There is a quote floating around the internet that sums up what an entrepreneur is: entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week. And while that might put most people off, there are benefits which are not just monetary, when you are a business owner.

1. Strategy becomes a game

You will become better at making any kind of decisions purely because you have been placed in a situation whereby you call the only shots that matter. Any fumble could prove disastrous, but you will also learn that there is a viable solution to every problem.

2. Better creativity and imagination

Now this is where your inner child comes in. How do you keep people interested in whatever services or products you are selling? You might come up with promotions or brand new products and create a market for it. All this requires being able to brainstorm and think up fresh, interesting ideas. Contrary to popular belief, it is nurture, not nature,that allows certain people more creativity over others.

3. The world becomes your oyster

Once you have mastered the art of being in control and playing by your own rules, you will soon realize there is so much untapped potential around you. Money doesn’t grow on trees, but it grows on people who are more than happy to give it to you for something in return. It might not even be something they know they want, but you can make it so it is irresistible. You will see opportunities at every turn, learning, always learning about something new. Such as how to work social media and technology seamlessly through case-studies like “write my essay for me” services. They allowed their hosts to cross post onto Craigslist, effectively reaching more people with the ad and also publicizing the app on the company’s behalf – for free!

4. Limitless extra income

You reap what you sow, and if you have executed a great idea flawlessly, it will give you boundless returns. However, it is not always about the money. It is about challenging yourself and having the satisfaction of a job well done. A job done for nobody else but yourself.

5. Fine tunes your social skills & up your confidence

If there is one thing being your own boss will give you, it is to teach you to respect yourself. You never have to worry about meeting someone else’s requirements. Furthermore, you will be exposed to people from all walks of life, from people who might give you a leg up to those who will reject you and all those experiences will teach you how to be better at pitching ideas and inspiring others.

Most people might turn to entrepreneurship to escape the tedious repetition of a desk job, others might have a bright passion that absolutely refuses to shut up and while there are those who are complacent working for a corporation whose CEO will never even learn their name, everyone will benefit from being an entrepreneur regardless of whether they fail or succeed. Although, entrepreneurs will never see failure as one, but merely a learning experience.

This article was written by the NUS community. If you would like to contribute your article, please get in touch.