The lesser-known benefits of entrepreneurship: from creative diversity to happiness at home

Though we hear a lot about it in the corporate world, entrepreneurship is still a relatively small venture. Even in the USA, where levels of entrepreneurship are high, only 16% of the working population has ever started their own business. It’s a daunting task—the risks are high and you need to be able to stomach a fair bit of failure, but entrepreneurship is a crucial part of a successful economy and work culture. 

We’ve taken a look at the benefits of having a strong startup ecosystem, and how the positive ripple effects can be felt everywhere, from economic stability to a satisfying home life. 

Cutting-edge developments and advancements

The nature of startups means they go hand in hand with innovation. The most successful startups and entrepreneurs fill a gap in the market, creating something new that pushes their business - and its purpose - forward. 

The result is that lots of cutting-edge developments are made across a range of sectors. And it’s not just technologies like automation and machine learning that do well, even simple inventions - as long as they satiate a need - can present amazing advancements to the way we live. 

Economic invigoration 

Perhaps most notably, countries that have a healthy entrepreneurial culture tend to be more economically sound. Not only does having a wealth of startups help to bolster innovation, as mentioned above, but it also creates a healthy sense of competition between other like-minded businesses. Productivity rises in line with competition, so the result is a highly proactive economy that’s scaling—and scaling fast. 

Inevitably, this creates a demand for new jobs and enables workers to upskill and challenge themselves to meet these exciting new demands. It’s win-win all round for the economy. 

Diversifying creativity and ideation

Startups are often referred to as ‘challengers’ for good reason. They challenge the way things have always been done and bring a fresh perspective to problem solving. Because of the smaller nature of these businesses, typically there is more chance to diversify a workforce - hiring people from a wealth of backgrounds, religions, abilities and ethnicities - to amplify this. Startups take the monopoly away from larger legacy corporations that are slow to move with the times. Startups and entrepreneurs raise the stakes, forcing others to meet them where they are. 

A more positive, balanced way of life 

There is a tendency to associate startups with overwork, given that they are such high-risk ventures. But, if entrepreneurs make a conscious decision to prioritize a good work-life balance, for themselves and their employees, the nature of startups can actually be far more rewarding. 

Startups are free to make their own rules around flexible working, time off, mental health services, workloads and much more. They are also more likely to involve work that is more immediately rewarding, as you are directly impacting results. All this, when done right, is a recipe for a fulfilling, flexible career.  

At Remotify, we arm companies with the tools to be fully remote, flexible and ahead of the competition. Want to find out how we can do the same for you? Book a call with a member of our friendly team today!