These are mostly trick questions. The correct answer to all of the above is…all of the above. There are many reasons people start their own businesses. In your self assessment about why, remember to be honest. Do not make this a five hour process. Answer each question with the most immediate and obvious answers that come to you. Remember that there are no correct or incorrect answers. It is the process of self discovery that is important.
Your motivation for your business startup should be about money and freedom. The truth is that you have a better chance of landing a great job and earning more money as someone else’s employee. Great entrepreneurs often trade less money for more freedom. It is also true that many entrepreneurs end up earning far more than they expected, over decades of hard work. If the answer to your why is solely about money then creating a startup is not for you.
The common theme is that if you do what you love them you will do it better. Many people say that if you chase your passion then it never feels like work. I wonder if those people ever had their own startup. Both of those statements are mostly untrue. Even the most successful have days where they do not love what they must do. There are plenty of entrepreneurs who pursue their passion and it is grueling work. The reality is that if you do what you love then you will likely devote more time and effort into the task. Pursing your passion keeps you engaged when many others quit. There are a small number of people who were unemployed and had no other choice but to go out and create their own business. That is definitely not the way you want to do things. Create your startup because you passionately believe in your ability and your destiny.
It is not all about you. A new business startup should serve many needs. There must be something resembling personal reward for your sacrifice, time, and effort. Constant learning and professional growth is mandatory for sustainable success. Your willingness to serve your customers and the community is not negotiable. No business survives without the heart of a servant. There are entrepreneurs who seek out business startup opportunities for self gratification or to build little monuments to their greatness. Business startup success is no place for self gratification.
Achieving balance between personal goals, professional achievement, financial reward, and serving the community is the key to properly answering why. Lay your foundation now. Your business startup success will depend your motivations to realize your dream and build your own brand of success.
“Life is one grand, sweet, song, so start the music.” – Ronald Reagan
Taking the first step is often the most difficult. Many dreams never leave the dining room table notepad or the bar room napkin because of fear. We often get bogged down in the mechanics of how to get things done. Attempting to answer how before we answer why is a mistake. Let the answer to why you want to start a new business be the guiding principles for every other answer. Getting the proper answers to why will then lead you to answers of when, how, where, who, and what.
We will start with why. Consider these quick points to help you answer why:
- Is it about money or about freedom?
- Are you doing this out of passion or do you have no other options?
- Is your new startup idea for personal gain, serving the community, professional growth, or some other motivation?