There have to be dozens of reasons why people want to start a business. In this article, I am going to talk about the most common 11 reasons why you can also think of starting your own business.
There is a study which says each year approximately 6,00,000 new businesses are founded. If you look at it, this looks like a huge number yet in fact it is a tiny number to serve the population on our planet. Because in this 21st century the businesses are not restricted to the basic necessities of a person to live life like food, clothes, and home.
People with a mindset of continuous learning, risk-taking attitude, big dreamers, and one with passion can only start a business. Starting a business can have millions of reasons but I think the most important factor has to be individuals will power.
Let’s get into the most important reasons to start with the business.
1. You can be your own BOSS
This is a very musical statement to my ears. I mean who wants to work under someone, taking orders, and doing what people want you to do. I think most people want to do what they want to do.
No one wants to get forced into doing something. If you are into a 9 to 5 job situation, then no matter how passionate you are about the work you are doing, but ultimately you are trying to fulfill the dreams of someone else right!
Starting a business can be a way to be your own BOSS in doing what you are passionate about and building your own empire.
Many people will say that in 9 to 5 jobs you have stability and you will have a guarantee that the salary will be credited into your bank account at the end of the month. This is absolutely not correct, there is no guarantee that you will not be thrown out of the company if they are not getting what is expected from you.
I have seen people getting an email when they are asleep about resigning from a position immediately or else they will fire with ill reasons so that that person will find difficulty in finding a job.
But if you are your own boss, you might not have a guarantee about earning money exactly at the end of the month but what you will have is freedom for life. Once you spend enough time in the business you are doing and develop expertise then you will be earning much more than what you would earn in a job.
2. Creator of Your Destiny
You can be the creator of your own destiny if you have a business of your own. This destiny is going to be defined by you. This will be dependent on how bigger your dreams are? No one can teach you to dream big, you need to dream big by yourself.
Imagine, if somehow you got 1 Crore INR into your bank account. How would you spend that money?
If you are a person with a 9 to 5 job mindset, you might be having dreams about buying a nice house, essentials inside your house, a nice car, a nice community around you. And if you don’t have these, you will use this 1 Crore into buying all this stuff and continue doing your 9 to 5 job.
But if you are a person with a business mindset, then you will use this 1 Crore into your business and try to build products and services around it so as to generate more money out of it.
You can create your own destiny if you are doing a business. Nowadays, people are talking about early retirement at the age of 40 years. But is it going to be possible for you if you are not into a business? You can do the MATH!
3. Own Work-Life Balance
If you are into a business then you don’t have to be dependent on companies’ work culture and worry about the work-life balance in your life.
It is very important to have a balance in your work and personal life. If you won’t get personal time for your family, friends, and yourself then there is no difference between you and a machine.
If you don’t get time to spend with your children and to be a child with them then you are missing a very important joy in your life.
In business, you can literally own the balance between these two.
4. Follow your passion
If you are into business, then you can follow your passion and you can do a business around your passion.
I have written an article about a practical approach to identifying your passion which you can read it here: 5 Secrets About Identifying Your Niche
Although it is not necessary that you won’t get the job in the area of your passion. But most of the time it is seen that people are doing jobs just to fulfill their day to day requirements they are really not passionate about. This is not good for anyone, not you, and not even for the company for whom you are working.
So I would say, no matter what you want to do with your life, be passionate about what you are doing.
5. Freedom to choose people to work with
In a job, you do not have the freedom to choose with whom you want to work. You will be able to relate this if you think of someone in your team who is always irritating to you. And if you complain about this guy then the wise person will always say “Bro, you will see this kind of people everywhere in the industry”
So, you really don’t have a choice other than to adjust.
But in business it is not the same case, you have the freedom to choose people with who you want to work.
This will help in reducing your pressure at work and increase productivity.
6. More Risk, More Gain
This is a very well known statement for most of us. In business, there will be more risks but the gain which you will get is also going to be much more.
You might have observed this in the mutual funds as well, (I am going a little off the track here) but the high-risk mutual funds will always have higher returns than moderate/low-risk funds.
7. Learning at Each Moment
If you are the owner of a business, then you have to answer directly to your clients and you need to innovate continuously in your products. So your learning will never stop. It will be like each day you will need to learn something new.
I have seen many traditional businessmen nowadays learning about digital marketing, bringing their business online, and becoming visible on the internet.
You can read an in-depth article about marketing here: Modern Marketing Techniques: A Comprehensive Overview
You might not be an expert at everything, you can outsource it. But the more you learn the more control you will have over your business.
8. Challenging Life
Business is going to provide you a challenging life at every step. It is going to help you become a better version of yourself at every moment in your life.
It is very important to challenge yourself in your life at every step, if you don’t then you are not improving yourself.
9. Creator of Jobs
If you are into business, you can be a creator of jobs. You can provide an income source to the families who need it.
You can give away to society in the form of jobs. I believe it is our moral responsibility to give back to our society and help people.
Even if you are able to help a family of 1 person then the joy you will get with this is going to be incomparable.
10. You can escape the Rat Race
There is a rat race out there everywhere I see. People are trying to learn something and they get a degree, get a master’s degree, get a 9 to 5 job, marry a suitable girl, make babies, and continue the circle.
You need to break this vicious wheel. I think this is not the way to live life.
When you will be on your deathbed, you should feel proud about the number of people’s life you changed, you should feel happy about how you lived life. I can guarantee you if you don’t break this wheel then you won’t feel a thing on your deathbed.
11. Earn Money
I am giving the least importance to money because money is required at the end of the day to live a happy life. But money can not be the only reason to do a business.
You can earn a very good amount of money if you are in a business.
Earning more money will increase your day to day emotional well being as well as happiness. There was an interesting study performed by the wall street journal and it measured happiness with respect to money. The graph of the study is as follows:
The study shows that people with more earning are happier, but I would say how you have to figure out what works for you, how you can best balance the drive for money with other parts of the good life.
No matter how much you care about money, but money should not be the only reason to start a business.
So are you ready to start your business?
The beauty of businesses is that it lets you work around your passion, have freedom in your life, be your own boss, choose with whom you want to work with & earn more money.
What are your reasons for starting a business? Did any of the ideas I listed click with you? Do you have additions of your own? Please let me know in the comments below!