It was summer of 2012 when I finally decided to quit my job.
I was trying to build a business part time during the weekends for past 2 years but was a it hesitant to go full-time. I knew that someday I will have to quit my day job but didn’t know when that day would come.
What made me quit my high-earning job at a reputed MNC to start a business? I will explain the reason in some time, stay tuned.
After running a business for 10 years, I can say that starting a business can be a thrilling and rewarding experience, but it’s not for everyone. I’ve seen people starting their business but later regretting their decision.
This usually happens when you start a business with a wrong reason.
Before you dive headfirst into the world of entrepreneurship, it’s important to make sure you’re starting your business for the right reasons. In this post, we’ll discuss five wrong reasons to start a business and why they might lead you down the path to failure.
Reason #1 – “I want to get rich.”
Ah, the classic reason to start a business. Who doesn’t want to be a millionaire? But if you’re starting a business solely to make money, you might want to reconsider.
I’ve never seen someone starting a business just to get rich and actually succeeding at it.
Running a business takes hard work, dedication, and often, a lot of patience. Sure, some businesses hit it big and become overnight successes, but for most, it takes time to turn a profit. And if your heart isn’t in it, you’ll likely burn out before you ever see the big bucks.
You have better chances to get rich by working your way to the top in your current job than building a business from scratch. It take much more to make a business successful than a desire to become rich.
Reason #2 – “I hate my current job.”
Don’t we all? But just because you’re unhappy in your 9-to-5 doesn’t mean you should start a business. Running a business comes with its own set of stresses and challenges, and if you’re not passionate about solving a problem for your customers, you’ll likely end up just as unhappy as you were in your old job.
Trust me, customers are much tougher to deal with as compared to your boss.
Take some time to figure out what you really want to do, and make sure starting a business is the right move for you.
Reason #3 – “I want to be my own boss.”
Being your own boss sounds pretty great, doesn’t it? No one to answer to, no office politics to navigate. But being the boss also means being responsible for everything. You’ll be making all the decisions, dealing with all the problems, and shouldering all the risks.
Are you ready for that kind of responsibility? Do you have leadership qualities? Are you empathetic towards your subordinates?
This is again an ego-based decision and absolutely disastrous one.
Reason #4 – “My friend is doing it.”
Just because your best friend is starting a business doesn’t mean you should too. Your friend’s business may be perfect for them, but it might not be the right fit for you.
You might read about a successful startup and think – I will do the same thing and build equally successful business. It doesn’t work that way.
Do your own research, figure out your own niche, and make sure your business is something you’re truly passionate about.
This brings me to…
Reason #5 – “This thing is my passion.”
Wait, what? Isn’t following your passion the right thing to do? Well, yes and no.
While passion is certainly important, it’s not the only thing that matters. You need to make sure there’s a market for your passion, and that you have the skills and knowledge to turn your passion into a successful business. Don’t let your passion blind you to the practical realities of running a business.
You might be passionate about technology but if you don’t know how to code or how to hire & manage a team than can code, you won’t be able to build a successful business.
Being passionate is not enough. With passion, you can be a good technician but not a good businessman.
First, understand what it takes to build a business. Learn about hiring, building a team, manufacturing, operations, sales, marketing and other important things that make the business successful.
Combine this knowledge along with your passion and then give it a shot.
One reason to start a business:
Alright, enough of discouragement :-). So, what is the right reason to start a business?
As per my experience, it should be – “I’m starting my business because, I can solve this one problem for thousands of people at profit“.
I started ProfitBooks along with my co-founders because I knew we can build an easy to use software that can help a million SMEs with their finances. We knew that we will be able to make money even after making the software affordable.
I was passionate about solving complex problems using my creativity. But that was not enough. We could build ProfitBooks because our 2nd co-founder was an expert in finances and 3rd co-founder was expert in technology.
Building business is a team effort. Understand this.
Starting a business can be a daunting and challenging task, but it can also be one of the most rewarding things you’ll ever do. But before you jump in, make sure you’re doing it for the right reasons.
Don’t start a business just because you want to get rich, hate your current job, or want to be your own boss. Instead, start a business because you’re passionate about your idea, have the skills and knowledge to make it work, and have done your research to make sure there’s a market for your product or service.
Remember, starting a business isn’t easy, but with the right mindset, preparation, and hard work, you can achieve entrepreneurial success.