Like to start your own business?
If you are reading this post, it is either you are contemplating starting your starting your own business or you have already started one. Whatever stage you are, it is never too late to sit down and ask yourself this question: “Why do I want to start my own business?” If you have already started, then the question will be: “why did I start my own business?” This is the question you need to provide an answer to. The question is actually begging you for the right answer. Until you are able to provide a definite right answer to this question, you may likely end in frustration. Please, I never wished you to end your business in frustration. That is the essence of this article.
Some people usually start a business for wrong reason(s). That is why such business will usually fail. Before you provide your answer to the question, let me share with you few wrong reasons why people start their own business.
Escape from stress
Hmmm! If you have worked in a corporate setting before, you will agree with me that it could be very stressful. You wake up very early in the morning so that you can escape early morning rush. And you return home late very tired. This continues throughout the week. Some people also go to work on Saturdays. I have not mentioned the stress you will have to go through at your work place. At times, you ask yourself, “Is it worth it at all?” I can actually connect with you because I have been there. But if the reason you want to start your own business is to run away from stress, your business may soon hit the rock. When starting your own business, you will soon find out that it could be more stressful than working as an employee. When you are working for yourself, 9-5.00 pm work style is no longer applicable to you. You will have to put in more efforts and longer hours if you want the business to succeed. Probably, you used to enjoy holidays and leave periods as an employee. But when starting your own business, you need to understand that you may not have anything like leave or holiday for the next three years. Are you ready for that?
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Escape from horrible people
I have heard people saying that they want to resign their job so that they can start their own business. One of the reasons they give is: “I have a terrible boss”. If this is why you want to quit your job to start your own business, you will definitely be frustrated. If managing one person is difficult for you, I need to tell you that you will face more difficult people if you start your own business. Your boss is just one person. How do you want to manage five difficult customers/clients if you can’t manage your boss? How would you manage your employees? How would you manage your suppliers, bankers or government officials will be at your neck to collect money from you? The pressure is better imagined!
Running away from responsibility
What are your roles in your organisation? Do you consider your job functions too overwhelming? Well, that is why you are being paid. If you decide to start your own business because you think you are doing too much, you may need to rethink. If you are an employee, at least, you still have someone you report to. The person may likely take responsibility for your actions. If you start your own business, you should not be surprised that you may be the only one person to do everything for the business. Especially at the initial stage, you need to wear many caps at a time. You are the Chief Executive Office. At this same time, you are the clerk and the janitor. You are the marketer and salesperson. Just think of all the roles in your present place of work. You may be the only one doing everything without anyone to delegate any function to. If you don’t have the stamina and strength for this, to start your own business and succeed will be difficult.
To make money
Of course, every rational person likes to make money. But if this is the only reason you are want to start your own business, you will be missing it. Do you know that some businesses don’t record profits in their first three years? Imagine if the only reason the owners started the business is to make profit. Definitely, they will give up in the second year. Making money is good but it should not be your only reason you should start your own business.
Why Do You Want to Start Your Own Business?
You should not forget this initial question. At this juncture, you need to provide a definite answer. Perhaps your reason is wrong; it is not too late to right the wrong. For you to come up with the right answer for the reason you want to start your own business, let me provide you a guide.
How do you want to live your life? Your business is your life of course. Who do you want as customers? Where do you place your family? What are your values? What motivates you? What is it that you think will make you fulfilled in life? What is your own definition of success? These are just few leading questions.
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If you can provide answers to these questions, you will realise that your answers will be pointing to the same direction. Any business idea that is at variance with your answers may not be the right business to start by you. But, if you can find a business idea that is in alignment with all these, I will say that you have just landed a good business idea.
From there, you can start taking steps on how to transform the business ideas into reality. Please, don’t rush into any business without carrying out your own due diligence. Not all business ideas are good.