The Benefits Of Entrepreneurship

Why you should start a business

Edward Emono

I recently signed up for a membership with FoundersCard. This in part because I plan to venture into a resource/benefit-based members-only platform one day. I decided to learn a little bit more about how to create a valuable package.

This was not a covert mission!

I had always wanted to get a FoundersCard membership ever since I heard a lot of good things about the benefits they offer. However, I thought it was a bit redundant to get it in addition to the multiple credit card rewards I had.

I was wrong.

No redundancies whatsoever. I was actually mad at myself for not doing it sooner. It caters to the entrepreneur and business owner's lifestyle in every way, from business development and expansion to travel and other lifestyle benefits.

Not saying that in an elitist way but rather in a resource-oriented way.

Being a business owner requires an individual to be organized, it also requires a lot of allocation of resources. One of those being money. Therefore this demands quality decision-making before proper accumulation or distribution of these material resources.

A place like FoundersCard is the best way for an Entrepreneur to start when it comes to the acquisition of resources. Why? Because it is a one-stop shop for an entrepreneur to get benefits while purchasing material resources relevant to the growth of his or her business.

The best part about it is that a portion of membership fees can always be deducted from your taxes as it could be considered a business expense.

My experience with FoundersCard reminded me of some of the benefits of owning a business.

Here are 7 reasons owning a business could be beneficial to you;

Corporate taxes

The corporate tax structure allows individuals to keep personal finances separate from business finances. By providing numerous deductibles from business expenses, business owners are able to correct and prevent financial overlapping by making use of these deductions.

Business Credit

This is another avenue for business owners to prevent financial overlaps between business and personal finances.

The benefits of business credit range from zero (0) interest for 12–15 months aiding cash crunches, to numerous cashback rewards programs and point benefits on spending.

Not to mention a few benefits that mimic that of FoundersCard for travel and lifestyle to support the traveling Freelancer or Entrepreneur.

Skill Expansiveness

As a job hunter or job seeker, your employment is contingent on a skill set. Consequently, this cages potential.

On the other side of the coin, as a business owner or Entrepreneur, your skills are expansive and undefined.

Partially because you constantly have to develop a new skill or understanding for a new skill. Also because your set of skills are your strengths and therefore the different departments to your company.

Automation/Outsourcing

One of the keys to creating a successful business is outsourcing work that requires expert skill.

The beauty of skill expansiveness is that by understanding the basics of the skill in demand, you are able to find talent within the pool.

You’re also able to create a model that can be improved upon by said expert, and this significantly cuts costs of hiring.

The other interesting portion of outsourcing is automation.

If a good job from an expert increases productivity significantly, this can create a long-term business relationship which ultimately leads to automation of productivity.

Network Growth

Entrepreneurs and small business owners always have to connect one way or the other. Whether it be from skill sharing, conventions, conferences, travel, or other related events.

The benefit of this is truly unfathomable. Being in the right place at the right time can lead to tremendous partnerships and growth.

It can also lead to the acquisition of a skill meant to be outsourced at a more favorable rate.

Opportunity for Growth

The biggest upside of networking is an opportunity for growth. Through this, the chain reaction becomes joint ventures and partnerships, product development and creation, funding, expansion, and finally scaling.

The opportunity for growth becomes tremendous. Especially in our present-day where technological trends and social media have opened doors of innovation in a quiet scary-good and disruptive way.

Apps like Cameo and StartEngine are bridging the gap between investors and brilliant ideas and products.

Empowerment/Lifestyle Enhancement

There’s arguably nothing more rewarding than seeing a vision come to fruition.

After the long hours spent researching, tireless working and decision-making, dialogues with your internal self-doubt, valleys, and peaks.

There lies the gratification that comes with success. Empowerment goes in tandem with ownership. It also complements time in the sense of ownership.

Being an entrepreneur puts you in control of your business/income as well as your time. Having enough free time is the best resource for self-development.

In turn, this leads to constant growth for you and your business.

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Author

Edward Emono

Analysts, Trader, Investor

CEO of Golden:Ratio:Club

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Image credit: google images- LegalZoom