Much like having a mullet in the eighties, it seems like starting a business is the cool, trendy thing to do today. It’s hard to open up YouTube without seeing some random person who scaled a 6,7,or 9 figure business from $0. On the ‘innanets’ it seems that everyone is doing it…and everyone is successful. But like most things social media, the picture portrayed is usually not the whole story.
Just like having a job, starting a business is work. While there are entrepreneurs who are doing very well for themselves, most of them will tell you it took work to get their businesses to the point where they are profiled by business magazines and seen giving a TEDX talk somewhere. The great news is, unlike your job, the potential for financial gain and the opportunity to have a positive impact on people, communities, and the world are exponentially greater. Think Steve Jobs with Apple, Elon Musk with Tesla & SpaceX, and Jeff Bezos with Amazon.
There are many reasons why you may want to start a business, and these motivations can vary widely from person to person. If you’re considering starting a business you really need to know your WHY. Carefully assess your motivations, skills, and resources before jumping off the cliff into the vast, unknown world of starting a business.
A few drivers you may have are:
Independence and Autonomy: Many people are drawn to entrepreneurship because it allows them to be their own boss. They can make decisions independently and have greater control over their work.
Financial Potential: Starting a successful business can be a path to financial success and wealth. Entrepreneurs often hope to create a profitable venture that can provide them with a comfortable lifestyle or financial security.
Passion and Personal Fulfillment: Some individuals have a strong passion for a particular product, service, or industry. Starting a business in an area they are passionate about can be personally fulfilling.
Innovation and Creativity: Entrepreneurship offers the opportunity to innovate and create something new. Many entrepreneurs are driven by a desire to bring their innovative ideas to life and make a positive impact on the world.
Flexibility: Running a business can provide greater flexibility in terms of work hours and location. Some people start businesses to achieve a better work-life balance or to have the freedom to work from anywhere.
Job Security: Some individuals start businesses because they want more control over their job security. They believe that entrepreneurship can provide a more stable future than traditional employment.
Legacy Building: Entrepreneurs may want to leave a legacy by building a company that can be passed down to future generations or one that makes a lasting impact on their community or industry.
Problem Solving: Entrepreneurship often involves identifying and solving problems in the market. Those who enjoy tackling challenges and finding solutions may be drawn to starting a business.
Networking and Relationships: Entrepreneurship provides opportunities to build a network of contacts and relationships with other professionals. This can be personally rewarding and beneficial for future opportunities.
Personal Growth: Starting and running a business can be a significant personal growth experience. It can push individuals out of their comfort zones, forcing them to learn and adapt.
Dissatisfaction with Traditional Employment: Some people start businesses because they are dissatisfied with their current jobs or careers. Entrepreneurship can be a way to escape a job they don’t enjoy.
Social Impact: For some, starting a business is a way to address social or environmental issues they are passionate about. They want to create a business that has a positive impact on society.
All of these are common motivations. It’s important to remember that entrepreneurship comes with its own set of challenges and risks. Not all business ventures are successful, and the road to entrepreneurship can be demanding. Knowing your WHY will help guide the hundreds of decisions you’ll need to make as you build the business you want.
Be Business Blessed!
