Was discussing with a client the other day about the reasons he hears that people want to be entrepreneurs. He has had occasion to deal with a fair number of would be and committed entrepreneurs as he offers business planning and related services.
Here are the top three reasons that he regularly hears:
- Career choice
Are they your reasons for thinking about being an entrepreneur? A recent article we read stated that over 70% of American adults had considered going into their own business. For the purposes of this article going into business for yourself means that you are an entrepreneur.
Let’s examine these top three reasons and then add some more of our own.
- Independence: The allure of being your own boss is what gets the juices flowing for many people that considering going into business. Who knew that a boss acting like a jerk, or working in a bureaucratic maze could be so inspirational
- Career choice: While it is true that we can usually apply for a ‘job’ or a ‘position’ to do what we like to do, a sure way of doing just that is by creating our job ourselves. Some people look down at this type of entrepreneurship as just being a job creator - we say: “What is wrong with that?”
- Money: Yes, money is a prime motivator. But it is not always about making an ever increasing amount of money. It might be about making just enough money. It might be about making enough money to be able to spend time on your family, your art or your passions.
- Passion: people often become their own business because they followed their passion – be it music, drawing, writing, soccer, hockey or antiques – to name but a handful. Yes, you might have written for fun, had some readers and decided – hey I can make a living doing this. Passion projects are fine but you will have to acquire or contract wisely, some additional skills if you want to go from passion to business.
- Change the world: How many of you want to change the world? Being an entrepreneur is a great way to make positive changes – to the world or your part of it. This desire for change and betterment is a powerful motivator.
- Sharing: Sharing? Entrepreneurs? You might be surprised that entrepreneurs, especially those that have succeeded, are amongst the most generous people you might meet. They will gladly share their stories, lessons, products and gifts. Sharing is a very powerful motivator.
So I ask again, why do you want to be an entrepreneur? Your answer may be on the list above – or it might be entirely different. One person’s needs are not the same as another’s.
To a person struggling to provide food for a family, they may think that a pot roast is wealth. To a person making 6 or 7 figures of revenue per month, they may think that an inter-generational trust plan is the way to plan for wealth – that is the beauty of being an entrepreneur – we can all choose for ourselves, while helping each other.
What are your reasons?