There are thousands and thousands of business startups every day whether they are online or brick & mortar. According to Small Business Trends 69% of all U.S. entrepreneurs start their businesses at home. 73% of them will be male while 14% will be female. So, if you tell me I want to start my own business in, okay why, will be my question? And 9 out of 10 can’t give you a good enough reason.
There must be a big enough ‘’Why” for you wanting to be in business, because if you don’t have one at the first bump in the road you will quit. And if you say (which most people do) to make money, you will be the first to quit when something goes wrong. Your “Why” has to be stronger than making money. You can make money doing anything, even standing on the corner begging. How you want to make your money is what’s important.
Statics state that the top 4 reasons why people want to start their own businesses are (1) 26% say because they are ready to be their own boss, (2) 23% say they want to pursue their passion, (3) 19% say the opportunity presented itself and (4) 12% say they are dissatisfied with corporate America. Though good reasons to start your “Why” still has to be bigger.
List Your Top 5 Reasons For Wanting To Be An Entrepreneur
Can you list your top 5 reasons why you want to be an entrepreneur? The person that can list their top 5 reasons why they want to be in business is the person that will most likely stay in business. In the comment section below leave your top 5 reasons.
In like manner because I’m asking you to tell me yours, I’ll tell you mine:
1. Help my Church further the Gospel
2. Help people & impact lives
3. Give my family a great lifestyle
4. Able to travel
5. Save for retirement
Your reasons whatever they are should be the driving force of why you will stand in the midst of the storm. Why a setback won’t make you get-back. Until those reasons are fulfilled and beyond.
3 Steps To Deciding On Your Ideal Life
- The 1st step is to workout what you don’t want in life. Maybe you don’t want a 9 to 5 job. You may be tired of struggling to pay bills. You may not want to have a mortgage payment. What about not being able to do for your family.
- The 2nd step is to decide on the things you do want in life. Like having enough cash on hand to take a dream vacation when you want to. Or to be able to buy your family anything they need. Maybe to be able to help anyone in need with no strain on your pocket.
- The 3rd step is to define what an ideal day would look like in your life. Like being able to get up when you want to. Eat breakfast with the family or go out to eat a good hearty breakfast and invite someone. Volunteer or visit the shut in. Catch a plane for a speaking engagement. Pick the kids up from school. Spend quality time with the family. Or hangout at the beach. Whatever it is you should decide what your ideal day would be.
“If you don’t have the will and desire to figure out what you want and write it down, what makes you think you’ll have the will and desire to go after it.” – Rich Schefren
There is a lot of truth in those words. Though money is not my biggest reason for being in business it still is a reason why I’m in business. I don’t think anyone starts a business to lose money. Do you know how much money you want to make and why? What if money was no object, what would you do?
How to Develop Your “WHY” To Be In Business
To develop your “Why” shouldn’t be hard or complicated. Most have a skill set that they don’t even recognize, because it’s so natural to them they don’t even think of it from a business perspective. These are usually the people who think they don’t have anything to offer.
They’re so focused on what other people are doing and start thinking to themselves, ‘’I could never to that.” And that my very well be true. But is that your niche? Your business should be developed around your niche. There are 3 questions you can ask to help you find your “Why” in business and help you find the niche that is right for you.
1. What are you good at?
2. Ask family & friends what they think your strengths are?
3. What do people typically ask you to help with?
You can also ask yourself what do you enjoy doing that you would continue to do whether you got paid for it or not. Whatever your startup business is you definitely should enjoy doing it. That is why making money should be the least factor of “Why” you go into business.
What Does It Really Take To Build A Business?
In order to build a business, I believe you have to have a big enough “Why” to begin with, but I also believe you need to be determined, focused, knowledgeable, have goals, etc. You have to look at your business in the long-term and not the short-term. Most will focus too much on the short-term and when their business is not living up to their expectations, they believe it’s a failure.
Whenever you are building anything of great value it will take time. That’s why I’m so against the get-rich-quick-scammers. They have poisoned the minds and hurt a lot of people with the make large sums of money overnight. Sorry it doesn’t work that way.
“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” – Bill Gates
Building a business that will last and that you will be proud of will take time. There is no getting around that. Most don’t want to put in the work, but you have too. Get rid of the fast-food mentality, got to have it now. Ask yourself, what will you be doing for the next 10 years?
Would you rather be working toward something that could ultimately become a legacy that you could leave your family? Or would you rather just continue to be stuck in traffic going to a 9 to 5 job you don’t like anyway?
For the most part great entrepreneurs have these fundamental traits:
- The business is a top 3 priority in their life (for many it’s #1). Balance in life rarely grows big businesses. Entrepreneurs that get extreme results put extreme focus on their business.
- They know their market intimately well. How well do you know your market? You need to know the type of person you are trying to market too.
- Their ability to craft irresistible and unique offers that stand out in a crowded marketplace. Two people may be selling the same product, but whomever has the better presentation will get the customer.
- They have an obsession over the numbers. Where performance is measured performance improves. Where performance is measured and reported, performance improves dramatically.
“What gets measured gets managed.” – Peter Drucker
- A willingness to take short-term losses while proving their idea. The economics of a business are much easier to fix than most realize.
In conclusion if you say I want to start my own business in, okay why, what is your reason? And your “Why” has to be bigger than just wanting to make money. Forget about that and just help people and the money will take care of itself.
Know what you want out of your business. Know what it takes to build a business. Keep your eyes on the prize don’t give up at the first set-back or second. Building something of value takes time.
You have the ability within you to build something great! Find your “Why” and go after it. Success can be yours if you let it.