14 Best and Bad Reasons to Start Your Own Business in 2021 

You Want to Enterprise Your Academic background

This point reminds me of where I am today.

One of the main reasons for running BiasharaTalk, it’s because I discuss business.

Myself, I am a product of a Bachelor of Commerce. Meaning, I am doing exactly what I would be doing if I was in an employment environment. Every day I discuss what I was laboring for 4 years in university.

Luckily this time, I feel I am doing way better.

It’s because I have managed to marry my gift to my interests. And voila, passion has been the child of these two.

It’s the same advice I give to my students, whom I teach copywriting.

In the same measure.

If you have a certain academic background, don’t look to start a business further from your career. Look within.

You went to school for 4 - 7 years to get the knowledge. Why not take advantage of it?

Sadly, there those who wonder how.

But here is my advice, don’t ever believe there is nothing you can do with your academic background. 

If you take your time and look a little bit closer, there is so much you can offer.

However, you must train your eyes to see opportunities even amid adversity.

Let’s get more into this topic in the next point.

You Want to Take Advantage of An Open Opportunity in The Market

Most successful businesses start as a solution to a problem in the market.

And not just a problem that it’s seasonal, something that has been in the gap for a very long time, and no one has been providing the solution to it. Or, someone has tried to provide a solution, but it doesn’t meet the standards. Consumers are frustrated. They just consume it because there are no alternatives.

Just to trod this idea…

…can you imagine how it could have been if someone was not tired of walking and riding in the back of a horse carriage?

Still, we'll be in the dark ages.

No vehicles. No planes. No cruise ships.

Transport could be disastrous.

It is the same principle we use here at BiasharaTalk.

Can you imagine how many articles are written giving the same advice but don't measure up to your standard?

For us, we chose to be authentic, caring, and open.

This is because we believe we offer consumable business tips that are best for the time you spend with us.

It is the same principle you should use if you want to build a successful business.

A quick one here is how to spot and validate an opportunity in the market.

You Have A Hobby Worth Enterprising

You see, there are two things you must know about hobbies.

Despite your drive – talent or a gift, here are three questions before you decide to monetize your hobby.

As you can tell, we’ve just scratched the surface. There’s so much to talk about when it comes to hobbies and whether yours it’s worth making a return for you.

But I believe, with the above short overview, there’s something you have learned about your hobby or how you can turn it into a business opportunity.

But if you've found your purpose and you're reaping big time out of your hobby, kudos. Keep doing it, and don’t forget to mentor someone.

With that, let’s get to the next point and discuss how starting a business can be great for a person with leadership traits.

Academic Income Is Not an Option for You

On April 10th of 2015, that’s when I graduated.

Life seemed like it will be great.

What else was it remaining for me to thrive in the job market, except for the piece of paper we call the degree?

In fact, many graduates feel the same. Study hard. Pass the grades. Graduate. Get the certificate. Get the job. And life becomes a roller-coaster from one paycheque to the next.

But that is never the case.

I didn’t get a job till 2018. And the one I got, I was underpaid. The next job was the same. In late 2020, I decided to go solopreneur. To be focused. To get to the fundamentals. To be my own boss and do something I can feel comfortable with.

That’s to me, was my awakening. I realized my academics may not pay the bills as I had expected.

Instead of grumbling about it, I checked what else does it have for me?

So, I drafted a solid plan and quickly got on the wheels with the promise to never bother with jobs again.

I am sure your situation may be different.

Probably you have a whole myriad of challenges you are facing. But when you look at the chances of your academic background paying the bills, you lack optimism.

On the flip of the coin, you don’t have to be super educated.

How many people can you count that have a better life financially that do not have degrees or a superior academic background?

I bet a lot.

So...

That is a grind that will change your tidings.

It’s the grind that will give you a purpose in this life.

Talking of purpose, let's get to that point and expound on it.

Running Your Own Business Will Give You A Purpose in Life

While writing this topic, I have a strong feeling to share a little bit of my journey as an entrepreneur. Because I believe there is a piece of jewel for you in these stories to inspire you to make a move.

You see, when I made a decision to never look for a job, it was scary as hell.

My parents were scared for me too.

How could their son make such a decision?

How will he support his lifestyle?

I got all kinds of questions followed by a lot of skepticism - the maybes.

Often I'll feel like I am drowning in those questions too. Doubts could crop up in my mind. When I declined a job opening, I'll feel blank - as if I was making huge mistakes in my long-short life.

