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Six wrong reasons to start a business
Here are six wrong reasons for starting a business. If you disagree or have one to add then sound off in the comments. Â
I Hate My Boss. Sorry but everybody, even the one man small business owner, has a boss.
I Hate My Job. That’s not a reason to start a company. Have you considered just finding a new job?
So and So told me it was a good idea. Is “so and so†Bill Gates or the persona of Bill Gates in your industry? If not, then proceed with caution and do your own homework.
I want to get rich so I’ll start a business.  While many people obtain wealth through entrepreneurial activities, entrepreneurship is not a guaranteed road to wealth. Ever considered a career in sales?
It’s my hobby so I am going to make a business out of it. You could also call this the “do what you love†myth. Just because it’s your hobby doesn’t mean it will make a great business. It also doesn’t mean that you will love the work of that hobby. Â
If I start my own company I can do anything I want. If you start your own business you will be subject to long hours, customer demands and deadlines. You should also plan on not taking a paycheck for a very long time.
These are some of the most common reasons why people start businesses and they are all bad reasons. So what are some of the real reasons people should start a business? How about creating value where none currently exists? What about solving a social problem? How about filling a real market need? What about creating a better life for you and your family?
Just last week i heard a good one i thought… ‘I want to start my own business so that i can work two hours a week, and play golf for the rest of the time!’ - Yeah don’t do it if you think you’ll only work 2 hours/week!!
Left by -Nash on 01/15/2007Chris,
(Apology in advance for a long comment– I think this is a really interesting topic).
I agree with you that those are problematic motivations. The reason being that in every case, the owner is not evaluating what starting a business will really demand of them. Instead, they’re looking at what they think will be a quick fix to get what they want: independence, wealth, etc.
But, it’s dangerous to prescribe reasons why starting a business shouldn’t be attempted, especially since each person’s situation is different. Entrepreneurs have enough obstacles in their path, that I don’t think they need extra discouragement from making the attempt.
Otherwise, a business that would become successful, or that may even fail for a while and then become beneficial to the economy, may be backburnered or never started. For an entrepreneur to avoid starting business may be more risky than starting a project that tanks.
Since a large percentage of startups fail within the first year to five years, an entrepreneur will find out soon enough whether they really should have started something or not, and if what they started should continue. In any case, someone who is determined is going to try it, regardless of red flags or reasons not to.
Left by Carolynn Duncan on 01/15/2007I agree that new businesses definitely have to be started for the right reason. The wrong motivation for starting a business will likely lead you down a road of pain.
I’m an entrepreneur because I want to create meaning. Creating products that will improve the quality of life for even a relatively small group of people gives me the drive and passion to create something great. If I can create something that will impact a lot of people that’s even better.
I know I’ll make plenty of mistakes along the road, but like you quoted in a previous post:
In light of Carolynn’s comment, there are a lot of pessimists who give plenty of discouragement to entrepreneurs who are starting something new. To that, I remind myself of Guy’s advice:
Left by Jimmy Zimmerman on 01/15/2007I’m not sure I agree with the “get rich” point. I would like to get rich, but I’m never going to do it by becoming a salesman for someone else.
However, that isn’t my primary motivation. I want to start a successful business to:
1. Prove to myself that I can (somewhere buried in there includes proving to the world that I can–the whole chip-on-the-shoulder attitude).
2. Make a difference in an area that I care about.
For better or for worse, those are the reasons.
Left by Sean Roylance on 01/20/2007