Why did I want to start this business? How reasons and goals are vital for start-up success.
Why everyone have a reason and a goal why he brings resources together to start a business, yet not all reasons are good enough to embark on. Every entrepreneur need to sit down and ask himself. “Why did I want to want to start this business”
Because startup failure rates are consistent across different types of companies, across different part of the world, and across decades. Even investor-backed startups, presumably led by talented founders with better than average ideas, fall short at remarkably high rates. Even one that thrive to survive, only one-third of all owner operated business in the united states generate $100,000 or more in annual profit. The typical business owner will make 35 percent less over a ten years period than if he or she worked for someone else during the same ten-years period than if he or she worked in is startup.
And the solution lies not in ratcheting down passion, but in sitting down and asking yourself this question to clarify your reasons.
Why are you doing this? What do you hope to achieve?
Any entrepreneur without a good reason why he/she is starting a business end up regretting. Why your why’s are not strong enough, you end up giving in once those first challenge raise there ugly head. And only what you come out with is a experience. “Why? Why are you doing this? Why now? What are your reasons, and what outcome are you hoping to achieve? The answer to those questions will drive both the direction of the venture and how effectively the founder will be getting it off the ground.
Our latest:Trusted tips for bootstrapping your company.
1. Market opportunity:
Of all the reasons that may aspire one to start a business, I believe most strongly in this one as a predictor of ultimate success. When founders are drive to address a known gap in the market place, their energy is directed precisely where it should be. On solving an emerging or existing customer need.
Successfully entrepreneurs as always been rewarded by there contribution to the society “I.e, the problem there startup solve”
2. Wealth or financial gain:
You may view starting a business as the best way to earn a good living or as the road to wealth Creation. This later ambition is often a special case of the drive to achieve, money functions as a way of keeping score and a mean to another end. But why starting a business, your expectations can’t be fulfilled. as the environment can’t be predictable. Most successful founders go without salary for year’s,
If you are motivated by challenge, driven to be the best in a particular field, want to prove to your self that “you can do it,” see a better way of doing ssomething, want to do work of highest quality. Want to stretch, learn and get better. -all these are positive signs for the future of your new business. The drive to achieve is one of the most potent and lasting motivators because it comes from within. Can be focused on the concrete steps vital to advancing a startup, and isn’t easily weakened by challenge or adversity.
When your drive is to get traction and build real thing that can solve someone problem. You’ll see that everything thing around you will position you for success.
4. Dissatisfaction with a career:
Many people want to pursue self-employment because they are desperate to break free from a dead-end job or a bad boss. They may feel bored or stagnant or fear that working for others no longer provides the security it once did. Or they may have been laid off and cannot find any reasonable options in the current job market.
if you are driven by dissatisfaction with your career or life situation. Try to identify and cultivate more forward looking motivations, reasons that would cause you to abandon a great situation because they are so emotionally or intellectually compelling.
Some founders are primarily motivated to run a business that meshes with their desired lifestyle of work. but achieving your dream lifestyle while building a business may be more difficult than the hyped up entrepreneurial media would have you believe.
But even at that thousands has made great fortunes through this. Just that it may take a lot time and energy before it starts to payoff.
6. Self reliance/ independence:
If the freedom to call your own shots appeals to you, if you want to set your own priorities, work at your own pace, and be your own boss. You are in league with most aspiring business owners. The more autonomy-driven you are, the more you might prefer to operate as a sole proprietor or freelancer, rather than as part of a founding team.
7. Higher calling:
Some entrepreneurs are passionately driven by a special cause or a higher calling. Their animating fire cannot be quenched.
Unfortunately, Mission driving founders. may be more likely than others to become trapped by their passion. Their confident certainty and sense of destiny can blind then more sobering aspects of building a business, and they may be slow to understand that their mission and message won’t resonate with everyone. If you feel driven by a higher calling, be sure to surround yourself with reality checks. to counterbalance the stubbornness that can come with inspiration.
8. Innovation/creativity and artistry.
Many aspiring entrepreneurs are driven to pursue a technical innovation or a unique product idea. To turn a specialized hobby or craft into a job, or to build something that has value apart from themselves.
The challenge for founders driven by innovation and creativity is finding market’s that are both sizable and ready for their craft. Researchers, “creatives,” software hackers, and product developers are often leery of marketing and sales activity and lack general business acumen. If your first love is innovation, learn to respect market and financial forces and the talented people who understand them. They will help you get your passion to sustainable streams of good fortune.
As you can see, goals can vary considerably in terms of the horizon and focus. Only you can determine what success look like as you move forward. The more concrete your starting goals the better.