We recently covered the 10 best reasons to start your own business. Now, let’s take a look at the other side of the coin. Believe it or not, there are bad reasons to start your own business, and these are the very worst reasons out there.
Hating Your Job
Unfortunately, a lot of the rhetoric concerning starting your own business is rooted in disdain for your job. Disliking your current job won’t automatically make your business idea successful. Ensure you have a viable alternative that supports you financially. The reality is that you will go through a lot before a business becomes successful in most cases.
Hating Your Boss
Similarly, hating your boss doesn’t guarantee business success. The dislike of bosses is a common factor among employees across the board. If you think difficult bosses are a headache, try having the total responsibility for satisfying a difficult customer. Base your decision on factors related to the business itself, such as value delivery and feasibility.
Money as the Sole Motivation
Starting a business requires resilience and passion. If you’re solely motivated by money, it becomes harder to navigate challenges, especially during the early stages. Moreover, making any business truly successful will require a significant investment of money. While you can start businesses with very little money, taking them to success will ultimately require financial investment, which may feel counterintuitive if money is your only goal.
Desire for Less Work
While the dream business is one where you have employees and can delegate tasks, businesses do not start that way. Running a business is time-consuming, particularly in the beginning. You’ll always be on-call, without the luxury of clocking out at the end of the day. It takes total involvement because there is total responsibility. So, while you can eventually reach a point where your business demands very little time, you won’t start there.
Seeking More Flexibility
Expecting complete freedom to work when you want is unrealistic. Running a business involves managing multiple aspects of the business, which can be very demanding. You have to navigate all areas of the business while serving your customers. Customers have their own needs and timelines, and as a business owner, you must be ready to fulfill them. Your success rate is determined by how well you serve customers.
Thinking It’s Easier than a Corporate Job
Entrepreneurship presents different challenges but is not inherently easier than working in a corporate job. Consider this: if you start a business in the same industry where you are employed, you will be responsible for all aspects of the business, even those that were outside your job role. It requires hard work and dedication to run a complete business. This is why many skilled workers find it difficult in business.
Wanting to Answer Only to Yourself
While you may not have a traditional boss, you’ll still be accountable to customers, suppliers, and employees. If you’re not convinced yet, you can also include authorities such as ZIMRA and other regulatory bodies related to your business. In business, you do not answer to yourself; you answer to a wide variety of stakeholders. Neglecting responsibility can directly impact your business.
Expecting Constant Fun
The images popularized on social media, where someone runs a business from the swimming pool, are far removed from reality. Running a business involves tedious tasks and overwhelming workloads. As highlighted above, running a business means total involvement. You may delegate, outsource, or automate some tasks, but you will still be involved in every part of the business, even the parts you don’t like. Success requires perseverance through both enjoyable and challenging times.
Desire for Fame
While building awareness for your business is important, fame should not be the primary goal. Firstly, consider that a staggering majority of new businesses fail in the first year. Secondly, business success and the fame of the founder do not necessarily go hand in hand. Focus on creating value and delivering a successful product or service; that’s what business is all about. Fame is sold separately.
Partnership with a Friend or Family Member
Starting a business with someone you know or admire isn’t a good reason on its own. Many people fall into the trap of wanting to work with people because of personal relationships. In the majority of cases, the business and/or the relationship suffer. Mixing business and personal life can lead to complications.
Just as with the 10 best reasons to start a business, no one of these reasons is a death sentence for your business by itself. However, if you resonate with many of these, it’s time to take a long, hard look at your business motivation and evaluate it.
