Why Did I Start My Business?

by Krantcents · 30 comments

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Why did I start my business?  I wanted to know if my reasons matched theirs.  I wanted to know if I was like Warren Buffett, Steve Jobs, or Bill Gates.  Don’t you?  Did they start their businesses just to make money or change the world? I thought I would share why I started a business years ago and you can let me know if it matches your reasons or not.

Why?

Independence is the number one reason.  I know it was for me!  I did not want to work for someone else.  I wanted to make my own decisions.  The idea of setting my own hours and paid based on what I accomplished was enticing to say the least.  I could work from home and become more productive.  Building a business meant having an asset to sell and earn more than a salary.  There is something about being independent that is so enticing because you no longer are told what to do.  You make your own choices.

Ego may be another reason.  Most entrepreneurs have enormous egos which may be one reason their name is the business name.  I think you need to have a larger than life ego to start a business because it represents the owner.  Every business I was involved in, I had to be proud of it.  It was because my ego was in the business.  If it failed, a part of me failed.  If it succeeded, it was me succeeding.  I do not think I was any different than any other entrepreneur.

Money has to be part of this equation.  You do not start a business to just earn what you did working for someone else.  You invested time and money to earn much more than you were earning working a normal job because you took a risk.  Why would risk your savings to just maintain the same income?  Most small business owners if not all believe that they will earn a much better income.

Security is still another reason for starting your own business.  I am not talking about the security of having a 9-5 job, but the security of knowing you are in control of your destiny.  It is the security of knowing that you can leave your business to your heirs or sell it at some future date for a value greater than your investment.  You could sell it when you retire or your children could run it.  You have choices.  Business owners are our millionaires and your equity provides security.

Business opportunity or idea is the final reason to go into your own business.   You may have a new idea whether technology, service or just doing something different.  You are passionate about it and can make a difference in the marketplace.  Do we really need another burger place that is just like every other one?  Business people all think they can do it better and differently.  Not everyone can recognize an opportunity nor have an idea to start a business, so we admire people who do.

Do you think you have what it takes?  Did you run a lemon aide stand or sell candy/cookies when you were a kid?  Did you ever want to have your own business?  Do you have an idea, product or service that is the greatest thing since sliced bread?  Have you done anything about it?  Do you have the capital (savings) to start it?  If you have everything but the money, you can get investors or partners to invest.  Of course, you can borrow the money depending how much you can invest in the business.  What is stopping you?  Is it the money, idea or just plain courage of your convictions?

Starting a business requires much more than a 9-5 job.  You have to put up money and work really hard to be successful.  If it were easy, everyone would be entrepreneurs and successful.  There are some ideas for businesses that can be started on the side or in your spare time.  I know I did when I invested in rental property.  The internet has created a whole new business platform where businesses are started and flourish without a brick and mortar location.

Final Thoughts

These were some of my reasons for starting a business!  Do I think that Bill Gates, Steve Jobs or Warren Buffett have the same reasons?  I think so!  Do I really think I have the same reasons that these people had to start a business?  No, I think they would place more emphasis on opportunity or product idea.  I would guess independence and ego may be near the top of their decision too.  I am saying that all entrepreneurs have more in common than not.  Why did I start my business?

Photo by:  e27singapore

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{ 25 comments }

Thad P @ thadthoughts.com March 21, 2012 at 10:43 am

I think you are right about the common traits of why entrepreneurs start their businesses. As to whether those businesses succeed? That’s a different story altogether.

Krantcents March 21, 2012 at 11:43 am

Interest point! Maybe that can be my next article?

MoneyCone March 22, 2012 at 9:20 am

Everyone should try it…at least once. Better to have tried and failed than not to have tried at all.

Krantcents March 22, 2012 at 10:20 am

I believe in making mistakes because you learn a lot from mistakes. Starting a business can be very expensive and it would be good to avoid big mistakes.

yourPFpro March 22, 2012 at 2:13 pm

I think you have to set yourself up to succeed. For example, if you are worried about losing your job, start a side business and work hard on the side in case it has to become your main source of income some day. For some people, when you are forced to survive, that is when you succeed. Make sense?

Krantcents March 22, 2012 at 5:23 pm

A positive attitude goes along way toward success. Other factors affect motivation too.

