Many reasons motivate entrepreneurs to pursue their dreams of launching profitable companies. Some reasons are better than others while others are downright awful. Here are 10 reasons you may want to start your own business.
You See an Opportunity
It can pay off to seize a new business opportunity, perhaps in the form of an unserved need in the marketplace or new technological innovation. Just make sure the opportunity is real and you are not exaggerating its value.
You Have an Idea That Will Deliver Value to Customers
If you have an idea that a sizable number of customers are willing to pay for, you have a good reason to start your own business. Again, you just need to ensure that you aren't fooling yourself with overly ambitious assumptions of what customers will be willing to buy.
You Have a Business Idea You’ve Already Validated
Perhaps you're sitting on a tested prototype, the results of a consumer survey, or the anecdotal evidence from years working in a corporation. If you have data to back up your opinion that there is a true need for the product or service, that strengthens your case for starting a business.
You Believe Your Solution Can Achieve Something Unique
If you see an unmet need or an unsolved problem in the market, it could be a calling worth following. Perhaps no existing competitors address the problem as well as you can, or they only do so partially. That could leave room for your superior service or product.
You Enjoy Learning by Doing and Taking on New Responsibilities
As you start your own business, you will have to take on a hands-on role in nearly every aspect of the company. You'll likely need to work at least somewhat in marketing, accounting, sales, operations, and human resources roles. If you like to dive right in, think on your feet, and learn as you go, you can succeed in this aspect of entrepreneurship.
You Are Optimistic About Your Business Idea
There will be times when all others doubt you and the viability of your idea. That doubt will linger until the signs of your success are visibly apparent. Especially in the beginning, your confidence is essential to maintaining high morale and keeping the company on track.
You Won’t Accept Failure
Your progress will initially be slow and uneven. New milestones will be followed by setbacks, and your attitude toward handling these momentary roadblocks will determine your long-term success. If you are the type to get back in the saddle every time you fall off, you are well-suited to be an entrepreneur.
You’re Excited About Working Hard on Your Passion
Looking at successful entrepreneurs, you rarely find a case where hard work and passion don't go hand in hand. Behind history's most successful ventures are people who tirelessly pursued their passion.
You Have Experience in the Industry
You will benefit from having an above-average understanding of the industry, its markets, its customers, and the dynamics of its competition. These are all things that are difficult for industry outsiders to match. By leveraging your existing knowledge and relationships, you can speed up your company's progress.
You Have the Resources Necessary
Having an idea is great, but to start your own business, you need the relevant resources to turn that idea into reality. These resources can come in the form of financial capital, information, technical know-how, or valuable networks that'll help you accelerate your success.
SOURCE: Ryan Robinson - August 2019 - The Balance Small Business