Reasons Why You Should Be an Entrepreneur in the Hospitality Industry

I really like this quote- “every new parent asks himself or herself why children don’t come with a manual”. This has been true for me from the moment my daughters arrived to now having to navigate them through the teen years. The same holds true for entrepreneurship. It is not easy to be an entrepreneur and you wish it came with a manual to follow. However, the rewards awaiting you when you choose this path are one of the main reasons why entrepreneurship remains an intriguing opportunity for many of us.

 You were born to be an entrepreneur, not an employee, says motivational speaker Stedman Graham, author of the New York Times best seller You Can Make It Happen. “At no other time in history has there been a better opportunity for people to create or retain ownership of their lives,” he says. “Our nation and its communities need more entrepreneurs. Entrepreneurialism is not only a pathway to autonomy and financial independence, but also has a macro-level impact on community development and economic growth, providing sources of employment and higher living standards.”

The following are 7 Reasons Why You Should Be an Entrepreneur that were shared by K. Shelby Skrhak ( Ms. Skrhak is the Managing Web Editor for SUCCESS Magazine and she wrote this article specifically about the Direct Selling industry. I took her information and made only a change to number six (6) making it applicable to the hospitality industry:

1.  Job Security

Only a generation or two ago, going into business for yourself was considered risky, and the safest route was to get a good job in a large firm. “That’s what my ‘poor dad’ taught me,” says Rich Dad Poor Dad author Robert Kiyosaki. “Now, working for a traditional corporation has become a risky option.”

2. Make More Money

A U.S. Federal Reserve survey shows the average household net worth for entrepreneurs is five-times more than that of the traditionally employed. What that means in this economy is business owners are five-times more likely to come out of the recession in the black because they created income in their own business.

3. Freedom

When you are your own boss, you get to choose when you work, how you work and with whom you work. Best-selling author, radio host and wealth expert Dave Ramsey puts it this way: “There’s been a lot of doom and gloom in the media this year. The truth is, many people were laid off from jobs they hated anyway. Many people, instead of sitting home and sulking, have used the freedom to think about what they really want to do when they grow up. You have ideas- go do it!”

4. Discover Your Hidden Potential

“Entrepreneurship is business’s beating heart,” says Virgin mogul Richard Branson. “Entrepreneurship isn’t about capital; it’s about ideas. Entrepreneurship is also about excellence. Not excellence measured in awards or other people’s approval, but the sort that one achieves for oneself by exploring what the world has to offer.”

5. A Second Career

The nation’s 78 million baby boomers are just starting to reach retirement age, yet they’re realizing that they can’t afford to retire. What’s more, they don’t want to. Dr. Mary Furlong, author of Turning Silver into Gold, says, “Boomers are looking for ways to give back. They are taking the reins of their own futures and redefining their lives. They want work that reflects their values and identity; they want to make a difference.” A landmark study by MetLife Foundation found that 50% of Americans in their 50’s and 60’s want to do work “that matters.”

6. You’re Sharing, Not Selling

Being an entrepreneur in the hospitality industry allows you the opportunity to put your years of experience to work for your customers. You can share the knowledge you have gained (selecting the right venue, negotiating the best contract, helping manage the meeting logistics, etc.) to ensure their programs are a complete success.

7. A Life of Greater Impact

“When you’re in business for yourself, you write your own history, you write your own success story, you write your own legacy and most important, you write your own paycheck,” says Jeffrey Gitomer, best-selling author of Little Red Book of Selling. “Being in business for yourself gives you the opportunity to work your heart out for something you love.”

I hope you will take a few minutes to reflect on these ‘7 Reasons’ shared by Ms. Skrhak. For 5 years I have flourished in this model and can tell you from firsthand experience these reasons are accurate…and have improved my life. It can do the same for you!

Is it time for you to consider being an entrepreneur in the hospitality industry?

 If you found this article valuable, you might also be interested in “Hospitality Professionals – Is Being an Independent Meeting Planner and Event Planner Right For You?”

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