When starting a business, there is always a reason behind it. It is usually the answer behind the why invest your money, time, and resources.
Some of the reasons are motivated by your current life situation - your own life experiences, frustrations, and joys. Sometimes you are driven by anger, pain, and fear.
Whichever the reason, you need to watch your why.
This is because, to run a successful business, you should align your reasons towards the best intentions. Otherwise, you’re planning to fail soon.
Meanwhile, I often get this question every time I meet someone interested in BiasharaTalk.
Why did you decide to start your own business? There are two angles to respond to this question as following.
- 1The best or right reasons for starting a business – these are reasons driven by positive intents. They are fueled by hope, life experiences, personal drive, and the desire to do good in society. They are not selfish or driven by malice.
- 2The wrong reasons for starting a business – these are the reasons driven by malice - sort of, the vengeful, selfish, and jealous attitudes. Mostly, you’ll never succeed if you base your why on these types of reasons.
Be Careful with Your Why in Your Response
That’s why when I’m responding to why start BiasharaTalk, I’m usually careful with my response.
I base my answer on the right reasons.
Because I believe my course is pure. It’s driven by who I am and the buoyant circumstances in my life. I’m not trying to do like someone else. I’m doing it like me.
As a result, in this guide, I will share insights of how every positive reason will shape your destiny to become a better trader who’ll eventually succeed. I’ll also pinpoint the specific wrong reasons so you can reclarify your why and shift your focus to the right ones to become a thoughtful trader.
So, brace up as I take you through a step by step discussion on which reasons are right and wrong to start your own business.
Here Are The 14 Best and Wrong Reasons to Start Your Own Business
7 Best Reasons for starting a business
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.
Always, when starting out, and if you want long term and quick success, don’t try new things first. Start with your academic background - what you already know better. Or rather, master a niche you really have a genuine interest in. It will eventually grow to a hobby (We’ll discuss this one later).
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.
Look, there is so much to say when assessing the viability of a market opportunity. A book like Market Opportunity Analysis: Text and Cases by Robert E. Stevens, first published in 1987, has been written to address this subject (If interested to buy it, you can get it on Amazon through this link here – not an affiliate link).
...I believe this section has shone some light on you on how to spot and validate an opportunity.
What you should note, though, in every opportunity, you should perform a quick market audit. The result should be a green light to continue or to recede with the idea.
However, if you’ve spotted the gap in the market, get on wheels and keep spinning the vehicle to your desired destiny.
Please, don’t you dare lift your foot off the gas pedal.
You Have A Hobby Worth Enterprising
You see, there are two things you must know about hobbies.
- 1Hobbies can be as a result of talent – talent is something you can learn. For instance, you may be obsessed with a piano. You don’t need to be gifted with it. But through your meticulous obsessions, you set aside your time, you practice, and through rough delirious times torn between quitting or keep grinding, you become a pro at it.
- 2Hobbies, on the other hand, can be a result of a gift – unlike talent, a gift it's something that it’s innate. You can do it with the least amount of effort, and you’re best at it. Steve Harvey defines it as; “Your gift is the thing you do, the absolute BEST, with the LEAST amount of effort."
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.
You Are A Leader - Business Gives You A Platform
Many people think leaders are born.
However, according to a study done by Joep Metz in 2015 on can leadership be taught, the author concluded, leadership can be enhanced. It can be learned by developing certain areas like explicit knowledge, tacit knowledge, emotional intelligence, and ethical leadership.
I know that’s a mouthful. But leadership it’s not something that it’s specific to certain people. It can be learned.
Arguably, it’s a trait that some people are good at. We call them naturals. They often demonstrate charisma, confidence, eloquence, and influence people with ease.
Others have to struggle to get it right.
However, if you feel confident with your leadership skills, whether it's natural or enhanced, after spotting an opportunity, start something for yourself. Venturing into a business will have much more advantages, like expressing yourself with fluidity.
You’ll feel more in control. You’ll influence more. You’ll put yourself in a position where you’ll reach more people.
More people in your business equates to satisfaction with income security and fulfillment by putting your leadership gift or talent into work.
Starting a small business basing your reasoning on this fact will give you an edge over your competitors. Because no one can ever share the same traits, people love from you no matter how they competitors try to out-shine you.
However, as we said earlier, you have to spot the opportunity and validate its existence before tossing yourself in the arena.
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.
...if academics is not an option for you, don’t despair. Stand tall. Identify your gift. Build on your talent. Push harder and harder every day.
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.
But when I look back at my decision, the sense of fulfillment I am getting out of running BiasharaTalk. It’s way better than the two jobs I had. I am happier. I feel I am the driver of my own destiny.
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.
You see, most people often make the mistake of leaving their current position with the thought that the next one will be better than the previous. Sadly, they are smacked by the rude shock of the proceeding events.
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.
Never make a drastic change like starting a business while in employment. First, seek to see if there's an opportunity in the market or you can offer a unique solution than your competitors. If you simply want to quit because you're basing your decision on the 7 wrong reasons to start a business, you're in for a failure.
..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.
In entrepreneurship, before your business takes a flight, you’ll have to grind and work an extra day-in-day-out till your business makes enough to start bringing in extra hands.
7 wrong Reasons to start your own business
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.
Don’t even think there is a way you can start a similar business as your boss and have better success. You don’t know his secret recipe.
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.
May getting extra time not be the reason you’ll be starting your next business venture.
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.
Invest your money in a business because you understand what you truly want with your life. That you have the best reasons, backing your why.
Like always, plan and don’t listen to such deals if they don’t resonate with your why.
Do You Know the Reason Why You Want to Start Your Own Business?
This has been a long copy. I have used different angles of evaluating your why. I have shared thought-provoking facts and clarified ways of basing a decision when starting a business.
Therefore, when starting a business, make sure your reason is the right one.
Don’t start because you want to escape a difficult job.
Don’t set up a competing business with your boss without a unique angle to it.
Don’t either think starting a business will ever give you the flexibility or more time.
All those are wrong reasons. They are sure ways to fail. A clear path that no one will ever find who you are.
You’ll find yourself trying one thing after the other.
You’ll lack consistency and focus.
You’ll become just another person who tried a business.
Don’t be that person.
Be the person who makes a change.
It’s because you love doing your grind.
Because it’s your hobby.
You’ve found a unique way to monetize your academic.
In the end, I believe we all have something to offer.
Start your own business today because the reason behind it, it’s the right.
All the best.
Hey, share your why in the comments section below to inspire someone.