The reasons and motivations driving you to start a business can be a deciding factor in your success. You really have to be absolutely clear about why you are setting up shop. This is because if you have a clear reason or goal you are trying to achieve, the better chance you have of achieving it. If you ask yourself the difficult questions and really dissect your underlying motivations for starting a business before making a life changing decision that you may never be able to undo, you will be able to protect yourself from unnecessary risk.
The truth is you are unlikely to have just one reason for becoming an entrepreneur. Just make sure that several of your reasons are the right reasons not the wrong ones.
Let’s start with THE RIGHT REASONS:
Moving to a new opportunity
Pursuing a new business opportunity can be a good reason to start your own business as long as it is a real opportunity which brings value to your efforts in the long run.
To build something your children can inherit
As parents we work very hard so that our children will be able to live a comfortable life. Wanting to build something that you can pass down to your children and future generations can be a good reason for starting a business as you will be motivated to work harder and grow the business so as to secure their financial future
To pursue your passion
If you are passionate about something you are bound to work very hard towards its achievement. Starting a business because of passion will ease the entrepreneurial journey, as you will be enjoying what you will be doing.
To make a difference
Some people start businesses because they want to make a difference. This can be in their community, country or even the world. If you feel that your idea will bring great value to the people or will be a solution to an unsolved problem then go for it as it may be your calling.
You have access to resources
An idea can only come to fruition if the necessary resources are available. Without resources you cannot turn an idea into reality. Resources can include technology, financial capital, industry experience and networks.
Your business idea is already validated
Having a product prototype that has already been tested or results from a market survey are validations that can be used as reasons for starting a business.
THE WRONG REASONS
If your reasons for starting a business fall under the following list then l can guarantee you that you are destined for failure.
You want to make money
Making money should not be your sole motivation for starting up a business. This is because there is so much hard work that goes into the business the first few years of its life and despite all your efforts you may not get any profits those few years. Therefore you may end up getting frustrated and closing shop. In the end you would have wasted resources and valuable time that you may never be able to get back.
You want to work less
Running your own business requires you to be on call 24/7 yearlong. It is very time consuming and most likely you will be the one in charge of everything and have to make sure things get done. This means that you will be working more than what you would be doing if you had stayed at your corporate job.
You want to be famous
Being an entrepreneur is about creating business ventures that become successful through value creation. It is not about becoming a celebrity unless being famous is at the core of your business model. Publicity and marketing should not be your end goal not a means to an end.
Someone wants to start a business with you
Working with friends and family can be very difficult. The whole process can be very stressful, hence you should not start a business or go into business merely because someone asked you to join them. You must first evaluate if their business idea is valid or if there is really a viable opportunity before you invest your resources.
So the question is Are you starting a business for the right reasons?