Too few business owners (especially first-timers) fail to ask themselves this question at the start and end up asking what happened, when it all comes tumbling down.
Those that do ask the question and identify the WHY, in my experience succeed
Some of the reasons why people go into business for themselves include:
To be financially independent.
To make a lot of money and live by the beach.
To enjoy a certain lifestyle.
To avoid ever working for a “boss”.
To prove something to their parents or other significant people.
To cash in on an opportunity.
A burning desire to “do it themselves”.
To exercise a great idea.
To set themselves up for retirement.
To create a family business legacy.
and so on.
So what are your motivators and why are you in business? The person who knows what they want from their investment is better prepared to plan and behave in ways that will see their desires fulfilled. The key here is to be realistic. Sounds easy but you would be surprised how many business owners either wildly over rate their potential success or simply discount their own talent.
My own WHY is " to help other people have a better life which makes a better world and so I have a better life'"
My advice to anyone looking to own their own business is to research the opportunity but also understand your goals in the context of WHY you are taking this life course. Some say that is starting with the end in mind, - to me it’s just common sense.
Most people wouldn’t buy a new house without knowing WHY. A business decision should be no different.
