Posted on: Tuesday 26 October, 2021
Is starting a startup worth it? It might be! Having unplanned vacations, making money, getting famous… These are all popular advantages related to starting a business, but, certainly, they are not the reasons to build one…
While you might have a lot of motivations to pursue your ambitions of launching your own business, it is not always a good idea. So, before making a decision that is difficult to undo, it’s important to ask yourself questions on a deeper level about your underlying motivations for starting a business, because some of them might be plain bad!
We are firm believers that anyone, regardless of their motivation, can become a successful entrepreneur with the right dedication. However, there are some wrong reasons to start a business that are likely to make you dissatisfied with your work, burnout, or unfortunately fail:
1. You’re good at something
Being good at something isn’t enough to keep a company running. You must have a clear vision for your company in order for it to survive. Uhm…
2. I mean, “Why not?”
You might not have a clear motivation. You may only have an idea and the misconception that anyone can start a business and establish a business solely for the sake of doing so. This is a whimsical approach that has a chance of succeeding, but it’s more likely that you’ll run into problems you weren’t aware of. Just to name a few of the prerequisites of the why not…
Do you have a business plan? Do you know how much capital you’ll need to get started or who your competitors are? Are you mentally strong enough? Are you aware of the dark truth of entrepreneurship?
3. Just wanting to be an Entrepreneur
There are like a lot of good reasons to become an entrepreneur, but before you take such step, think thoughtfully about what your personal motivations are, and whether they’re healthy reasons to pursue business ownership?
4. Making More Money
While it is true that you may be able to earn more money for yourself than you do working for someone else, the truth is that it takes time and good management skills to achieve this. One of the mistakes people make when starting their own business is underestimating their startup funding requirements. When funding runs out, you’re left scrambling to find a way to keep going. That entails making personal financial sacrifices and being deeply in debt for a long period of time.
You can eventually make a significant income by owning your own business, but if you do not manage your money properly in the early years, you may also go broke.
5. Having No Boss
Some people regard a boss as an oppressive figure who lacks compassion. What gets misunderstood is that the boss has company goals to meet, a departmental budget to consider, company executives and board members to please, and outside factors to consider, such as competition and the economy. When you start your own business solely for the purpose of being the boss, you quickly realize why your previous bosses seemed so oppressive. As a business owner, you are responsible for generating revenue, marketing, sales, and production, as well as finding time to grow your company and ensure that they filed your corporate taxes on time each year. Unless you are willing to start acting like the boss you despise, you are starting a business for the wrong reasons.
So, after mentioning all the reasons why you shouldn’t start a business, when is it right to start one?
The most compelling reason to start a business is to provide a solution. Everything else will fall into place if you focus on meeting the needs of the customer.