Why Entrepreneurship?

As entrepreneurs often caution, being an entrepreneur is not a job, it’s a lifestyle. Of course, that’s 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’s an opportunity to achieve their potential—a potential that may be limited or managed in a traditional job.

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’s a particularly powerful motivator, especially when you factor in “at will” 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.

To the salary point, a woman earns on average 83 cents for every dollar a man earns. For some groups, the wage gap is even larger. For example, Black women earn 65 cents and Hispanic women earn 58 cents for every dollar that a non-Hispanic male earns.^[1] What’s particularly disturbing is what’s been termed the “mommy penalty.” 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’re a woman and/or minority, the game is stacked against you. Perhaps it’s time to take your marbles and start your own game with your own rules.

Statistics for Minority Owned Businesses^[2]

• Approximately 1.15 million or 19.9% of employer businesses^[3] in 2020 were minority-owned.
• Around 1.24 million employer businesses (21.4%) were owned by women.
• The number of Hispanic-owned businesses grew about 8.2% from 346,836 in 2019 to 375,256 in 2020 and made up about 6.5% of all businesses with an estimated 2.9 million employees.
• There were an estimated 612,194 Asian-owned businesses in the United States in 2020. Asian-owned businesses had the largest estimated receipts ($841.1 billion) among minority race groups.
• There were an estimated 140,918 Black- or African American-owned businesses with 1.3 million employees.
• There were an estimated 40,392 American Indian and Alaska Native-owned businesses with 243,523 employees.
• There were an estimated 8,822 Native Hawaiian and Other Pacific Islander-owned businesses with 60,129 employees.

Reasons That Motivate Entrepreneurs

1. Opportunity to make an impact
2. Ability to live by your own rules, from values and culture to dress code, work environment, and location
3. Membership in an elite group of leaders and doers
4. No bench time or waiting to be chosen
5. Opportunity based on performance rather than degrees
6. Relative freedom from discrimination
7. The thrill of creation and the ongoing challenges of growth
8. Unlimited upside (financial) potential; no growth ceilings
9. Extreme learning & personal growth
10. Working with stimulating people and emerging ideas/technologies
11. Recognition—after all, entrepreneurs are the rock stars of the business world
12. Build something for future generations
13. Defining “success” in your own terms

Watch It!

The following short video is an example of the entrepreneurial spirit in action!

You can view the transcript for “Sriracha” (opens in new window) or the text alternative for “Sriracha” (opens in new window).

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