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.
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.
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
Carnival of Retirement at The Frugal Toad
Yakezie Carnival at Tackling Our Debt
Carnival of MoneyPros at Money Reasons
Totally Money Blog Carnival at Sterling Effort
Financial Carnival for Young Adults at 20’s Finances