3 Wrong Reasons Why People Go into Business

What can go wrong when starting a business?

Going into business can be glamorous and rewarding.  But there’s a catch.  If you do it for the wrong reasons, it’s miserable.  Business is such a big responsibility that it takes a lot of conviction to survive the pressure.  When entrepreneurs have superficial motivations, the weight of responsibility becomes crushing.  Business is something that people should only do when they have the energy, and drive, to face difficult challenges.

Business is Serious

Business Expert Susan Ward advises that, “The best entrepreneurial business is the one you start because you are passionate about the work, and interested in the process involved. Starting a business can create flexibility in how you spend your time, and make your money. But it isn't a quick process or a guarantee of financial success. It requires a long-term commitment, and a clear understanding of the work involved.”

Here are three mistaken reasons why people find themselves going into business:

1) Everyone Else is Getting Rich Quick

Economic bubbles are a very dangerous time to think about going into business.  Especially in situations where people are making a quick buck through trendy business ideas.  Don’t follow the crowd in such environments.  Because things get real when the bubble bursts.

2) You Want to Be Your Own Boss

A lot of people go into business thinking it’s less work.  The idea of being in charge sounds liberating.  While it’s true that entrepreneurship might allow people to be their own bosses, what isn’t openly advertised is that being your own boss comes with complete liability for failure.  This obligation actually multiplies the work that entrepreneurs do, and saddles them with anxiety. You’ve got to pay the cost, to be the boss.

3) To Spend Time with Friends

Many people get sucked into doing business through partnerships.  Which is yet another trap that can cause a lot of stress and problems.  If you have a business partner whom you can work well with, then there’s a good chance things will run smoothly.  But if your work-ethics are polar opposites, friction is going to happen.

Conclusion

The easiest way to confirm whether your motivations are reasonable is if sober thinking governs your decision-making.  Entrepreneurs who set sail with shimmering stars in their eyes, get blindsided by the harsh realities of business.  On the other hand, entrepreneurs who take the time to plan, prepare and analyze, position themselves to withstand the uncertainties of business.

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