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Tips - July 21, 2022

4 Dumb Reasons People Give for Starting a Business

While there are many good reasons people venture into the entrepreneurial phase, there are also some dumb reasons for starting a business. This has led to an increase in the number of businesses that shut down as soon as they launch.

The reality is some people are bound to be an entrepreneur while others aren’t. Hence, people need to re-orient themselves. This will yield more business success than failure in the economy.

 Here are some dumb reasons you should do away with when starting a business.

Life is easier and enjoyable when you work for yourself

Though life becomes flexible when you work for yourself, your time is not flexible. Since you are in charge of your time, you tend not to have a borderline between work and personal time.

Building your business foundation based on a leisure lifestyle is quicksand and a crazy decision. Instead of establishing your entrepreneurial journey on this notion, start because you want to do something for yourself.

This will help prepare your mind as the business grows because as it grows, your work hours increase, and your personal life reduces.

Quick money

One dumbest idea is thinking that starting a business is the fastest way to be rich. Except it is a Ponzi scheme, the best way to build wealth is through time. Hence, it should be the last thing on your mind if the motive is to be rich fast.

This is to mitigate disappointment and waste of your time and capital as it takes time for a business at its initial stage to be profitable. Some successful entrepreneurs you aspire to be like did not make a dime the first few years of starting their businesses.

Despite this, they did not relent as they did not start to get rich but make something for themselves. Also, remember that some business people are successful, but not all are rich.

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Just for passion

While being passionate about something is good, it cannot help you through the thick and thin of the business and yield success. To be successful, you need to complement your love for being an entrepreneur with ambition and business grit.

This way, your venture becomes a real business. So you need to ask yourself if you have what it takes. Successful people did not start their business with just a passion for it. If passion is enough, everybody will be an entrepreneur.

To look successful

If you are successful, your work will tell your success story. So starting to look successful and not successful in your business is dumb and a good way to be a failure. With this mindset, you will be more concerned about looking successful than being successful.

Though people will respect you as an entrepreneur, you will not be remembered for adding tangible value. Albert Einstein said, “Strive not to be a success, but rather to be of value”.

One of the wealthiest women in the world, Oprah Winfrey, also said, “Don’t worry about being successful but work toward being significant and the success will naturally follow”.

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