Entrepreneur identifies business opportunity, mobilizes and organizes resources to tap the opportunity. Read 5 Resources An Entrepreneur Must Have At His Disposal To Harness Entrepreneurial Business Opportunity to understand what these resources of entrepreneur are and how to mobilize them for a successful entrepreneurial business venture.
The entrepreneur’s profits from the opportunity are the rewards for his resources. The rewards can be either financial or non-financial.
Rewards Of Resources Of Entrepreneurs
Job creation
- Freedom
- Control
- Flexibility
- New skills
- Impact
- Wealth creation
Job Creation
When an entrepreneur mobilizes his resources for business venture, he creates job for himself. He will no longer be jobless, job seeker or employee to another. It does not stop there, as he continues to grow his business, he would create new jobs for others.
Freedom
Everyone crave for freedom at workplace but you can only get this as an entrepreneur — business owner. Entrepreneur has the freedom to decide how he would like to work. He decides his work hours and days. He doesn’t need to take excuse from anyone to take day off work. Even while he’s yet to garner huge profits, for the fact that he’s not being ordered around by superiors is a great reward and satisfaction.
Control
An entrepreneur who has deployed his resources to set up own business takes control of the business. He can move faster and execute his ideas and plans without subjecting them to management vetting and approval who may turn down his brilliant ideas and plans. He can decide who to hire or fire in his team, which contract to sign. He sets his prices, vision, mission and goals of his business.
Flexibility
Another reward is that as a business owner, you make your work flexible for yourself. You schedule your work time not being stuck in 8am – 5pm, Monday – Friday rat race work time. You can decide to work from home, in the night, during the weekend, and when to take a rest. But bear in mind that you must do much work and work for longer hours especially at the early stage of your business if you want to succeed in entrepreneurial business venture. Read Things A Small Business Owner Must Expect to get knowledge on what you should expect and do at the early stage of your business. This stage is a make-or-break stage of your business.
New Skills
Being an entrepreneur makes you become versatile. At the beginning of your entrepreneurial business venture, you will be the master of all trades — you will have your hands on almost everything to make your business a success. You may not afford to hire all the hands you make require. You learn laws and regulations guiding your business industry, accounting, design, secretarial duties, human resources, marketing sales etc. You learn how to face rejections and how to handle failure as well. Read more Here.
Impact
He uses his resources to solve societal problems, meet the needs of his customers and community. The impact and differences he makes are seen and are attributed to him instead of his employer and superiors.
Wealth Creation
A major benefit of entrepreneur’s resources is that when there is success in utilization of the resources in running a business enterprise, the business will begin to generate revenue. The salary of the entrepreneur will directly be proportional to how much work he puts and how much profit made. He will no longer be in a situation where he puts in much efforts and rakes in much revenue but still receives same salary; in some cases, people who didn’t do much work as he did receive higher salaries. Again, the net profit of his business directly or indirectly belongs to him. In other words, a successful entrepreneur has the chance of accumulating much wealth. There is possibility of receiving a disproportionate high return on investment of resources. Furthermore, having created jobs for others, he has also created wealth for them.
Last line
There are great rewards for entrepreneur's resources. The rewards of resources of entrepreneur include possibility of accumulating much wealth, fame, social distinction, and recognition, freedom for using his resources to build and run a successful business of his own. If you’re thinking of becoming an entrepreneur and are asking what your rewards would be, don’t hesitate to mobilize resources and start, great rewards awaits you. But these rewards don’t come on the platter of gold. It takes expertise and hard work to profit from these resources.
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