Are you frustrated working for your boss? Do you feel misguided by your company? Are you tired of going around looking for a job? Well, all of these reasons can make you feel like initiating your own business.
Usually, people can have wrong ideas about what it means to start a business. False information leads to the wrong reasons to start a business and a business that gradually fails. I have seen so many businesses fail merely because it was started for the wrong reasons.
I will highlight some of the wrong reasons to start a business that you should avoid.
#1 – Work Fewer Hours
One of the imaginations that many anticipated entrepreneurs have about starting their own business is that, they don’t have to work for long hours as they did in their salaried jobs.
Well, the truth is that, when you own a business, you have to provide long hours a day, sometimes every day of the week to take your company off the ground. And, you have to continue with this schedule for almost one to two years until everything is stable and settled around you.
However, you may get some aspects of your business to the speck where they are less time consuming, but the dream that you won’t have to work for prolonged hours when you own a business is absolutely false. The more time you provide for your company, the more chances you have to take your business offshore.
#2 – More Money
Yes! It is true that you can generate a huge income for yourself that exceeds what you used to make working under someone else.
However, it takes time and good money managements skills is also required if you want a rapid turnaround. The miscalculation of start up funding is one of the major mistakes that people do when they initiate their own business.
If the funding drops short, you will find yourself crawling to find the money to keep on going. In that case, you may have to face personal financial sacrifice and can be in deep credit for several years. But, you can turn around and make a huge income from your own business eventually.
However, things can go wrong if you do not manage your money properly at the early stage of your business and you can go bankrupt overnight. So, you need to learn how to manage your money through a financial plan and bring progress in your work accordingly.
#3 – Creating Jobs
Well it is amazing to hire and pay employees. It can transform the lives of families and communities, but this is not a reason to start a business.
Operating a business is hard and there are high chances that, you will get to experience the highs of hiring and the lows of firing.
However, your business may change the world; recruit thousands that make you both rich and famous. But, it shouldn’t be your business goal.
Your main focus when starting your business, should be about making a meaning to the clients/customers that you are targeting by providing them with products/services that solves their problems.
You can read more about why your business needs a strong mission before you start a business.
Here is to your success in choosing the right reasons!
Photo Courtesy of lovingthebike.com