{"id":4432,"date":"2015-07-10T07:08:46","date_gmt":"2015-07-10T07:08:46","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=4432"},"modified":"2024-05-03T15:39:24","modified_gmt":"2024-05-03T15:39:24","slug":"reasons-to-be-an-entrepreneur","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/chapter\/reasons-to-be-an-entrepreneur\/","title":{"raw":"Reasons to Be an Entrepreneur","rendered":"Reasons to Be an Entrepreneur"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>List common reasons for choosing to be an entrepreneur<\/li>\r\n<\/ul>\r\n<\/div>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2015\/07\/10183407\/25926818271_6a8fef53f7_o.jpg\"><img class=\"alignright wp-image-13607\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2015\/07\/10183407\/25926818271_6a8fef53f7_o-200x300.jpg\" alt=\"An entrepreneur working on her laptop.\" width=\"300\" height=\"449\" \/><\/a>\r\n\r\nAs entrepreneurs often caution, being an entrepreneur is not a job, it\u2019s a lifestyle. Of course, that\u2019s precisely the attraction for many potential entrepreneurs. Life is more than a paycheck. Entrepreneurship is an alternative way of looking at the world and your place in it. For many, it\u2019s an opportunity to achieve their potential\u2014a potential that may be limited or managed in a traditional job.\r\n\r\nIn an article for Entrepreneur, Uber Brands founder Jonathan Long cites 60 reasons to be an entrepreneur. Number 1 on his list: You have full control over your destiny. That\u2019s a particularly powerful motivator, especially when you factor in the \u201cat will\u201d employment law (that is, you can be fired without cause), increased use of contingent labor (no benefits), gender and racial wage gaps, and other predatory behaviors.\r\n\r\nTo the salary point, a woman earns on average 80.5 cents for every dollar a man earns. Breaking it down, the percentage of a white man\u2019s annual earnings by race is 87% for Asian women, 79% for white women, 63% for Black women, and 54% for Hispanic women. A November 2017 World Economic Forum study projected that will take 100 years to close the gender pay gap. Further, instead of decreasing, the gap appears to be widening; the 2016 prediction was 86 years. What\u2019s particularly disturbing is what\u2019s been termed the \u201cmommy penalty.\u201d A Senate Joint Economic Committee report found that women with children often earn less after returning to the workforce, while the opposite is true for working fathers. Key takeaway: if you\u2019re a woman and\/or minority, the game is stacked against you. Perhaps it\u2019s time to take your marbles and start your own game with your own rules.\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Statistics for Minority-Owned Businesses[footnote]Robert Bernstein, \u201cHispanic-Owned Businesses on the Upswing,\u201d International Trade Management Division, U.S. Census, <a href=\"https:\/\/www.census.gov\" target=\"_blank\" rel=\"noopener\">https:\/\/www.census.gov<\/a>, December 1, 2016; The Kauffman Index of Main Street Entrepreneurship, <a href=\"https:\/\/www.kauffman.org\" target=\"_blank\" rel=\"noopener\">https:\/\/www.kauffman.org<\/a>, November 2016.[\/footnote]<\/h3>\r\n<ul>\r\n \t<li>The number of Hispanic-owned businesses almost tripled between 1997 (1.2 million) and 2012 (3.3 million).<\/li>\r\n \t<li>The percentage of U.S. businesses with 1 to 50 employees owned by African Americans increased by 50% between 1996 and 2015.<\/li>\r\n \t<li>Almost a million firms with employees are minority owned: 53% are Asian American owned, 11% are African American owned, and almost a third are Hispanic owned.<\/li>\r\n \t<li>19% of all companies with employees are owned by women.<\/li>\r\n<\/ul>\r\n<\/div>\r\nEntrepreneurial motivation short-list:\r\n<ol>\r\n \t<li style=\"font-weight: 400;\">Opportunity to make an impact<\/li>\r\n \t<li style=\"font-weight: 400;\">Ability to live by your own rules, from values and culture to dress code, work environment, and location<\/li>\r\n \t<li style=\"font-weight: 400;\">Membership in an elite group of leaders and doers<\/li>\r\n \t<li style=\"font-weight: 400;\">No bench time or waiting to be chosen<\/li>\r\n \t<li style=\"font-weight: 400;\">Opportunity based on performance rather than degrees<\/li>\r\n \t<li style=\"font-weight: 400;\">Relative freedom from discrimination<\/li>\r\n \t<li style=\"font-weight: 400;\">The thrill of creation and the ongoing challenges of growth<\/li>\r\n \t<li style=\"font-weight: 400;\">Unlimited upside (financial) potential; no growth ceilings<\/li>\r\n \t<li style=\"font-weight: 400;\">Extreme learning &amp; personal growth<\/li>\r\n \t<li style=\"font-weight: 400;\">Working with stimulating people and emerging ideas\/technologies<\/li>\r\n \t<li style=\"font-weight: 400;\">Recognition\u2014after all, entrepreneurs are the rock stars of the business world<\/li>\r\n \t<li style=\"font-weight: 400;\">Build something for future generations<\/li>\r\n \t<li style=\"font-weight: 400;\">Defining \u201csuccess\u201d in your own terms<\/li>\r\n<\/ol>\r\nEmployment dynamics and dysfunctions aside, the key is to understand your values and priorities and decide whether the entrepreneurial lifestyle is a fit of you. For more on this point, read The Balance Careers article <a href=\"https:\/\/www.thebalancecareers.com\/self-assessment-tools-choose-a-career-526172\" target=\"_blank\" rel=\"noopener\">How to Use Self Assessment Tools to Help You Choose A Career<\/a>.