In Why You Should Start a Business: Part 1, I outlined two reasons for starting a business: freedom and controlling your destiny. These two reasons are what’s most important to me. I place tremendous value on freedom, being able to use my time as I wish. I decide when to wake up, when to work, and when to stop working. I decide what I do each day. Time is all we have, and having the freedom to use it the way I choose is important to me. I have to think that I am not alone on this.

Having a business also means that success is completely up to you. It is not determined by whether your boss likes you or not, or by who you know. You could do the best job and work as hard as you can for your boss, yet he or she may not appreciate it or give you the promotion. When you work for yourself, you reap all the benefits, not your employer.

Now, what other reasons are there for starting a business? In my short time as an entrepreneur, I have learned a great deal about myself. Knowing who you are is critical to having success and happiness in life. This is my next reason for starting a business.

Reason 3: Learning Who You Are

Even as an employee, you can still learn a lot about yourself. Regardless of who you work for or what industry you are in, your character will be tested along the way. You will encounter situations that will test your integrity, ethics, morals, work ethic, discipline, focus, and so on. Just getting up and going to work daily is a challenge, at least it was for me as an employee.

But when you are either a business owner or self employed, you are on your own now. No one is requiring you to do anything when you get up in the morning. If you don’t want to work, you don’t have to. Right away, your drive, work ethic, discipline, and focus are tested. How will you respond? Can you get yourself to work without someone telling you to? The truth is you don’t find out for sure until you do it.

Not only do you learn more about who you are, but having a business builds character. You will encounter difficult situations and experience adversity along the way that will make you stronger. You will become more persistent, stronger mentally, more disciplined, and I believe your faith and confidence should increase as well when you have success.

Reason 4: Income Potential

If I haven’t gotten your attention to this point, I should have it now. Let’s face it, as an employee you can only earn so much money. Many get paid by the hour, some get paid a yearly salary, and some may be paid based more on performance. Either way, for the most part you know what you are going to get paid each day, week, month, and year. No matter how hard you work, or how good of a job you do, you know there is a ceiling for what you can earn.

This is the beauty of having a business. Sure, when you are self-employed, it can be hard to make millions, but it is certainly possible. I know of individuals in the internet marketing business making millions per year, without much assistance. If you are a business owner, the amount of money you can make is almost up to you.

Now, when I refer to being a business owner I mean having employees and actually ‘owning a business’ that potentially be sold to another party. When you are self-employed, you don’t own a business, you are the business. (This is me right now, but I am working toward the business owner category).

You reap the fruits of your labor when you have a business. You will get back what you put in, maybe not for awhile, but in the long run you will. Making at least six figures a year with a full time business is more than achievable, it should ultimately be expected in the long run. Making millions is not out of the question at some point. I don’t know too many jobs that have unlimited income potential.

Comments are than welcome, I would love to hear thoughts on starting a business either online or offline. Thanks.