One of the major reasons many startups fail can be traced back to why they started the business in the first place. When your intention is wrong, your actions cannot be correct.
I will be sharing with you some common wrong reasons to start a business
1. Because I’m Broke
Everyone needs money. Even the rich get broke sometimes. But because you are broke is definitely not a good reason to start a business. Here is why?
Businessmen are not money people. Money is not the purpose of business it is a consequence. Any business that is built on the sole foundation of making money will soon run out of the market. The goal of any business should be to provide value and solve people’s real problem. Then people pay you for solving their problems. So if you are broke and you are not solving people’s problems, you can’t make money. Don’t get me wrong, you should make money from your business, but let that not be the only reason you are starting the business.
Another reason you should not start a business just because you are broke is that there is no guarantee that you are going to have your immediate financial needs met by that business. If however, you are lucky to make money, chances are that you will be spending the money when you ought to be multiplying it or growing your business.
So what should I do when I’m broke? look for a job. What if there are no jobs? that’s why you should look for it. There are really no Jobs.
However, if you have a solution to people’s problem and you are broke. That will be a perfect time to start a business because you have double motivation.
2. Because I don’t want to work for anyone
My mum told me that my granddad used to tell her that if a pot is leaking in my village, taking it to the next village will not prevent it from leaking unless it is repaired. Why do I start with this? If you can’t work for somebody’s business, you will most likely not be able to work for yourself. If you are lazy about working on someone, chances are that you will transmit the same laziness into your own business.
Laziness is not the function of the task or the taskmaster but your attitude. If you don’t deal with it, it doesn’t matter what or who you are working for, you will continue to be lazy. Business requires hard work if you are looking for how to run away from work, starting a business is not an option.
I can authoritatively say that business owners work more than employees. There’s nothing like weekend, public holiday and off -office hour for those who have businesses, especially when the business is still at a startup phase. Whether it is another person’s business or your own business, you are still working for somebody anyway. Either your employer(s) or your customers.
What if my job is too demanding, what should I do? Well, I don’t know. But what I do know is that if you are going to build a sustainable business, it’s going to be demanding as well. If you have a clear solution to a problem and you think people will pay you for solving it, then you are good to start a business.
3. Because I have an Idea
Yes, I mean it. Having an idea is not enough reason to start a business. First, it’s not all good ideas that are business ideas. If all people say about your idea is “wow! That’s a nice idea” without the corresponding readiness to bring out the money in exchange for the value, then you don’t have a business idea.
A business idea must not sound very ‘out of the box’ but it must be the one that will make people pay you. Whenever you have that mind-blowing idea, one of the first questions to ask is “who is paying for this value and why should he be willing to pay for it?”.
Secondly, not all ideas can be successfully or competitively implemented by you due to some limitations such as skill(s), market readiness, geographical location, legal demand, etc. In this case, a partnership becomes not only important but necessary. Remember, the idea is just 1%…execution is 99%.
You don’t just start a business because you’ve got an idea, but you must have an idea to start a business.