"Become Your Own Boss" has gained global appeal and acceptance since the advent of the internet and information age, which has made access to useful information a lot easier. Starting your own business has since become the new hype.
Every day, every moment, somebody somewhere wants to start a business. Why, why do you want to start a business? This question may sound redundant; after all why else would someone start a business if not to make money? After all, the purpose of business is profit.
Yes, the purpose of business is profit; but many people actually start a business for the wrong reason or motivation. And it does really matter because a journey that begins on a wrong footing will likely lead to a wrong destination.
Here are the Top 5 Wrong Reasons to Start a Business.
1) Because You Want to Make Money
Don't start a business just because you want to make money. Even though this is the number one reason many people go into business, that doesn’t make it right. Going into business with a strong desire to amass wealth as your primary or sole motivation, is a sure recipe for failure.
This is because when money making becomes your primary focus, value addition and value delivery which are the primary foundations of entrepreneurship, take the back seat. And nothing hurts a business faster than prioritizing making money above adding value.
2) Because You Have the Money
Don't start a business just because you have the money to do so. For sure money (capital) is a very necessary input to the success of any business start-up. Having the required capital to start a business is great; but that should not push you into starting a business.
Among other desirable attributes, starting a business requires passion, expertise, creativity, ingenuity, focus, doggedness, clear headedness and much more, which money cannot buy. It takes much more than money to start and succeed in business.
3) Because You Lost Your Job
Don't start a business just because you lost your job. This is yet another prevalent reason many people go into business; but that doesn't make it right. Apart from activating a panic mode and making you feel financially threatened, losing your job can also make you emotionally unstable; at least for the first few months. In such circumstances, you are more likely to be driven by fear and panic than by rational thinking, to start a business.
The likely result is that firstly, you may not have the right frame of mind to be able to exercise the high level of due diligence required when starting a new business. Secondly, with your regular source of income gone, you may not be able to withstand or endure the long gestation period required for a new business to start and stabilize, before attempting to take profit. Both situations are detrimental to business success.
4) Because Others Have
Don't start a business just because people you know have done so. Many have gone into business just because their friends or colleagues did so; but that doesn't make it right. Don't start a business simply because your parent or relation wants you to; or simply because someone you know is doing well in business. Such emotional attachment can blind you to the real risks of starting and running a business.
The idea or thought of becoming the boss-man or woman is attractive and exciting; but sooner than later you’ll realise that owning a business is not a bed of roses, and frustration may set in. Therefore bury your ego, and only start a business when it is your personal conviction; and not because it is trending, or what the society or your peers are doing.
5) Because You Hate Working for Others
Don't start a business just because you hate working for others, or maybe you want time freedom. This is another common reason people go into business; but that doesn't make it right. The logic that you hate working for others does not automatically translate to mean that you love working for yourself. Owning and running a business is in the domain of unlimited work.
As a boss-man or woman, you'll do much more work running your own business than you ever did working for another. When you become your own boss, the regular 9-to-5 job schedule becomes a compulsory 24-7-365 work schedule; at least in the early months. Again, if you hate working for others, it probably means that you don’t like work in general; and this is why starting a business should be the last thing on your mind.
What then is the Right Reason to Start a Business?
Start a business because you have a unique and useful Product that will benefit humanity.
Start a business because you have a unique and useful Service that will benefit humanity.
Start a business because you see a better way of doing something.
Start a business because you see a problem you can solve.
Start a business because you have a better solution to peoples problems.
Start a business because you can create or add VALUE to the world.
VALUE is what people pay for with Money.
Begin to see Problems as potential Business Opportunities. Back of a successful business enterprise is a major problem solved. Problems are the genesis of Business and Enterprise.
Entrepreneurs solve problems by finding new and better ways of doing things; and in the process create wealth (profits) for themselves and others. Add Value and Become Rich!
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