Why are You Starting Your Business?

Over the past fifteen years, I've started lots of business, some big, some small. A few that succeeded, and a bunch that failed.

Upon reflecting, I realized the common denominator in the businesses that succeeded. Passion.

I've had my share of businesses that I've started because there was an opportunity to make money that I could capitalize on. Even though I knew going into them that my passions lay elsewhere.

When the going got tough for those businesses I wasn't passionate about, I lacked the motivation to continue pushing forward even when I knew there was a light at the end of the tunnel.

But for the businesses I was passionate about, I'd ALWAYS find a way to make it work. I was all in.

So all that to say, if you're getting ready to start a new business venture, ask yourself why you're doing so.

An opportunity to make money isn't a good enough answer in my opinion if you want to build something you hope will last.

 

For now, I don't have a business of my own, but in the futre, I plan of having one.

As for me, the reason why I'm starting (plan) to have my own business it's because I feel like it's a mandatory journey to take as I grow older and working for others doesn't suits me at all.

 

Hey @Pamela Turns,

I definitely wouldn't agree that it's a mandatory journey to take. Starting a business isn't for everyone.

You've probably done your research, but if you haven't, I'd recommend reading The E-Myth Revisited by Michael Gerber.

A lot of people go into starting a business with completely unrealistic expectations.

My advice would be to only go into business if you're passionate about being in a specific type of business. But don't start a business just because it seems like the the logical next step.

Just my advice though...

 

Michael's E-MYTH books are valuable reads. There was one thing that I recall he said though that I didn't agree with. It was that the only reason to start a business is to eventually sell it. I can't agree with that because if I really enjoy doing something I don't want to stop doing that something.

Like you Chiedo I've started a number of businesses over the years with successes and failures.

Reasons I started my current business included my desire to travel - a lot. And also I retired from a major career back in '97 and I couldn't bear the thought of becoming a couch potato.

 

really depends what your goals are; maybe he/she did or did not have intentions to sell, and sometimes, money can be a motivator.

 

True. Everyone must make her/his own plan. My point here was that I don't agree that there's only one reason for someone to start a business. I've started a number in my time and they weren't all started for the same reason.

 

I can't figure out how to LIKE your posts so here's my +1

 

When you become established by receiving 3 likes from 3 different members a LIKE button will appear on the lower right hand side of every post that you see.

 

I personally think people just want to be financially independent while doing something they love to do.

 

I want to be in control of my ownlife.I don't really like being ordered around by another person

 

Yeah. That can be troublesome. But you do have the right to fire that kind of customer.

 

Thank you! That makes sense

 

I started my online business so that I could have several income streams. With a normal day job, you can get fired. I need to have security in my life.

 

I did it for two reasons, the first is that I always thought I knew better than those I was working for! Found myself often disagreeing with the direction that my employers were heading and the way they looked after staff, so decided the only way to solve this was to work for myself and see if I really do know best.

The second reason, I spotted a niche that I could work within, already had an understanding of what the requirements were as it is a market I know and has been a "hobby" for years. I'm still working for someone else at the moment but am a few months away from the business making enough to stand on it's own and pay me a much better wage than where I am now.

 

Same! Having an additional source of income is never a bad idea. For sure, it is better to have a source of passive income for such financial security. However, one need to be 'active' for a while in order to secure 'passive' income.

 

There is nothing wrong with wanting a bit more out of life aka passive income.
It is much easier thinking about passive income, then actually getting to the point.

 

at the moment i am not doing any business , i started lots of business and all of them are failed , now again i am thinking to start some thing new again

 

Two things that are highly important to understand Emma.

First, know that everybody has failures in life (which includes business for those who take that leap). You can't be afraid of failure if you want success. Failures provide the education that guides you forward.

Second, it is essential that once you find the opportunity that's right for you, you commit your every effort to making it work. Perseverance is a key factor.