13 Great Reasons to Start Your Own Business

13 Great Reasons to Start Your Own Business

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Last Updated on: 26th April 2020, 04:24 pm

For most of the people in the 21st century, the thought of starting a business has crossed their minds, often more than once. The reasons for starting a business are many and vary from individual perspectives. Some of these reasons are brand new, while others have already been explored by people. These reasons vary in complexity from simple-straightforward to complex reasons.

Most people dread starting a business, probably because of misconceptions they’ve heard about how tedious it could be. In this post, I’ll debunk these misconceptions by sharing with you 13 solid reasons to start your own business. 

Starting a business is quite easier than most people imagine, and the benefits are immeasurable. I recommend that everyone should give starting a business a shot. ‘you never know until you try’.

13 Great Reasons to Start Your Own Business.

1. EARNING MONEY

This is an interesting reason to start a business. A successful business earns you good cash. Money isn’t everything and wealth isn’t the only motivation that drives entrepreneurs to start a business. Nevertheless, Who doesn’t love a reward?

Researchers have proven to a large extent that more income makes people happier. Think of Jeff Bezos, Bill Gates, Warren Buffett, Aliko Dangote and many more billionaires whose wealth accolades came because they started a business. You may or may not beat their feat, but you’ll sure be glad you attempted and started your own business.

If you ask most business owners why they started their business endeavors, one of the numerous reasons will always be ”to earn an income”. Personally, one reason I started a business was to earn extra money, and it is paying off.

2. FREEDOM

Freedom: 1 of 13 Great Reasons to Start Your Own Business

‘I want to be free… free like a bird’. You must have heard that saying, right? Even the greatest battles in history have a connection, sometimes in a subtle way, with a chance for freedom and liberation. This is true even in the business world. Repeatedly, many entrepreneurs have mentioned liberation, independence or autonomy as the prime mover for starting their business. 

Freedom is, in fact, a substantial reason to start a business. You may wonder, why would the ardor of freedom push people to start their own business? The answer is not far-fetched. It is in the word’s definition itself. Freedom gives liberty. It is having more control over the events in your life, the power to direct things in your way rather than dancing to the tune of others. 

When you start your own business, you are the boss. At this level, you are in total control of your world (in the literal sense). You can do whatever you want when you want to, and how you want it done. If you ever get the chance to start your own business, you’ll realize there is a wide range of flexibility. You do not answer to anyone; you schedule your meetings at a convenient time. 

Owning a business makes you work, not because you have to, but because you choose to.

There’s this imaginary guy named Paul. He had a certain job that he didn’t like. His boss would come to him and say, ‘Paul, do this………. you should do that’ most times when it wasn’t convenient for him. He knew he hated this rat race and had to make a serious decision. With time, he started and grew his own business. Today, He is the Boss of himself and is doing very well. 

Are you like Paul? Do you dislike the coin tossing? It’s high time you started your own business. You do not have to quit your job. You could start a business as a side hustle. When you have vetted that the idea is breaking through, you could go full time. Going into business creates a sense of independence and more flexibility to do the things you desire at your time interval. 

3. SELF-EMPLOYMENT

’’Dear Sir/Ma, Application for the post of…….’’. I trust you can relate. Starting a business gives you an opportunity of being self-employed. Even if you start small, there’s absolutely no basis not to think of becoming the boss of yourself. The transition from side hustle to a full-time career isn’t easy. Nevertheless, it can be gratifying.

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The Saga of updating and submitting your CV, attending interviews, and being fearful of the loss of your job drastically reduces when you start and nurture a business of your own. Self-employment comes with its benefits, you know. You can set your hours, privacy schedule, working time, etc. These are just a few dividends of being self-employed.

4. YOU CAN FACE THE CHALLENGES 

As much as I wouldn’t want to portray starting a business as an easy task, it may interest you to know that without darkness, we would not appreciate the value of light. I’ll explain that. Our default human state loves ease and freedom and doesn’t admire changes or challenges. Remember, though, that one of our characteristics as humans is adaptation. We have a great sense of irritability.

Most people shy away from challenges, but when it becomes unavoidable, they face it head-on, and only discover that their fear was only an illusion, that they could do and be better than they could imagine. Know this – there’s no limit to what you can achieve.

Most successful entrepreneurs sacrificed a lot of time, effort and energy during startups. Then other issues came. Work piled up, plans went wrong, money was lost, but they never gave up. Today, they are reaping the benefits because they faced the challenges.

Starting a business may be a huge challenge. But fine clay must go through the fire. You should accept the challenges that may come with the starting, maintaining and scaling a business. Why is that? It’s because you have the inherent ability to face those challenges.

