What motivates you to start your own business? I’m not talking about wealth or financial independence. Everyone wants that, but not everyone starts a business. We all have financial goals, but there’s much more to a business owner’s passion.
One reason I love Viably is that I get to constantly meet other small business owners and entrepreneurs. Through discussions with them and in my own experience, here are seven of the most common reasons that people decide to start a business.
You Own the Results
This is your business. The products and services follow your vision. The culture and operations are a result of your leadership. There are no boundaries or corporate traditions that prevent you from making a change or implementing an idea.
For better or worse, the company’s performance will be dictated (in large part) by your decisions and leadership. Sure, if your company grows, you’ll hire a team and delegate. But it will be your team and you’ll sign off on major decisions that impact the direction of the business.
Influence Your Community
Local small businesses can become the centerpiece of their communities—both economically and culturally. Many small business owners got started, in part, due to their passion to be a positive force in the place they call home.
Your business can influence other businesses to build. There may be opportunities to partner with other local businesses. You can hire from local schools or training programs. You can get involved in social change or local politics. Your business will expand your network and open doors to be a leader in your community.
Competition
Many entrepreneurs want to test their products, smarts, and work ethic against the field. Anyone can shoot their shot, so new competition will always emerge. It drives up the quality of goods and services that we all have access to in our daily lives.
If you have a rare talent or passion, it’s one thing for your friends and family to notice. It’s another thing to scale it up and see if strangers will choose it over a competing brand. Almost all successful businesses are led by someone who strives to be better than anyone else in the space.
Mentoring
One of the overlooked rewards to owning a business is your opportunity to guide the next generation of business leaders. People who work for/with you will learn from the successes and mistakes along the way.
When you’re building a team, it’s important to hire specific skill sets and to cover any gaps in your own knowledge. But it’s also nice to hire people who will develop and learn from their opportunities in your company.
Creativity and Problem Solving
No two days are alike when you’re building a business. There will be roadblocks you could never have anticipated. One thing is for sure: you will need to solve problems.
There’s always a marketing idea that’s never been done before. There’s always a more efficient way to leverage data. Customers are always open to a better service or experience with your products. The business owner who can find creative ways to improve every part of the business will be successful.
Learning and Sharpening Your Skills
Usually, acquiring new skills is part of the the problem solving process. I know successful business owners who never spent a minute on social media, and now drive the majority of their customer acquisition through Facebook and Instagram.
I guarantee that if you start a business, you will learn about marketing, technology, building a team, motivating a team, working with banks and financial institutions, time management, and people—just to name a few. You’ll also learn about your customers. What makes them happy? How do they think? What problems do they have? What makes them take an action? If you have a diverse set of customers, you’ll learn even more.
You Enjoy Crunching the Financial Data
Just kidding. Unless your business is an accounting firm.
Most business owners manage the company’s money (especially in the beginning) for three reasons: it’s really important, it’s our company, and there’s no one else to do it. Do yourself a favor, and use an app that puts your banking and financial data into one place. This way you’ll have the data you need on demand when it’s time to make important decisions about the future of your business.
In all seriousness, here’s the last reason to start your own business: it’s a blank slate.
What’s your vision for your business?
Nothing says you can’t build it. There will be plenty of obstacles—some you’re already aware of, and some you will discover later. But today, as you consider whether to follow your passion, nothing has been done that can’t be undone.
You can make the plan. You can find the resources to start executing. If you embrace the process of starting your own business, you will enjoy all of these benefits along the way.