You know that eerie feeling that creeps your gut when you’re doing something almost stupid with your life... I kinda felt that way.

The whole idea of sharing what I love, care, and believe in, gives me a reason to wake up every day excited for my next thing.

I know my decision may be too bold for you. Probably making such a risky move where you have bills, expenses, and life demands are over your head is not a risk you’re willing to take.

I understand how scary that dark zone of self-doubt and uncertainty feels.

But this is what I can promise you, when you find something that truly resonates with you, what you believe in, nothing else will matter. You’ll be willing to leave everything for it.

Besides, nothing is so interesting than doing something fulfilling.

I hope and believe one of these days, this point will be part of your destiny. You’ll, too, find purpose in your business.

If you’ve found your purpose, keep going.

You Feel It’s Time to Ditch A 8-5PM Job Life

Sadly, not all jobs are fulfilling. There is an untold number of challenges someone may be facing.

Maybe it’s the issue with the amount of salary. Maybe, you don’t find the fulfillment you want in life. Probably your boss is always on your toes.

Regardless of your quitting reason for an entrepreneur career, make sure you base your decision on the previous 6 points I have shared earlier.

Furthermore, make sure before quitting you’ve already tasted the success of the next thing that you want to exist for.

Let me clarify below.

Here is why.

Businesses don’t behave the same way while in the sandbox, like when you’re really experiencing them. Mostly uninvited events come in and surprise you. And things can spin pretty fast in the opposite direction leaving you in destitute financial situations.

So be careful with what you wish for if you’re already in employment.

Here is something to remember wherever you're in this situation.

With that...

..if all the facts are on your side, step to the light and toss yourself in the field where your efforts determine whether you’ll make a meal that day or not.

Of course, in the job sector, you’ll have to work hard too. However, there is a sense of security. At least, at the end of the month, there is something on the way regardless of whether you quit a few days that month or not.

You Want to Compete with Your Current Employer

Between 2005 – 2009, there was a time my mum had lost 50% of her business’s market share.

During those days, she used to run a local bakery cooking mandazis and baking cakes.

She was successful in her own rites.

Her business was enough to make her fulfilled.

As the business grew bigger, she hired people to substitute her efforts. In total, she had a team of five - 2 marketers and 3 chefs.

One day, one of the marketers, out of salary dissatisfaction, decided it was time to start his own business.

So, being smart as he was, he quit without notice and started to cook one of the products he learned from my mum’s bakery.

You see, my mum used to cook great mandazis. People used to love them.

But this new competitor decided to cook ‘better’ mandazis.

He also decided to take advantage of his previous 50% market share he was supplying.

At first, customers could not differentiate his mandazis and my mums. And since he was supplying to the same clients, none knew what was cooking behind the scenes.

This hit my mum’s business hard - her revenues dipped, and she was so frustrated by this fact.

But soon, something in the market went wrong.

Clients made all types of aggrieved calls to my mum.

Well, on taking a closer look, the differences were clear as broad daylight. This gentleman’s better products lacked something in the recipe. The taste was off, and then he could not make proper sizes. His mandazis were small. Looks like he was greedy with the profits, or he had not mastered the art of sizing.

That’s how the gentleman lost his business and my mum’s regained traction.

The lesson in this section is, if you’re in an employment situation, be satisfied with your job.

Unless there is something unique about the similar product you’re offering that will give you a competitive edge. If not, be satisfied with your current position or negotiate your terms of service and continue searching for an opportunity in the market.

The bottom line, don’t try to start your business with malice to compete with your own boss.

Mostly, it never works.

You Think It Will Be More Flexible

If you thought the previous section was depressing, what about when you decide to start a business thinking you'll have flexibility?

Starting your own business because you think you’re going to travel more, idle more, have fewer office hours, it’s a fairy tale.

The truth is, your calendar will always be jampacked.

Your days will always look like they're all the same.

You’ll work during the weekdays, and still on the weekends.

You’ll look for time to spend during holidays but, you’ll always find something business-related demanding that space – and you can’t do anything.

Your business will survive as long as you’ll be willing to thrive.

If you fail, it will fail.

If it succeeds, you will succeed.

That is the only truth you can ever get from someone who’s living in it every day of his life.

However, flexibility comes with success.

Luckily, with business, when the money starts working for you, you’ll become more flexible. You’ll have more time to spend with your family. You’ll have more holidays skydiving. You’ll go to work whenever you want in the day.

However, before then, you’ll have to sacrifice a lot.

