What Are The Common Reasons For Starting A Business?
You know your business plan. You’ve done your market research. You have your product polished and ready for the market. But why exactly are you doing this? What is your motivation for coming up with this business?
For entrepreneurs, asking this question at any point in doing business, especially at its youngest stages, may not seem very likely. Note though that in every undertaking, having a purpose is very important. Purpose is going to lead you into the decisions you make, consciously or unconsciously. What then is your purpose for starting a business?
You want independence and, to a certain degree, control.
You want to be your own boss: you want to choose the work you do, the hours you spend doing it, and the people you work with. But do note that this comes with enormous responsibilities as well. In fact, you would realise soon enough that the boss has the biggest responsibility of all. Since you call the shots, your business’ success (or failure) depends entirely on how you make decisions, manage your people, and strategise your next moves.
You want more freedom and time.
You want a business because you want to maximise your time doing the things you want and need to do, apart from making a living: attending to your family, making time for some hobbies, etc. You will find out eventually that it takes extraordinary time-juggling skills to fulfill all these self-imposed obligations in your self-designed lifestyle. Along the way, you will need to sacrifice a thing or two or more in favour of others. You should be aware of these possibilities and think long and hard about how you are going to deal with them without putting one of them to considerable risk.
You want to increase your earning potential.
In short, you want to make lots of money. If this is your goal, then you need to put 200 percent of your time and effort to its success. Those who do it for the money often have to sacrifice much of their time for everything else to attend to their business, and this includes family, hobbies, vices and other interests. Before you decide on doing business for the money, take note of your financial goals, the sacrifices you will have to make, and your long-term vision. Without long-term vision, all the sacrifices will not be worth it.
You can’t get a job no matter what you do.
You want to start a business as an alternative to earning a living from a regular job, which you don’t have because you can’t find something that suits you to the hilt. It’s not wrong to have this motivation, but note too that it’s not enough on its own. You need to have commitment, focus, and not to mention resources to start, keep, and grow a business. You should have in-depth knowledge about the product or service you want to offer, unless you want to fail.
You want to do something you feel extremely passionate about.
If you want to turn your hobbies into something profitable, conduct market research first. Is there demand for such product you’re planning to offer? For how long can you sustain production to keep things fresh and innovative? More so, you have to be prepared to do things that are not too related to your passion but are nonetheless important aspects of doing business, such as accounting, bookkeeping, and management.