\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nThe following short video is an example of the entrepreneurial spirit in action!\r\n\r\nhttps:\/\/youtu.be\/jrOXnWs8km0\r\n\r\nYou can <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Sriracha_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \"Sriracha\" (opens in new window)<\/a>\u00a0or the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Sriracha_alternative.txt\" target=\"_blank\" rel=\"noopener\">text alternative for \"Sriracha\" (opens in new window)<\/a>.\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Question<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/567e906c-8f8c-4d6b-bcd7-de567aa7099b\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>List common reasons for choosing to be an entrepreneur<\/li>\n<\/ul>\n<\/div>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2015\/07\/10183407\/25926818271_6a8fef53f7_o.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-13607\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3006\/2015\/07\/10183407\/25926818271_6a8fef53f7_o-200x300.jpg\" alt=\"An entrepreneur working on her laptop.\" width=\"300\" height=\"449\" \/><\/a><\/p>\n<p>As entrepreneurs often caution, being an entrepreneur is not a job, it\u2019s a lifestyle. Of course, that\u2019s precisely the attraction for many potential entrepreneurs. Life is more than a paycheck. Entrepreneurship is an alternative way of looking at the world and your place in it. For many, it\u2019s an opportunity to achieve their potential\u2014a potential that may be limited or managed in a traditional job.<\/p>\n<p>In an article for Entrepreneur, Uber Brands founder Jonathan Long cites 60 reasons to be an entrepreneur. Number 1 on his list: You have full control over your destiny. That\u2019s a particularly powerful motivator, especially when you factor in the \u201cat will\u201d employment law (that is, you can be fired without cause), increased use of contingent labor (no benefits), gender and racial wage gaps, and other predatory behaviors.<\/p>\n<p>To the salary point, a woman earns on average 80.5 cents for every dollar a man earns. Breaking it down, the percentage of a white man\u2019s annual earnings by race is 87% for Asian women, 79% for white women, 63% for Black women, and 54% for Hispanic women. A November 2017 World Economic Forum study projected that will take 100 years to close the gender pay gap. Further, instead of decreasing, the gap appears to be widening; the 2016 prediction was 86 years. What\u2019s particularly disturbing is what\u2019s been termed the \u201cmommy penalty.\u201d A Senate Joint Economic Committee report found that women with children often earn less after returning to the workforce, while the opposite is true for working fathers. Key takeaway: if you\u2019re a woman and\/or minority, the game is stacked against you. Perhaps it\u2019s time to take your marbles and start your own game with your own rules.<\/p>\n<div class=\"textbox key-takeaways\">\n<h3>Statistics for Minority-Owned Businesses<a class=\"footnote\" title=\"Robert Bernstein, \u201cHispanic-Owned Businesses on the Upswing,\u201d International Trade Management Division, U.S. Census, https:\/\/www.census.gov, December 1, 2016; The Kauffman Index of Main Street Entrepreneurship, https:\/\/www.kauffman.org, November 2016.\" id=\"return-footnote-4432-1\" href=\"#footnote-4432-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/h3>\n<ul>\n<li>The number of Hispanic-owned businesses almost tripled between 1997 (1.2 million) and 2012 (3.3 million).<\/li>\n<li>The percentage of U.S. businesses with 1 to 50 employees owned by African Americans increased by 50% between 1996 and 2015.<\/li>\n<li>Almost a million firms with employees are minority owned: 53% are Asian American owned, 11% are African American owned, and almost a third are Hispanic owned.<\/li>\n<li>19% of all companies with employees are owned by women.<\/li>\n<\/ul>\n<\/div>\n<p>Entrepreneurial motivation short-list:<\/p>\n<ol>\n<li style=\"font-weight: 400;\">Opportunity to make an impact<\/li>\n<li style=\"font-weight: 400;\">Ability to live by your own rules, from values and culture to dress code, work environment, and location<\/li>\n<li style=\"font-weight: 400;\">Membership in an elite group of leaders and doers<\/li>\n<li style=\"font-weight: 400;\">No bench time or waiting to be chosen<\/li>\n<li style=\"font-weight: 400;\">Opportunity based on performance rather than degrees<\/li>\n<li style=\"font-weight: 400;\">Relative freedom from discrimination<\/li>\n<li style=\"font-weight: 400;\">The thrill of creation and the ongoing challenges of growth<\/li>\n<li style=\"font-weight: 400;\">Unlimited upside (financial) potential; no