IAN FERGUSON: The advantages from being an entrepreneur


Ian Ferguson

The COVID-19 pandemic has caused hundreds of Bahamians to consider - and reconsider - the idea of entrepreneurship. The massive lay-offs and furloughs pushed many employees to start home-based businesses as a means of turning over some revenue.

We will thus explore some of the reasons why you may want to start a company. Here are seven good reasons:

  1. Control. You have full control, including over your income, expenses and debt. This ultimately means you can create your own balance between work and life.

  2. Unlimited revenue. There is no limit to how much revenue you and your company can make. You determine the level of hustle required to make as much as you want.

  3. Flexible hours. You set your own hours, so you can prioritise other things as needed (picking your children up after school, your favourite yoga class, taking your mother to a doctor’s appointment).

  4. Flexible location. While this will not necessarily work for every business, owning your own business may very well mean you can work from anywhere you want — a home office, a rented space, or from a laptop on the beach.

  5. Freedom to express yourself. You can fully express who you are, and what you stand for, through your business, instead of dampening your spirit to toe the company line.

  6. Pursue your passion. Far too many persons are locked into what they refer as dead-end jobs that do not excite, fulfill or use their skills.

  7. Every day is unique. Unlike in traditional 9am to 5pm work assignments, entrepreneurship brings with it a new level of unpredictable, fun and exciting challenges that will help develop your critical thinking and problem-solving skills.

Whether it is independence as a business owner, a lifestyle change that you need, greater financial rewards, new learning opportunities or the creative freedom that you have been searching for, starting a business may be just the thing you should explore this year.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.


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