I’ve read and heard different reasons people start their own businesses, most of these reasons are personal. According to the U.S Census Bureau, 2020 experienced a 73% increase in the number of Business Applications from 2019, this tells you businesses are springing up here and there.
Here Are Five Common Reasons People Start Their Own Business
· Desire to Make a Difference
There are instances when people feel the need to think outside the box, do something differently. Your business idea can be filling the gap for a product or service, it can be bringing a new perspective to an existing product or service.
For instance, the founder of Freshworks, Girish Mathrubootham. He said the idea to launch his tech startup was when Zendesk raised its prices, and customers were unhappy about it. He developed his own application, made it more robust, and also at a cheaper price the customers were ok with.
· Be Their Own Boss
This set of people start their own business because they don’t like answering to anyone, they want to make all decisions and reap the benefits. Another benefit of being their own boss is their work-life balance.
You get to decide the days and number of hours that are okay with you. But be ready to put in long hours in the early stages of your business.
· Utilizing an Opportunity
This is someone that takes advantage of situations to make money for themselves, they are also risk-takers.
For instance, I remember an acquaintance that took advantage of the lockdown during the COVID-19 pandemic, he made a lot of money by selling his online course.
· Personal Circumstances
There are instances people start their business as a result of circumstances they find themselves in, the circumstances can be beyond their control.
In my native country, unemployment is very high and we have a teeming population of youths, who are forced to learn additional skillset so that they can stand on their own. There is a widely accepted paradigm that, if you wait on the government, you’re on your own.
· Following Their Passion
This category of people start their business because of the inherent passion they have, people with enthusiasm and passion are most times preferred by investors, just make sure what you’re passionate about earns you money.
For example, someone who has a passion for football can be a player’s agent, have a football academy, and so on.
Conclusively, regardless of your reasons to start a business, you need to do adequate research on the target market, pricing, product offerings and do proper planning in terms of personnel, business name, etc. Starting a business requires hard work, it can also be highly rewarding.
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