What’s your motivation for starting a business?
Before plunging into the world of entrepreneurship, check if your heart is in the right place. Here are some of the wrong reasons to become an entrepreneur.
1. You want to make a lot of money.
If you want to become an entrepreneur for the sole reason of getting rich, you’ll soon find yourself disappointed. Starting a business wouldn’t make you an overnight billionaire. It takes a lot of hard work, motivation and creativity in order for your business to be profitable and eventually succeed. If having lots of money is your only motivation to become an entrepreneur, it will hinder your ability to make long-term decisions. Moreover, it will make you feel unsatisfied if you don’t hit your target numbers.
2. You want to become famous.
So you want to start your own business to become the next Mark Zuckerberg? Becoming an entrepreneur can really increase your personal visibility particularly if your marketing strategy involves a lot of media exposure. However, focusing more on personal branding opportunities for the sake of gaining popularity might get your business into trouble.
3. You want to prove someone wrong.
Establishing a business must be driven by your desire to solve a problem or serve people, not to prove a point to someone else or take revenge. It should come from your passion, talent and skills in order for it to be sustainable.
4. You want to have unlimited vacations.
Since entrepreneurs can take control of their own schedule and working hours, many believe that becoming one entitles them to have unlimited vacation time. But the reality is that the success of your business largely depends on the effort you put in it. This means investing enough time in your business to build it, grow it and help it become successful.
5. You want to make other people happy.
Every entrepreneur dreams of making the world a better place. They want to make clients happy, care for their employees and build a great team. If making others happy becomes your top priority, there’s a high probability that you’ll be making poor business decisions like prioritizing unprofitable clients or keeping unproductive workers in your company. Keep in mind that your primary responsibility is to protect and nurture your business.
6. You want to serve a small market.
Most entrepreneurs start a business without even considering if it’s scalable. While targeting a small market may work for start-ups, you should be able to envision a bigger market in the long run in order for your business to last.
7. You want a narrow job duty.
Owning a business entails a lot of tasks including accounting, marketing, selling, filing of taxes and customer service. No matter how small your business is, it still involves a pile of jobs that needs to be accomplished.
8. You’re good at something.
Being good in something isn’t enough to keep a business afloat. In order for your company to survive, you should have a clear vision for your business.
9. You’ve got nothing to do.
Building business for no reason can result into tragedy. While it’s true that anyone can become a business owner, it’s important that you have right motivation to increase its chance of succeeding.
10. You want to be in charge.
Most wannabe entrepreneurs think that starting a business would automatically give them a higher status in the society. Being a business owner is more than putting the title CEO on your business card or being in charge of something. You need to be able to solve a problem and bridge a gap when you build a business.