Why do you want to start a business?
1. Because it is the new thing to do and everyone is doing it.
If this is your answer, all I have to say is: Are you serious? but as crazy as it sounds, I’ve had clients tell me this. It seems like everyone is starting a business, from the paperboy down the street who just opened an online eBay store, to the paperboy’s mom who finally opened the spa she’s always wanted. And if they don’t have a business, they’re talking about starting a business.
Please remember this advice: The only reason to start a business is because you want to. Talking about starting a business is easy; doing the work to start a business is hard; so make sure you’re doing it for the right reasons.
2. Because you want to be a millionaire.
Entrepreneurship goes beyond becoming a millionaire. Yes, you will get rich in many areas as long as you enjoy and love what you do, otherwise it will be more of a pain than a pleasure. But, if all you want is to become a millionaire, buy the lottery, your odds are better that way!
3. Because you want job security.
Especially in times like the present, where companies are laying off employees left and right, it’s a bit scary to think about the future without a job. In fact, some statistics indicate that getting fired is a common trigger for entrepreneurship.
Just remember that most small business owners make less money than they do working for someone else, and they have the privilege of working 24/7. But the worst thing is that they still do not have job security, because the failure rate of small businesses is very high, due to the lack of knowledge and the inability to focus of most entrepreneurs.
4. Because you want to be the boss and have total control.
Freaky Control, or control freaks… There’s really nothing wrong with wanting to work for yourself, but this is a typical example of a denial statement. What happens in most cases is that there is an underlying condition that drives us to be controlling. I won’t stop when you get to be the boss, unless you plan on being a one-woman shop.
If you are thinking of starting a business, with growth potential, you should know that you will have to delegate functions and tasks, therefore you can begin to say goodbye to your need for control.
5. Because, luckily, you just received some money.
Why would you want to use your own money to finance your business? Not even Donald Trump does that. Leverage! That’s the key word. So it doesn’t matter if you just won $1 million, or if you just got an inheritance, or if your parents just told you they’ve been saving money for you; If your reason for starting a business is that you have some extra money; my advice to you is to go and spend it where you at least enjoy it, because with that reason, you will probably lose everything.
6. Because if “She” could do it, so can you.
If these are your answers, I smell some self-esteem issues. Who are you trying to measure up to? Really, there’s no need to try to keep up with the Joneses or the Reeveses or anyone else. Trust me, unless you have a strong why behind your decision to start a business, you will end up more depressed and frustrated than before.
7. Because some of your relatives need work.
For starters, investors don’t really like organizations where Uncle Ben and Cousin Susan are accountants and lawyers. It looks unprofessional and can cause you serious problems and headaches if you need to make serious decisions.
It’s not to say that if you have someone very talented in your family you shouldn’t employ them, but don’t use this as your reason for starting a business. It is not a strong enough why.
8. Because you want to do something risky.
You can probably make a list of 100 things riskier than starting a business. Just to give you an example: driving a car, the stock market, hiking in bear country. These are all risks you can’t control, but the risks you face when starting a business can and should be planned and calculated risks.
9. Because you had a great idea.
Starting a business is about taking action, and many people remain in the thinking phase. Are you there now? Well, my advice to you: “get a coach”, because that is in a nutshell what I do as a coach. I empower women to take action towards their goals and the life of their dreams.
This is a classic for women:
10. Because my husband wants me to.
And my question to you is, do you want to? I cannot stop telling you how many hours you are going to have to dedicate away from your family, to your business, especially at the beginning. So if you are going to start a business to please someone else, I don’t think you can achieve the life of your dreams.