Why Do You Need to Start Your Own Business

It seems like some of the most important things in life are determined by other people. Will, that cop give me a ticket? Am I allowed to visit that country? How much will I get in my tax refund? Will, my boss gives me a raise? We all want to be able to control as much of our lives as we can.

We all have this innate desire for autonomy and independence, so why should I start my own business?

Creating your own business has always been associated with wanting to be free and independent. You can argue that in owning your own business, you’re still reliant on clients, customers and employees. True. But if you lose a customer or an employee quits, it doesn’t make or break you as it would if you were fired and now have to turn your life upside down because of someone else’s decision.

There is a myriad of reasons for starting a business, some very personal and some completely commercial. What follows are what we deem to be the six most common responses to the “why” of this topic.

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Creating Value

As Austrian economist Carl Menger teaches, “Value”, in business, is specifically the satisfaction gained by customers when using a good or service. In other words, whether your offering is valued is not a matter of the product itself but the benefit it offers.

Often when money alone isn’t a sufficient motivator alone, people choose to create something that can impact their family, friends, or society in a way that they gain something useful and meaningful.

To give an example a friend of ours started his business to educate people on being self-sufficient financially and trying to frame an idea of being a producer instead of just a consumer of goods.

Financial Independence

There is a saying that “financial freedom is the golden promise of entrepreneurship”, and the majority of young businessmen point to autonomy as the key driver of their decision to start a business.

Let’s say that you are a skilled and talented programmer working for a big software company. You have been working there for several years, gaining experience, showing off your proficiency and know-how, even putting in extra work and doing overtime in hopes of receiving a better salary and a better position.

Unfortunately, the only praise you receive is a pat on the back and maybe an insignificant raise. Instead of basking in anger and underappreciation, you might start to realize that with your potential and skills you can succeed on your own and receive far more than what your employer has to offer.

The Feeling of Importance

Most people long to be appreciated, valued, and seen as role models. Nobody wants to be the grey mouse – the person who does his or her best without even being noticed.

One of the biggest differences in owning your own company as opposed to working for someone else is the sense of pride you establish in building something of your own. There is nothing like being successful through your own leadership, abilities, ideas, and efforts. Not only are there benefits from such self-actualization – you also get to brag about what you do.

One really cool thing about owning a small business is that people are interested in you and your story. No need to become an egomaniac of course, but it’s still nice that people are interested.

Turning Your Passion and Beliefs Into Business

The simplest definition of business – “do something you are passionate about and find a way to get paid for it”. A lot of businessmen say that the long hours they invest into expanding their business feel more like fun than actual work because they are actually having fun with what they are doing.

As we spend most of our lives working, we should do things that we love – do things that excite us, where growth opportunities can be seen and a chance to fully realize one’s potential. As Confucius so famously said:” Choose a job you love, and you will never have to work a day in your life”.

Flexibility

Wanting to go to an important hockey game? Attending a friend’s birthday party? If you will start your own business, you will have the flexibility to do all these things and more.

People working for other companies often or not find themselves bound by the corporate working-day schedule and rhythm. When you operate your own business you set your own working hours and you decide when and how you want to work.

You do not need to request time off for emergencies or personal matters. Flexibility is very convenient, however, you might still need to put in long hours, especially when getting your business up and running.

Connect with Talented and Strong-Willed People

“Brilliant minds think alike” – in the world of business you will often meet like-minded people who share your enthusiasm for freedom and creativity.

In our experience, most entrepreneurs have interesting personalities and are the type of people whose presence is enjoyed by others not because of their bodies or fancy clothes, but because of their interesting minds.

You will find that other businessmen are often willing and excited to help a motivated young entrepreneur learn the ropes, and in the process, you can even forge a lifelong relationship with them.  

Every businessman will tell you that creating and succeeding in your own business is not easy, so take a small step today. Whether it’s drawing up a business plan, making a few notes, or making a phone call, your journey will begin with just one step.

Be bold and be creative. Set some small goals, do your research, hone your skills and remember – if fortune favors the brave, luck favors the prepared.


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