 is hardly the most encouraging setting for budding entrepreneurs. However, 2020 research shows that entrepreneurship in the United States has increased during the pandemic. Kerry McDonald of FEE Stories claims that people are “seizing new opportunities and spotting unfulfilled needs.”
A changing world creates new demands, and entrepreneurial individuals have launched businesses that provide solutions to these emerging needs.
Understandably, becoming a business owner, building a brand, and generating revenue can be intimidating and challenging. We acknowledge that above all, entrepreneurs need encouragement. We spoke to multiple business owners and compiled a list of rewards entrepreneurship provides.
1. Cultivating Freedom
You might have heard the phrase, “Be Your Own Boss.” It’s compelling. Few jobs offer the freedom to craft the work-life you desire apart from owning your own business. One of the freedoms it provides is a flexible work schedule that works best for you and your team.
“Whatever your goals, you are in charge,” says Remon Aziz, Chief Operating Officer of Advantage. “You decide the company’s priorities, and you meet needs as they arise. For example, we provide rental vehicles and are now expanding into the realm of buying and selling cars. When you own a business, you get to decide what changes get made and when.”
As a business owner, you have the power to establish goals and deadlines and maintain quality control. You can create schedules for yourself and your employees that benefit both the business and your team.
2. Work-Life Balance
The struggle to implement an effective, sustainable balance between workloads and lifestyle habits existed long before the pandemic. Mental Health America states that one in four Americans report high stress due to busy schedules. Building a flexible schedule is one of the many draws of entrepreneurship.
Daniel Tejada, Co-Founder of Straight Up Growth, launched the company to provide employees the opportunity to cultivate a work-life balance.
“We want our team supported in all aspects of life,” states Tejada. “When we give our employees the space to steward their personal lives well, they are excited to work, and they can serve our clients to the best of their abilities.”
Tejada emphasizes that companies provide superior products and services when their owners, leaders, and employees are less stressed. He says, “Productivity is higher and services are better when companies honor all aspects of life. That’s how we grow. While we’re fostering client success on Amazon, we’re ensuring our team’s success in life.”
Ely Khakshouri of Retrospec provides similar feedback.
“Retrospec is about adventure,” Khakshouri states. “Our goal is to provide people with high-quality gear to enjoy their favorite outdoor activities. In that way, it’s all about celebrating our experiences outside of the office. Or our homes, now. We honor the movement. We honor fitness and fun. These are essential to a well-rounded life.”
In addition to flexible work schedules that give you space to pursue your many passions and commitments, entrepreneurship gives you power over the work you do.
3. Executing Your Vision
A vision is what births a company. As a business owner, you get to decide how the vision comes to fruition.
For example, Dr. Jae Pak, Founder of Jae Pak MD Medical, fuses his passions and multiple areas of expertise to provide clients with effective hair restoration solutions.
“We want clients to know that all are welcome,” Dr. Pak states. “Hair varies person to person, and in promising hair restoration results, I want to ensure that potential clients see that results are for all hair textures and people of all ethnicities, genders, and gender orientations. We’ve kept that promise, and so we’re proud to highlight our patients’ results.”
Another example of vision in action is Berry Law, a law firm dedicated to serving veterans that has maintained Founder John Stevens Berry Sr.’s vision to protect veterans’ rights since 1965. John Berry, CEO and Managing Partner of Berry Law, is a veteran.
Berry states, “We have a staff that understands the needs and experiences of our clients. Veteran Disability Attorneys are actively fighting on behalf of veterans for more appropriate Disability Ratings and compensation.”
Berry Law continues to reflect the vision of its founder in the services and resources it provides and the people it hires. Its team consists of veterans, and it’s committed to serving veterans through legal aid and partnerships with other military and veteran organizations.
Berry Law and Jae Pak Medical were formed because their founders saw a need and executed a plan to fill that need. Often, the idea for launching a business comes when the creator experiences a problem.
4. Creating a Solution for a Problem You’ve Experienced
You might discover a gap in the market when you or someone close to you meets a new need for which there are no solutions. For example, GunSkins was created due to a hunting experience gone wrong.
The problem was a gun that lacked camouflage. The weapon’s reflective surface alerted the animal to the hunter’s presence.
James Ville, Chief Product Officer of GunSkins, explains, “You can’t ignore a problem when it’s right in front of you or when it inhibits your goals.”
The idea for custom-designed, water-resistant gun skins that worked for all guns emerged from a need. Alternative camouflage options were expensive and others did not last long. GunSkins was the solution, and while it began small, it now ships products worldwide. The experience of an individual uncovered a larger market.
“When you can use your product, that’s when you know you’ve got it right,” Ville states. “We believe in what we’re selling so much we use it in our everyday lives; our product works for us and our customers.”
Sometimes, it’s a string of experiences that inspires an entrepreneur.
CEO of Queenly, Trisha Bantigue, co-founded the company to provide women of all ages, sizes, and backgrounds the chance to find the perfect dress for them, straight out of a fairytale, something she initially did not feel was accessible to her.
“Fairytale moments can seem impossibly far away for most of us, especially if you’ve grown up in a minority or low-income household,” Bantigue claims. “I helped build Queenly to make the formalwear industry more accessible to all. When you use Queenly, you can find the perfect dress for any occasion, for every body type and the right price.”
Bantigue has also made the company a space for people to sell dresses they no longer need. Bantigue’s collection of dresses from years of pageant competitions and modeling is also available on the website.
Entrepreneurship provides many personal benefits, including creating a work-life balance and building a product you’re going to use. New businesses also provide goods for the community. As a business owner, you will directly experience the gratification of serving others.
5. Making Clients Happy
The fifth most rewarding aspect of being an entrepreneur is customer and client satisfaction. When user retention is high and customers are happy with their experience, businesses are successful.
FenixCommerce was created to improve customer experience, and in doing so, supports other businesses.
Akhilesh Srivastava, Founder and CEO of Fenix Commerce, states, “Our software provides customers with accurate delivery dates and pickup locations throughout the shopping experience. They don’t have to wait to see if products will arrive on time according to their needs, which avoids a lot of disappointment during the checkout stage.”
In cultivating superior order experiences, FenixCommerce also improves conversion rates for eCommerce sellers. “In the truest sense of the phrase, it’s a win-win situation,” says Srivastava. “We support customers who support other businesses. We all succeed together.”
AdQuick is another business dedicated to helping other brands and organizations. Its focus is on simplifying the process of buying advertisements.
Chris Gadek, Head of Growth at AdQuick, describes the gratification of aiding other businesses in tangible ways.
“We are providing a tool that can be used by any number of companies,” says Gadek. “It’s amazing to view our list of clients, each of which provides its own set of tools, resources, and services for customers. By helping a company, you have incredible reach and influence. You’re helping people help people, and you never know how far that can go.”
Viewing positive customer feedback can be one of your most validating experiences as a business owner.
Jake Langley, CEO of Luma Nutrition, claims, “We are a company dedicated to elevating the health and well-being of our customers and the community at large. There’s nothing better than seeing customer reviews and reading how people’s pain has eased or their energy levels have increased.”
As an entrepreneur, your efforts directly support individuals and the community at large.
The challenges of entrepreneurship are real, but so are its rewards. Whether you’re contemplating launching your own business or you’ve already stepped into that process, this list can remind you of some of the rewards awaiting you in your entrepreneurship journey.