Nowadays it seems like a lot of people are trying to start their own businesses. Startups are becoming more relevant and the idea of starting your own business has seeped itself into the American dream. But are they doing it for the right reasons?
9/10 Businesses fail within 10 years, and a lot of that is due to people doing it for the wrong reasons, so before you start your own business, please read the following!
1. To get rich
Fact is that only 10% of business start ups succeed. In a world of 7 Billion people, innovation and getting lucky is hard to come by. As a result, most of these businesses go bankrupt and will deplete your own money that you put into the business as well as the opportunity cost of a steady job. And even if you do break even, most businesses still won’t make luxurious profits.
2. To not work
For some reason many people think that when you become the boss you won’t have to work as much anymore; your employees will do your work for you, right? Wrong. Especially at the start of a startup, you have to be prepared to work sometimes the whole day, your business will require your full attention and the start is always the hardest. You have to be willing to give up 40 hrs a week, to work potentially 80-100 hours a week! Even entrepreneurs who have successful passive income work all the time, trying to improve their business. So do not attempt to start your own business just because you don’t want to work anymore or want to retire early.
3. Because you hate your job
Many people hate their jobs and want to do something for themselves. However this is not a good reason to start a business. To start a business, you have to truly believe in your idea. If you are just running away from something else, your passion for your own business will die out unless you really care about it. Don’t run to entrepreneurship just because you hate your job, but rather you should be running towards entrepreneurship if you love something and you believe in it.
Those are 3 big reasons people get into entrepreneurship and those are the WRONG reasons. People will burn out if they aren’t doing it for the right reasons and ultimately their businesses will never even come to fruition. So please, if you want to start your own business, you have to be willing to put in the work (more than a full time job), you have to be chasing a dream, and you have to be willing to look beyond financial gain.