growth ceilings<\/li>\n<li style=\"font-weight: 400;\">Extreme learning &amp; personal growth<\/li>\n<li style=\"font-weight: 400;\">Working with stimulating people and emerging ideas\/technologies<\/li>\n<li style=\"font-weight: 400;\">Recognition\u2014after all, entrepreneurs are the rock stars of the business world<\/li>\n<li style=\"font-weight: 400;\">Build something for future generations<\/li>\n<li style=\"font-weight: 400;\">Defining \u201csuccess\u201d in your own terms<\/li>\n<\/ol>\n<p>Employment dynamics and dysfunctions aside, the key is to understand your values and priorities and decide whether the entrepreneurial lifestyle is a fit of you. For more on this point, read The Balance Careers article <a href=\"https:\/\/www.thebalancecareers.com\/self-assessment-tools-choose-a-career-526172\" target=\"_blank\" rel=\"noopener\">How to Use Self Assessment Tools to Help You Choose A Career<\/a>.<\/p>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>The following short video is an example of the entrepreneurial spirit in action!<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Sriracha\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/jrOXnWs8km0?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Sriracha_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for &#8220;Sriracha&#8221; (opens in new window)<\/a>\u00a0or the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Sriracha_alternative.txt\" target=\"_blank\" rel=\"noopener\">text alternative for &#8220;Sriracha&#8221; (opens in new window)<\/a>.<\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Practice Question<\/h3>\n<p>\t<iframe id=\"assessment_practice_567e906c-8f8c-4d6b-bcd7-de567aa7099b\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/567e906c-8f8c-4d6b-bcd7-de567aa7099b?iframe_resize_id=assessment_practice_id_567e906c-8f8c-4d6b-bcd7-de567aa7099b\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4432\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Reasons to Be an Entrepreneur. <strong>Authored by<\/strong>: Nina Burokas. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Sriracha. <strong>Provided by<\/strong>: BBC. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/jrOXnWs8km0\">https:\/\/youtu.be\/jrOXnWs8km0<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><li>wocintech (microsoft) - 182. <strong>Authored by<\/strong>: WOCinTech Chat. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/wocintechchat\/25926818271\/\">https:\/\/www.flickr.com\/photos\/wocintechchat\/25926818271\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Statistics for Minority-Owned Businesses. <strong>Authored by<\/strong>: OpenStax. <strong>Provided by<\/strong>: Rice University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today\">https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.4<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-4432-1\">Robert Bernstein, \u201cHispanic-Owned Businesses on the Upswing,\u201d International Trade Management Division, U.S. Census, <a href=\"https:\/\/www.census.gov\" target=\"_blank\" rel=\"noopener\">https:\/\/www.census.gov<\/a>, December 1, 2016; The Kauffman Index of Main Street Entrepreneurship, <a href=\"https:\/\/www.kauffman.org\" target=\"_blank\" rel=\"noopener\">https:\/\/www.kauffman.org<\/a>, November 2016. <a href=\"#return-footnote-4432-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":3,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Sriracha\",\"author\":\"\",\"organization\":\"BBC\",\"url\":\"https:\/\/youtu.be\/jrOXnWs8km0\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Reasons to Be an Entrepreneur\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"wocintech (microsoft) - 182\",\"author\":\"WOCinTech Chat\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/wocintechchat\/25926818271\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Statistics for Minority-Owned Businesses\",\"author\":\"OpenStax\",\"organization\":\"Rice University\",\"url\":\"https:\/\/cnx.org\/contents\/Tgl3H6iq@8.4:pEdkag9F@8\/5-1-Entrepreneurship-Today\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.4\"}]","CANDELA_OUTCOMES_GUID":"651a858b-87d1-4b2e-8312-8d248facb139, d431bf24-1302-44d7-a58a-f53551ecec41","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-4432","chapter","type-chapter","status-publish","hentry"],"part":87,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/4432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/users\/3"}],"version-history":[{"count":43,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/4432\/revisions"}],"predecessor-version":[{"id":15370,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/4432\/revisions\/15370"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/87"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/4432\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/media?parent=4432"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=4432"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=4432"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/license?post=4432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}