Top 5 WRONG Reasons For Starting Your Own Business

Updated: December 19, 2020

Everyone wants to start their own business, but unfortunately, not everyone has the right reasons for doing so.

In my years of being an entrepreneur, I’ve learned a lot of valuable lessons that I believe are essential in making a successful business. Among them, is having the right motivation and the proper mindset for starting a business.

Do you want to start your own business? If yes, ask yourself – WHY?

Ponder upon your thoughts for a moment and see if any of them are among those that say you’re perhaps starting a business for the wrong reasons.

“I want to be my own boss.”

This is one of the most common reasons why people want to start their own business. If you’re an employee working for a demanding and unreasonable boss, then I’m sure this sentiment has crossed your mind several times.

But you have to realize that when you become a business owner, your customers, suppliers, creditors, partners, and a lot of other people will become your new “bosses”.

And these people will be more demanding and oftentimes more unreasonable than your boss at the office. Don’t start a business because you’re hungry for power.

“I’m tired of working all the time.”

Are you sitting inside your cubicle wishing for a vacation? Do you say to yourself, “If I have my own business, I don’t have to go to the office and work all day?”

If you’re stressed and tired from work, then maybe all you need is to relax and have some rest.

Realize that growing a successful business takes a lot of focus, patience, and hard work. Yes, the amount of work lessens as you can grow and automate your business, but that comes very much later.

Don’t start a business because you’re too lazy to work.

“I want to be rich.”

Do you want to start a business because you want to be rich?

There’s really nothing wrong with wanting to be rich but making this your primary reason will make the journey of entrepreneurship very difficult for you and would probably lead you to failure.

All successful businesses have a mission and a vision which states the noble goals that the company is trying to achieve; I have yet to see one that says their mission is to become the richest company in the world.

Don’t start a business because you’re greedy for money.

“This business is the hottest thing today.”

Joining a business bandwagon is always a good idea but it can easily turn into a bad one if your heart is not into it.

For the past couple of years, I’ve witnessed people who put up internet cafes because they simply want to get a piece of the action in this profitable business.

Unfortunately, most of them don’t even have any computing background or didn’t have any interest to learn about online gaming and the internet.

After a year or so, most of them eventually closed or sold their businesses because “it’s no longer fun”. Don’t start a business you don’t have passion for.

“I want to start a business because I have the money.”

Having the capital for a business does not mean you can already start one. People receiving windfall gains often make this costly mistake.

Personally, I’ve met a few OFW’s who used their savings to “blindly” start businesses in the Philippines only to see it fail afterward because they don’t really know how to manage it.

If you have the money, invest in knowledge first. Learn about business management. Take courses and seminars about entrepreneurship. Don’t start a business until you really know how to start one.

What to do next: Click here to subscribe to our FREE newsletter.
———
Photo credit: Kyroll