Hunter - Financially Consumed March 22, 2012 at 2:21 pm

I agree with MC, everyone should try. We’re all really in business anyway. We’re selling our skills or products to the highest bidder and trying to grow every year while keeping costs in balance.

Krantcents March 22, 2012 at 3:03 pm

I don’t know if “everyone” should try it! Everyone who wants to definitely should.

101centavos@gmail.com March 23, 2012 at 8:46 pm

Definitely it’s got to be for the right reasons. Independence has got to be the biggest one.
Have any regrets from making the jump?

Krantcents March 23, 2012 at 9:52 pm

I never have regrets, I got to do everything I ever wanted to do. Now I have new dreams and goals.

Darwin's Money March 24, 2012 at 11:11 am

I’ve started a couple – online, real estate, AutoCAD outsourcing – and all were stemming from the same desire – flexibility. See, I fully anticipate that I will be laid off before I voluntarily retire. Making it to 65 or so in pharma is a pipe dream. There’s virtually nobody I can recognize over 55 left in my company. So, with a few side streams of income, and a potential whopper if one or more of my side businesses take off, I won’t be devastated if and when that day comes.

Krantcents March 24, 2012 at 11:20 am

Fear is a strong motivation. I rather think you are choosing to become an entrepreneur vs. becoming one out of fear. In many ways, entrepreneurial pursuits are less secure, but so much more rewarding. Rewarding on a variety of levels, not just monetarily. Good luck.

Juan March 24, 2012 at 1:56 pm

I think the ego is an under-appreciated reason that many people start a company. It can be a strenuous process though, trying to mange the blows to one’s ego that the market throws at any new business with the desire to stick with the vision for the company.

Krantcents March 24, 2012 at 4:42 pm

It seems when we talk about ego, it is usually negative such egomaniac or egotistical. For me, it means I personally identify with my business because I put my stamp on it or created it. It is important to be proud of what you accomplished which translates into ego.

Barbara Friedberg March 25, 2012 at 3:15 pm

My dad was a life long entrepreneur for the above reasons along with the reason that he did not want to answer to anyone. He is a generous man and quite opinionated. He has never taken orders well :)

Krantcents March 25, 2012 at 4:36 pm

Independent people never take orders well! It is funny how teaching is more entrepreneurial thn anyone would think. You have a great deal of control over many aspects in the classroom.

Karunesh @ chase-a-dream.com March 29, 2012 at 11:18 pm

I started my website to go beyond my comfort zone. I have always admired entrepreneurs. I admire there ability to create value. I wanted to become like them

Krantcents March 30, 2012 at 8:37 am

The more you leave your comfort zone, you will realize that we are more similar than different. If you want to be an entrepreneur, think like one and you will be one.

Karunesh @ chase-a-dream.com April 1, 2012 at 11:35 am

Hi KrantCents,

I have included this post at my site’s weekly roundup

SB @ One Cent At A Time April 4, 2012 at 8:12 pm

The only motivational factor to me to start a business is creating values for others with Ego coming in at second

Krantcents April 5, 2012 at 7:50 am

Ego is not a bad thing. Personal identification with your business is natural, particularly if you built it.

Nikhil April 11, 2012 at 5:55 am

Sure, ego and the luxury of taking one’s own decisions are major aspects of own business. These are attractive to me, for sure. However, my priorities are with my only daughter and her future. If she is to have a better future, I must make a broader effort to make the world a little bit better to live in. That’s my motivation for starting my own business. I am still taking orders, but I plan to do something in the other direction. I don’t know when that day will come. I am working towards it.

I am a web content writer by profession. One day I hope to provide the best content to the best bidder. Any ideas, anyone?

Krantcents April 11, 2012 at 6:45 am

Keep writing, people will begin to recognize you value over time.

Thressa April 14, 2012 at 6:49 am

I find the ego a problematic reason to pursue any endeavor. Ego leads you down the wrong path. I bet Steve Jobs, along with some of the greats, did not pursue their inspired ideas because of ego. I think they believed in their product. They were passionate and truly inspired. They were confident of their good ideas, but this doesn’t have to become an ego thing. :)

Krantcents April 14, 2012 at 7:01 am

I identify with my business and want to be proud of what I do. Success is something I can be very proud of, but there is more to it than just achieving a goal. Ego is not the only reason, but it plays a part in a business owner’s mind.

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