They will say, you’re hiding a lot. You don’t visit nowadays. You’re an introvert.

But if you know your bottom line, you'll be unstoppable.

But never think you’ll become more flexible when you start your own business. That will take a while before it becomes a reality.

This point goes in hand with the thought of getting more time.

Let’s look at it below.

YOU WANT TO HAVE MORE TIME FOR YOURSELF

Every time I woke up in the morning, I already know what I’ll spend doing that day. Because on the previous night, I had analyzed that day and decided what to do the following day.

This cycle continues from Monday to the following Monday.

Nothing seems to change except the constant time.

Time demands no one respects.

Every time it passes, something to be settled in terms of bills gets closer.

If I don’t wake up and enjoy the grind, I will fail to meet my obligations.

It’s the same thing here with you.

If you have a reason to believe you’ll have more time, I’ll simply promise you, you’ll have less time.

That’s if you’re not lazy.

And as we know, the moment you were born, that’s when the clock started ticking away.

Every day, you have to put in the effort no matter what’s happening around you.

In summary, you won’t have more time. You’ll have more obligations, and that means less of yourself.

Of course, this will happen till your business matures enough to get extra hands that can do just like you but better.

YOU WANT TO MAKE QUICK MONEY

It’s sad when you think of this specific point.

We all want more money because of the conveniences it gives.

But starting a business because it has a promise of quick money doesn’t work.

In fact, it’s the beginning of your failure.

One good example that most people get in trouble with, it’s the pyramid schemes.

They’re usually an easy concept. You bring a friend, a friend brings a friend, and the chain continues to grow longer and longer.

In fact, they advocate for easy money.

But sooner than later, the thing usually comes down crumbling on people like a volcano. It sweeps every living and non-living thing down the valley with it.

Disclaimer: If you’ve benefited from them, that’s fine. It’s just that the business models aren’t sustainable. They don’t offer a real product. The value for money is usually perceived rather than tangible.

This was a single example, there’re so many out there.

But the bottom line is, if it’s too easy, think twice.

YOU PERCEIVE SUCCESS AS A RESULT OF HAVING YOUR OWN BUSINESS

Admittedly, many business owners are the most successful people in the world.

And this is a motivating fact.

To have wealth that can shake the world may mean sometimes getting out of the normal streamline of education - a job. Sadly, overreliance on the old school model, it’s the one causing joblessness in this country.

However, starting your own business cannot be correlated with success in any way.

For a start, things will be like swallowing a hot soup.

Things are going to be rough.

Along the way, there will be unforeseeable roadway trash cans.

But don't get me wrong here for looking like I am being pessimistic.

It doesn’t mean you won’t be successful. All it means, the journey won't be your usual evening walk in the park.

However, if you want to start your business the right way, your journey may look like this:

As you can tell from the above, success won’t come that easy. There will always be something against your will to plunge your revenues.

So, don’t think just because you’ll start a business, you’ll be an overnight success.

There will be challenges.

All you have to do, it’s to be positive and realign your why.

YOU’RE TIRED OF YOUR CURRENT JOB

As noted earlier, you'll commit a huge mistake to leave your job for a business without a solid plan for your next venture.

What that means, before starting the business, make sure you have all the fundamentals right. There is an opportunity, you have a unique approach, and the market can absorb your product with little resistance.

Furthermore, don’t start a business because you feel your current job is exhausting. It’s a guarantee for failure.

The bottom line, find a fierce reason even though the job itself it's exhausting.

You already have 7 right reasons above. Make them your primary reasons and realign your why with them. Let this reason be secondary - the non-issue kind of. Because it's a weak one, and it'll doom you to failure.

SOMEONE HAS CONVINCED YOU TO PARTNER WITH THEM

If not yourself, I am sure you know someone who started a business with someone, because the other someone, thought the new business they’ll start will be successful.

After a while, what usually follows is a song of tales of wallowing and willowing - tears of how a certain amount of money was lost in deals that never worked.

People who either get retrenchment, retirement, athletes, rotary winners and those who get quick money in lump-sum, are usually a victim of such partnership deals.

If you ever get to such a position where you have some quick money, stop for a second and slow down your thoughts.

Seek within yourself a business idea that will be solving a real problem in the market.

Don’t listen to someone because they said there is an opportunity.

Don’t invest your money because there’re also investing.

Don’t get into that business because that’s the trend.

Like always, plan and don’t listen to such deals if they don’t resonate with your why.