Do You Really Know Why You Are in Business?
The decision to take the plunge into entrepreneurship can be a difficult one. Entrepreneurs often struggle with finding their passion, working tirelessly, and fighting the good fight.
It is important to find your passion for what you do. If you are passionate about what you do, then it doesn’t feel like hard work. On the other hand, if this doesn’t feel like your passion at heart then entrepreneurship might not be for you.
So, what gives you passion for business? It’s not just loving what you do. It’s understanding why you do it. The reason you are in business.
“Why am I starting a business?” Your entrepreneurial ‘why’ is unique
No two entrepreneurs are quite the same. We all have different motivations to be an entrepreneur, a different purpose for starting a business.
One thing I know is that to succeed with your business, it is important that you know your purpose and goals of why you are doing what you do. With a clear vision of what success looks like, success is more likely.
To help you get started on developing your why, here are a few personal business goals examples from my clients.
“I’m in business as an investment”
Do you have investments that are underperforming? Are you looking for a home for an inheritance? Do you have the skillset to pick apart a financial statement? Do you understand market dynamics, and can ‘smell’ a great opportunity? But you don’t wish to be involved in the day-to-day running of a business?
Many small business owners and entrepreneurs use their money to buy or set up a business and then take a step back. They employ a team to manage and operate their business for them, happy to receive the profits in return for their financial backing.
This type of business ownership may also be used to provide a tax shelter for your wealth or to replace a salary (for example, of a new stay-at-home parent).
“I’m not ready to retire”
This is another common reason for starting a business. Contrary to popular belief, the average age of a successful startup founder is not 20-something. It’s closer to 45. Inevitably, this means a lot of ‘retirees’ are starting a business.
These entrepreneurs aren’t yet ready to do nothing (not that retirees do). They have a lot to give. They’re street smart and business savvy. They have the funds and the motivation. They love the social aspect of work, and they get a thrill from achieving every day.
For these people, running a business is the next natural progression of a successful corporate career. Retirement will come, but not quite yet. They’re not ready to stop working.
“I want a future for my children and family”
It's an uncertain world, and one thing that parents all have in common is the desire for their children to be successful and happy. Many of these parents know what it is like to be laid off. They understand the myth of corporate career stability.
What better way to secure your child’s future than to build a business for them to work in? It could be the ideal solution. Your child has a secure job while they learn all the skills and knowledge that they need to be successful from you.
“I want to be free to spend my time as I wish”
Are you fed up with the corporate rat race? Of being held to ransom by your boss, forced to work overtime for fear of losing your job?
Owning and running a business can be hard work, but one of the greatest benefits is autonomy. You are the one who makes decisions, manages time and attention, and stays on top of all the tasks. Thus, you can put in place a structure that allows you to spend more time with your family or to work on personal projects.
Discover your why and be successful in business
Entrepreneurship has emerged as an alternative for career satisfaction. It provides people with financial independence from employers, and freedom from working for someone else’s benefit. It gives them control over their time – especially during this era where many are struggling with how they spend their days when they’re working (more than) full-time jobs.
To be successful in business, you must have the drive and passion to succeed. It’s the reason you’re in the game. The why is what drives you to be successful. It’s what describes your personal business goals. Not just for your own personal success, but also for your family, society, and life.
Your why is what makes you want to wake up every morning and do the work that needs to get done. It’s what makes you feel fulfilled.
The key to finding your why is figuring out what makes you happy and how you can support that happiness. The answer is different for everyone. Hopefully, the more common reasons I’ve highlighted above have given you food for thought.
Have you asked yourself, “Why do I want to start my own business?”
Do you want to learn more about business ownership? Take the franchisee aptitude test, and then book a free consultation with us.