8 Common Reasons Why People Start a Business

There are many different reasons that motivate individuals to brave the business industry. If you are still in the planning stage, it may be helpful to assess why you want to become an entrepreneur. You have probably read this phrase countless times, but we’ll say it just the same: entrepreneurship is not everybody. It requires patience, hard work, perseverance and a lot of motivation. Your business can suck up all your time and resources without any guarantee of success. And when the going gets tough, more often than not, the reasons why you started your business will motivate you to push through. Self-awareness is critical in many aspects of life, especially in decision-making. Before you decide to become an entrepreneur, it is advisable to assess your motivations. In this article, we will enumerate some of the most common reasons why people start a business.

 

1. Financial Independence. You start a business to become financially independent. This is a common driving force why people consider leaving their corporate job to become an entrepreneur. Financial independence is a dream to many and sadly, it is not something that is easy to achieve especially if you are working for others. Starting a business can create another stream of income to compliment your monthly compensation from work. On the other hand, full-time entrepreneurs can run multiple ventures to create more income streams.

8 common reasons why people start a business

 

 

2. Flexibility. You start a business to enjoy flexibility in how you work. Like gaining profit, enjoying flexibility is not something that comes easily. In the beginning, you may experience sleepless days, working longer hours, giving up time for social life. Eventually, when the business becomes more stable, you will get to enjoy the freedom of working when you want and where you want. You can be in the comfort of your own home, a cafe, or at the beach while you’re working.

 

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3. Lack of employment opportunities. You may be actively looking for a job but are not getting any positive news. The expenses and bills do not stop and wait while you are busy searching for a new job. Lack of employment opportunities pushes people to look for other means of earning and running a business is a good alternative. Take note that there may be some drawbacks when you’re starting a business as a temporary solution to unemployment.

 

4. Job security. Have you experienced being laid off from work? Or wondering if you will still have your job after your first 3 months? These thoughts can be quite concerning especially if your job is your only source of income. With a business of your own, you call the shots. It gives you a sense of security and helps you can eradicate the fear of being laid off or fired. You can decide when it’s time to move on from your business.

 

5. Creating change. You start a business to affect change in people’s lives. You look at entrepreneurs like Richard Branson, Elon Musk, or Bill Gates and wonder if you can change the world too. You may think, how can a small shop owner do that? Remember, change can come in small packages too. Many people venture into business with the goal of satisfying customers, providing good service, offering good quality products, innovating a product, creating new services, or addressing a previously underserved market. Some people are simply driven impact the lives of others and entrepreneurship is a good way of doing just that.

 

6. Pursuing passions. You start a business to pursue your passions. Nothing is better than getting paid for something that you enjoy doing. Many businesses are born from its owners’ passions in life. What are your passions? When passion is your motivation and you love what you are doing, the rough times in running your business will become more bearable.

 

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7. Personal fulfillment. Are you lacking motivation for life? Does your work make you feel insufficient? Maybe it is a dream for you to start a business. Sometimes, people take the path to entrepreneurship in order to satisfy personal goals they have set. Consider making a list of your personal goals that you feel will be achieved by running your own business. Visualizing is an effective way of achieving goals and can serve as a motivator for the rough times.

 

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8. Expanding your network. You start a business to build and expand your network. Your circle of acquaintances, business contacts and friends almost always grows when you start a business. Whether it is a service or product you are offering, interacting with people who can be potential consumers, partners or simply supporters is crucial in establishing and growing your client base.

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