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Are You Starting Your Business for the Wrong Reasons?

If your motivation for starting your business is weak, you’re much more likely to experience burnout and quit than someone with a strong incentive. A strong and genuine motivation can bring you through challenging times on your entrepreneurial journey. Below are some of the most popular but ultimately weak motivations for beginning a business venture.

Wanting to Be Rich

If you’re starting your business venture in hopes of hitting it big and raking in millions, you’re soon to experience disappointment. New business owners either experience one or two realities when they begin their entrepreneurial journey: the first is that they realise that they’re going to have to save, spend, or pay back a lot of money before they even start to see a profit; the second is that even if their initial costs are very low, it takes time to build a brand and increase revenue. If you’re looking for a get-rich-quick scheme, starting a business may not be the safe bet you think it is.

Another reality in business is that

most business owners do not become rich. There are an abundance of small and medium-sized businesses that either don’t expand, expand incrementally but never get to a massive scale, or simply fail. Getting rich also need not be the marker of success for business owners. Many owners start their ventures to create opportunities for themselves, fill a needed gap in the market, service their communities, or become financially secure, comfortable, or independent - all things that they don’t need to be rich to achieve. If getting rich is your marker of success and the primary motivation for starting a business, the numbers are simply not in your favor. The number of individuals worldwide who generate millions and billions from entrepreneurial pursuits is comparatively small to the number that doesn't. According to the Credit Suisse Global Wealth Databook 2021, the majority of the world’s wealth is concentrated amongst only twelve percent (12%) of the global population.

To Work Less Hours

Being able to dictate your own schedule seems like a dream when it comes to your career, the problem for entrepreneurs is that there is no set clock-in or clock-out time so they’re never really off-duty. Factor this in with the reality that being a business owner instead of an employee increases the risk and responsibilities that you have and it can quickly turn into a situation where you’re working more hours than you would have been with a 9-5 job. Building a business can be difficult and complex and the reality for many business owners is that it eats into a lot of their time. Starting a business may not be the easy solution to getting a better work-life balance. Consider this carefully if your primary motivation for getting into business is to work less, have unlimited vacation time, or get a better work-life balance because the likelihood that going into business is going to have the entirely opposite effect is considerably high.

Not Wanting to Be Accountable to Anyone

The idea of being your own boss sounds amazing to people who don’t want to always have to answer to another person. These individuals will quickly find that in business, you may not have a boss in the structure of your business, but you certainly have to answer to many more people than you would have as an employee. As the head of your enterprise you’re accountable to the customers you serve, the people you make deals with, and the other companies you may partner with. Failing to please these people can mark the beginning of the end for your business. Instead of having one boss and maybe a manager to answer to, you’ll be answering to pretty much everyone you do business with. If this sounds like a nightmare to you, reconsider your plans to go into business.

It’s Time for Something New

Decided that you want a change of pace? Has that decision led you to want to go into a new and exciting business? Hold it! Going into a field of business that you are inexperienced in or unqualified for is a quick recipe for disaster. If you don’t understand how that field works then you’re also not going to understand how that market works and by the time you’re in the thick of things, you’ll be faced with the realisation that it all isn’t fun and games and you’ve created more stress for yourself than a fun, new adventure. If you’re considering going into an area of business that’s very different from what you’ve been doing in your career, don’t go into it blind. Prepare yourself by getting qualified and gaining some experience on a smaller level before you jump into new waters.

Going into business is a big step and can be a big risk. Manage your expectations by learning more about the reality of being a business owner and evaluate whether this is really the right avenue for you. Good luck on your entrepreneurial journey if you believe you have the right motivations and spirit to see it through.

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