If any of these reasons is why you started your business or why you want to start a business, you need to re-evaluate because
Your WHY will determine:
- If you can get through the irst year.
- The kind of business you end up building.
- If your business will turn out to be successful
Simon Synek was right when he said ” START WITH WHY”.
These reasons include:
1. To Make Money:
WRONG MOVE!!! if this is your reason.
I went into my business, got funded at a million naira, 2 years later, guess how much I came out with. ZERO NAIRA
Starting a business is not the fastest way to make money
There are way too many uncertainties with clients and just so much to learn along the way.
And , even if you don’t blow up your cash like I did, making your first 100k will most likely not happen in your first 2 months of business , even 3-4 months so…
2. To Have My Time To Myself
In the words of expert salesman Dan Lok,
” starting a business to have more time is like having a baby to have more time”. ( This illustration cracked me up so much).
When I hear aspiring entrepreneurs say a key reason why they want to start their business is to
” have time for myself, go to work when I want to, leave the office when I want to “,
I laugh in Swahili
If only they knew entrepreneurship isn’t the same as a 9-5.
it is worse because if you really want to see your business succeed, you sleep and breathe your business.
Jessica Mah, founder of Indinero put it best when she said
” If you aren’t thinking of your business every moment, you aren’t serious about our business. I think of my business every day, except Sundays, sundays are my offday but, I think of it every other day”.
Another good example of this would be, it’s Sunday, I have been home all day, WORKING.
I shot the content for the photography
Every day isn’t always like today but 95% of days are.
3. I love this so I will launch a business based on it
If you have ever spoken to anyone in the creative industry, this is their line.
” I love fashion and so, I want to become a fashion designer and I am creating a brand…YADA YADA YADA “.
You know the saying ” Do what you love”, I believe they are missing a very very essential part of the gist which is, “and you are good at”.
I love reading books, doesn’t mean I should become a book critic.
I love writing, doesn’t necessarily mean I should write a book.
That you love dancing , doesn’t mean you should go and become a professional dancer or start a business in dance.
Launch a business around something you love and you are good at .
3. Everyone is starting a business, I should start mine.
If this is your reason , understand that 90% of people who started their businesses this year have gone to take a chill pill.
The other 9% are holding on for dear life and figuring it out.
Business isn’t at easy and most of your entrepreneurial friends won’t tell you the part that sucks , they will only tell you when they get alert.
It is a lot of work and emotional drainage involved and so ,if you know deep down you aren’t an entrepreneurial type , don’t bother.
4. I want to build something as big as apple someday
This used to be my category and honestly , that’s a great dream , don’t give it up.
The problem with this mindset is that you are solely focused on the outcome and not really the process.
This is also why a lot of people who start out for this reason quit.
Building something like apple is incredible but , the pain , losses , failures , emotional turn oil it took to build it isn’t something many are willing to suffer.
The process is where apple was built and many people don’t focus on the process.
6. A kind of investment
Business will most likely leave you broke than bougie.
A business is a long term investment you make with the believe that if it doesn’t work and you loose all your money , it’s fine.
This is because you won’t be getting any real yield on your investment in the first 6 months to 2 years.
You will most likely make some nasty mistake that will cost you money.
You will not reach profitability fast enough.
A business isn’t an investment , it’s a pursuit for self fulfillment. It could come out a billion dollar company or not.
7. You want to become your own boss
I have worked a 9-5 and lord knows , answering to someone else was way easier.
Answering to yourself is difficult because you are solely responsible if you screw up.
You take the whole risk and worse is, if you screw up , you bear the pain .
No one is going to pay you salary regardless of the loss . There are no health insurance benefits , just you and your loss🙂.
Being your own boss does have its own good sides but , it also has the negatives and it is important you weigh that decision carefully before making it.
8. You feel like you have a multi -million dollar business idea
You just might but until you have created a prototype of your idea and set it in front of your target customers , your idea is just that , an idea.
Your customers tell you if an idea will work or na.
Rushing off to start a business on this ” feeling” isn’t advisable because you will hit a lot of roadblocks that will take a way the high you are feeling regarding your business idea.
Even if it was a billion dollar idea , it will take a while before you find the ” billion”.
What is an awful reason you or someone you knew started a business ?