7 Motivations to Start Your Own Business

Monday, July 16, 2007 at 9:45pm by Site Administrator

Everyone has their own reasons for wanting to be an entrepreneur, to build their own business or businesses. Some people are serial entrepreneurs, moving from one success to another. Others want to use their success to retire or follow some other dream.

  1. You’re about to be fired.
    You’re about to be fired and you don’t want to give up your line of work just yet. Make sure you maintain your contacts, and maybe consider going into the consulting business. Success at consulting takes a certain of personality – one that often works better as temporary personnel than permanent employee.

  2. You hate your job.
    Also see #1. If you’ve spent time in a career that you no longer enjoy, or cannot enter a new career because it would take too long to get the training, starting a business might be a solution. You could learn a new career as you go, even fund your classes this way, provided you realize what you’re getting yourself into. Not everyone is suited to running a business.

  3. You’ve hit a ceiling.
    Also see #2. Let’s face it, there a limited number of management positions. So not everyone that wants to become a manager or executive will be, unless they start their own business. Just be prepared for the extra responsibility of your new role. Anyone can slap “President and CEO” on a business card.

  4. You want to work for yourself.
    This is almost never the easiest way to go for the vast majority of people. But it’s a perfect situation for others. If you have the drive, vision and discipline, starting a business may be for you.

  5. You want to retire.
    Sounds a bit contradictory? Under a normal career, you’d work and hopefully save, then retire at some point. Working for yourself, you can retire early or take mini-vacations. How long will it be before you can retire if you work for someone else?

  6. You have a great idea and no funding.
    Herein lies the motivation for many bootstrappers. Start one business at no or low capital, build it up, and bootstrap the profits to start something else. Repeat until you have enough capital for your grand idea or passion.

  7. You enjoy starting great businesses.
    Some people are a fountain of great ideas, and are able to win people over to participate. They start a business, build and promote it to a point where someone else can run it, then move on, usually with a profit in their pocket.

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Filed under: Entrepreneurship

1 Comment »

  1. For another view of quitting a salaried job, please read Daniel’s post at Daily Blog Tips, 7 Reasons to Quit Your Job, which I noticed after I’d finished writing the above.

    Comment by Raj Dash — July 17, 2007 @ 2:17 am

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