Starting your own business is not a preferred choice for most people. Family and cultural ideals and social perceptions often influence this preference for entrepreneurs. In my particular case, I was taught that having a government job (post-office worker, police, teacher, etc.) was the prudent and intelligent choice. Fortunately, there weren’t many IT related government jobs when I entered the work force, and hence this family obligation became null and void. I can certainly understand the need for a stable and secure job, but this left no room for fantasies around building something of value and having financial independence.
So why do most people enter the entrepreneurship landscape? In my experience, it is to:
- Make more money
- Due to unemployment
- The need to create a revolutionary product or business
- As a means of establishing more independence.
You need to determine your particular reason for starting your own business.
Your Reason for Starting a Business
This reason will influence many of the business aspects we will cover in the subsequent chapters. For instance, if you want to build a lifestyle-based business (where you earn enough money to be comfortable and yet have the freedom of time and finances), you don’t necessary want to have an investor in the business that will dictate other goals for the business. But having an investor in your business implies that the investor will want a certain return on his or her investment, which in turn means that your business will need to be performing at a certain level to meet those goals. These investor goals may be in conflict with your ideals of working just 3 hours per day on your business. So, in a short paragraph, I have demonstrated that if you get a simple thing like the reason for starting your business wrong, you could end up with much frustration, conflict and lost time.