Independence

Independence is the freedom to work for oneself and make business decisions rather than follow an employer's instructions. An owner may value choosing what to sell and how to run the business. This freedom comes with responsibility: customers, costs and competition still constrain the choices available.

Entrepreneurs accept risks because they hope to gain rewards, such as profit, independence or personal satisfaction. Both financial and non-financial outcomes matter: someone may want to earn more money, but also value being their own boss.