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 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.