5. NETWORKING

Networking: 1 of 13 Great Reasons to Start Your Own Business

Networking is a key area in personal and professional growth. It has never been more essential. Starting a business could be solely on your back. But manning and scaling the business would involve networking. Networking involves interacting with others to exchange information. Since running a business involves meeting interacting with people, it improves your personal and professional growth. 

As a business owner, apart from yourself, you are also reliant on innovators, marketers, distributors, account managers and most significantly, your customers. This creates an avenue to meet and work with people in the course of your business dealings. These people will someday become a strong part of your business and personal network.

You know, friendship and business relationships often go side by side. Unlike a regular job that sometimes involves hiding behind a series of automated greeting and work, a business owner thrives on dealing one on one with customers and clients. By interacting with these people while offering his service, a business owner can learn from and grow with them, gain valuable opinions and tips, earn trust, improve his skills and resources.

6. YOU’LL INCREASE YOUR SELF-ESTEEM

Self-esteem entails having confidence in one’s worth or abilities, having self-respect. Any accomplishment in our lives gives us a sense of achievement, thereby improving our self-esteem.

As opposed to working for someone else all the time, owning and growing your own business establishes a subtle feeling of pride, because you’re building something of your own from scratch. This brings forth self-actualization.

”Starting a business isn’t beans”, my friend says. It is no small venture. You must sacrifice time and sweat, working around the clock to move ahead. We believe that individuals that pursue entrepreneurial careers are significantly higher in achievement motivation than individuals that pursue other types of careers. 

The feeling of self-actualization from starting a business can improve self-esteem, which gives you more confidence, persistence, and happiness.

7. TO SOLVE A PROBLEM

Every day, new problems emerge in the world, even as current ones are being tackled. The world needs people to solve these unending problems. If you can recognize a problem in the world and you can solve it with your idea (s), it makes sense to start a business. 

The most successful business owners are problem solvers. A lot of examples abound: 

Gusto discovered a problem – It was that smaller companies often have trouble keeping up with larger companies in infrastructure and human resource tools. 

Their solution: Gusto deployed a means of leveling the playing field for small businesses by offering a simple and affordable way to manage all aspects of payroll processing. 

A more popular example is this: In the 1970s, a few young men saw a problem with the difficulty and complexity of personal computing, so they tried to solve it by creating a new operating system. Today, their solution is called Microsoft.

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Think of a business as an avenue to contribute to the world by helping to solve one or some of her perpetual problems.

8. YOU CHOOSE YOUR TEAM AND SET YOUR CULTURE

Have you ever been in a job where you worked with people you felt were annoying and uneasy? Sometimes, staying in an environment and associating with certain people often gives us a feeling of discomfort, unproductivity, and inefficiency. While it is advisable to strive to be at peace with all men, it is challenging. 

When you work for someone else, you rarely get to choose who you work with. If you don’t seem to like your coworkers, you better start sending out your CV to other companies, without which you have to continue enduring their attitudes. 

This is not the case when owning a business since you are the one to decide about whom to hire (and fire). Starting your business gives you the liberty to build your team and set the culture you desire.

I remember a friend of mine that started a fruit-drink business. He was a newbie and so superiors influenced his choice of workers and management in the local community. Soon, he realized that as the owner of the business he could choose who to work with and not. And laying off he did (He was diplomatic though). Today, he’s a proud CEO, working with the people he loves and loves him back while setting the tone, ethics, and culture for his business. 

Creating your business enables you to surround yourself with people with a positive mindset, which gives you the confidence and enthusiasm you require moving ahead.

9. TO LEARN NEW SKILLS

Learning : 1 of 13 Great Reasons to Start Your Own Business

Building a business presents you with a vast array of learning opportunities. It is a learn as you go process. When you start, you probably have to take on a hands-on role in nearly every aspect of the company. You’ll get to learn time management, accounting, marketing, sales, human resources roles, and a bunch of other skills. 

Learning is fun and being able to do new things is very cool. But most of all, it carries psychological benefits like boosting your memory and confidence level.

You cannot become a master of all skills. You may need to pay for some services. Nevertheless, the more you learn, the more you can do things yourself. 

Even if you may not have the time to carry out a task, that you have that skill will give you an edge when contracting a professional to render that service on your behalf. Who knows? He could charge you lower rates if he senses that you know much of his job.

As a digital marketer (I am one), you’ll get to learn skills like search engine optimization (SEO), growth hacking, copywriting, web development, and a host of others. These are skills I may never have learned, had I not plunged into the brook of business. When you start a business, you will learn a lot of things yourself. Think SWOT analysis. These lessons are priceless and solitary in starting a business of your own.

10. YOU CAN PURSUE YOUR PASSION

Behind history’s most successful businesses are people who tirelessly pursued their passion. If you want to work on something you care about or something that excites you, consider starting a business, no matter how small.

For most successful entrepreneurs, hard work and passion go side by side. Passion for work has a direct and significant effect on the productivity of a business. 

