Wednesday, November 5, 2008

Starting a business-Whats your motivation?

One thing that I have come to realize is that everyone is a potential entrepreneur.  You can be from any walk of life, have any educational background, ethnicity or experience AND be a business owner-there is no step by step process that will make you a business owner.

One thing that all entrepreneurs have in common is their drive and passion to start a business.  I am outlining some of the most common reasons why people start a business: 
  1. Hobbies - Some people start a business because they want to take a hobby and turn it into a money making machine-common businesses include hand made jewelry, knitting.  If you can turn a hobby into a business good for you, however I have seen too many people struggling-it's hard to put a price on something you love to do.
  2. They have a gift-there are truly some talented people out there, some are gifted with something unique-a beautiful voice, an artist, a motivator etc.  If you can turn the gift into a money making machine-why not?
  3. They hate their boss-this is by far the most common reason-they are sick of working for someone else and sick of being the mule-so they take their revenge by starting a business and making someone else the mule.....
  4. They want freedom-this is by far the MOST popular reason-here's the irony, when you have a job, its only 8 hours per day and then live your life, with a business, you are preoccupied 24/7-I remember reading somewhere, if you are a business owner and you are sleeping 8+ hours, you are doing something wrong. 
  5. Stay at home-let's admit noone likes commuting (ask me, I spend 10+hours per week commuting to and from work), a lot of people start a business to work from home-working in your pjs from the bedroom sounds good; however, I see MANY business owners who will admit they can NEVER concentrate by working from home-toddlers running around can be quite a distraction!  If you are one of those who can manage to run a business from home-kudos to you!
  6. They want to make millions-(don't we all) Not to ruin anyone's parade but let's be realistic over 50% of small businesses fail in the first five years.  We all want to start a business and make it big and often we loose touch of reality in search of the business success-be VERY VERY cautious with what steps you take in starting a business-go to to see a list of small business resources in your area to help you with your business decisions.
  7. You can have a second career-Alot of people are becoming part time business owners (including my husband and I).  We both have full time jobs but we decided to start a side business not only for the experience but also to have a second career.  In this economy, we are seeing more people starting a part time business.
  8. Control-A lot of people jump into starting a business they want control, they want to be the boss, they want to take all business decisions.  Most people who start a business start off as sole proprietors or partnerships, hopefully the aim should be to hire more people, managers etc to help you with running the business-as your business grows you loose control over the day to day decisions of the company.  Most decisions are made by your employees and manager-this is one of the signs of business success and sadly it comes at the cost of you loosing control.
  9. Experience-this was definitely my motivation to start a business-gain as much experience as possible to leap into the next business and hopefully more success.  If you are starting a business with this motivation, do not spend too much money on your business and make sure there is a Plan B.
  10. Because my friend John Doe has a friend Jane Doe who started a business and was successful-sadly, this entrepreneurial myth leads to alot of failure.  Just because something worked for someone, doesn't mean it will work for you. 
Whatever your drive, whatever motivates you, make sure you take precautions before you venture out.  Good luck with you and your business success!