Why do people want to start their own business? What drives them to strike out on their own?
If you’re considering becoming an entrepreneur, understanding your answer to this question is critical. Honestly, assessing your motivations can tell you a lot about your likelihood of success. Will you be able to navigate a financial crisis? Invest the extra hours to rework your strategy even when you’d rather go home?
If you don’t have an answer to that question, it may be helpful to explore why you want to be an entrepreneur further. Let’s take a look at some of the most common reasons why entrepreneurs start their own businesses—which are probably leading you to do the same.
1. Pursue a Passion
Many entrepreneurs start their own business to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.
2. To build Wealth
Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be.
3. Support community, non-profits, and other social efforts
One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain. You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be.
For example, India’s fight against cancer remains challenging as resources are less than adequate and specialized care is too expensive. Karkinos Healthcare which built a comprehensive network of oncologists, medical experts, healthcare providers and skilled researchers, connecting patients with the nearest cancer care providers so that the former need not travel long distances for treatment.
4. Flexibility and balance
Having more personal and family time is one of the most powerful motivations for many new and prospective entrepreneurs. Nothing beats working on your own time and not having to worry about someone else’s standards. In current evolving digital era it's absolutely possible to pursue a business which give absolute freedom from 9-5 work hours.
5. Being the boss
You call your own shots. You get to set the rules. You get to choose everything:
Who do you work with
Prices you charge
Marketing strategies
Who you hire
Who you fire
Where you operate
When you operate
How you operate
You never have to worry about someone making poor or insensitive decisions that hurt you. However, you’re now in the position where all the responsibility sits on your shoulders. When you are your own boss, it can be a heavy load to bear, but it’s one worth bearing.
6. Start from Scratch
There’s something rewarding about building a business from the ground up. Sure, it’d be nice if you could start with a profitable business that’s raking in 6-figure revenue numbers, but where’s the challenge and fulfillment in that? Here are the benefits of starting a business from scratch:
Create a unique brand identity
Become a disruptor in a market
Create a business that aligns with your values
Reach a new audience
When you start your own business, you start with a blank canvas. You get to decide everything from the business name to the brand voice to the core product. It’s a rollercoaster of a ride, but you’re the one in the driver’s seat.
To solve a problem
Many entrepreneurs begin their journey so that they can solve a need they recognize. For example, Brian Chesky and Joe Gebbia founded Airbnb because they struggled to afford rent in New York City and decided to rent out their floorspace to conference attendees.
What needs do you want to solve? They could be as big as climate change or as tiny as a lack of chicken wing options in your town—each is an opportunity to build a business. Here’s a list of needs and problems you can solve through a business:
Improve a system in workflow management or manufacturing.
Create a product that hacks everyday problems.
Create a product that is specialized for a niche audience.
Start an agency that helps other businesses in marketing, advertising, or design.
Build a brand that offers unique content experiences.
Start the first coffee shop in your small town.
Most importantly, find a problem that you’re passionate about solving.
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