Make no mistake; not every passion of yours will make a successful business. Let’s say you’re passionate about watching a particular TV show. You won’t earn from just folding your hands and watching, even if the show is unending.

The trick is to find a balance between your passion and what people are ready to spend money on. There should be an overlap between your passion and its impact on the world. It should help to meet people’s needs and solve their problems. By so doing, you’ll earn while enjoying your work.

11. THE LIFESTYLE IT PRESENTS

Meaning, purpose, fun, excitement, flexibility, money, freedom, the list goes on. These are some dividends of starting a business. It presents a wonderful lifestyle where you get to be on the steering. Think of climbing Mount Kilimanjaro. It can task but will be so much fun.

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When you own your own business, you can get things done faster too. Rather than wait till infinity for approval in a regular company, entrepreneurs react more quickly than other big companies when waves of opportunities, products and techniques surface. 

The reason is that a big company is complex to an extent. Approval of ideas doesn’t just fall on one desk. It moves from one table to another and might take some time before being vetted and explored.

A business owner nonetheless, doesn’t have to spend all that time. He quickly tests an idea and approves it quickly enough to grow his business. Remember, starting a business induces exhilaration.

A business can be a fantastic source of meaning in your life.

Owning a business displays the power of ownership. It brings about commitment, which strengthens your sense of purpose and boosts your health.

For many, starting a business is fun. This is true, especially for those who have extensive experiences with past trials and successes. After starting and nurturing a business, it becomes so much fun starting more businesses, because you’ve developed skills, competence, experience, and confidence in the previous one (s) you’ve managed.

I read about a man who seems to start a new specialized database corporation every few years. The business would eventually become a success, and he’ll sell the company to a larger competitor at huge profits. He’ll start another similar business at the expiration of the non-compete clause and guess what? He’ll raise the new company seamlessly and sell it too. 

The magic he used was this – since he founded and managed the previous (similar) companies, he had gained a lot of grounds in terms of competence and experience. Doing it again was easy. 

12. TO BUILD A LEGACY

Legacy : 1 of 13 Great Reasons to Start Your Own Business

Leaving behind something bigger than the business we started is a very fascinating conception for many entrepreneurs.

Building a legacy for a business differs slightly from that of personal legacy.

A business legacy is an impact it will make on its culture, community, and customers, after it has either been sold or passed on to someone else.

We often associate a business legacy with family. If you have the mindset of passing down a legacy to your family, especially your children, it would be nice to start a business.

The key point is building something that can easily serve as a vehicle for success and growth for loved ones. This doesn’t, however, guarantee the success of the business after it selling or passing it on since work and effort still needs to be input for growth and sustainability.

Dantata Organisation is an example of a successful African family business that has been growing for decades. The patriarch, Alhassan Dantata left a legacy by passing the baton to succeeding generations. Today, the family still controls not less than 50% of the company’s equity and voting rights.

Industrial legacy.

Business legacy isn’t limited to just family. Creating one for your industry is yet another one, although it can be a little more involved than the general business legacy. Its impact is on the people and organizations that are part of your specific business niche. It is more intricate to build. If you can be exceptional in ways your colleagues and competitors are not, then you could set an industry standard, creating a legacy. 

One example of an industrial legacy is Apple’s introduction of the iPhone in 2007. The smartphone was the first of its kind. Even though other phone companies have introduced comparable innovations (after years of failed attempts), the iPhone has cemented Apple’s legacy in the mobile handset industry. 

If you want to create a legacy, starting a business is a sure path.

13. TO CREATE JOBS

Starting a business could create employment opportunities. When you start a business, you might have to hire workers someday. On that day, you will have created a job opportunity for someone else.

Entrepreneurs can create jobs by starting and nurturing a business. This entails investing in human resources to manage and grow the business. You could start a business modestly, but as it grows, you may become overwhelmed with work, and that’s the time when more people need to be hired.

You should also view it from this perspective –

When entrepreneurs leave their jobs to manage their businesses full-time, vacancies are created in the companies they left and they use a new worker.

Sometimes, it might require more than just one person to fill the gap depending on the job value.

Starting a business creates wonderful job opportunities. Some of us wouldn’t have jobs, hadn’t it been for successful entrepreneurs who started businesses of their own.

Conclusion

We have assembled this list from surveys, academic research and shared experiences. Perhaps one or some of them resonate with you. Even if it doesn’t, you may create your reasons and dive into the business world.

And know this; to start a business is more than just a physical activity; It is also a mental, psychological, and to a large extent spiritual activity since it involves faith. 

Do you have your reasons? Or does any of these reasons resonate with you? Did you ever try to start a business? Did it work out? What are your business experiences? Are you afraid to start your own business? We’d love to read your comments below.

To your success!

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