Why Do People Set Up Business?

Why Do People Set Up Business?

Most People Have A Reason


Why do people set up business? There are many reasons for people setting up a business. It could be losing a job, developing an unexpected disability, hating their bosses, or even coming into some money. However, the underlying factor is a strong desire for freedom.

This may mean freedom from the corporate world; to do something you enjoy or use the money and time it provides. There is also a certain appeal to being your own boss. Previously learned skills can be applied and performing well means you can pick and choose your own clients.

 

What Kind of People Start Businesses?


The stereotypical image of business start-ups is to appear on Dragon’s Den pitching your idea to hardcore “dragons” while begging for thousands of dollars of investment. Furthermore, we think of entrepreneurs as slick, overconfident, fast-talking extroverts. This leads many of us to believe we don’t have what it takes to start a business.

Nothing could be farther from the truth. Most small business owners go about their work quietly. This is especially true today in the world of solopreneurs. A new term coined for online entrepreneurs who are the sole employee. All sorts of folks with varying backgrounds can and do have companies.

 

Have You Got What It Takes?


There are certain qualities that successful business people tend to have. The good news is they are not uncommon and all of them can be learned along with whatever skills you may need to acquire. I think you know that a wise person once said, “practice makes perfect” and that certainly applies here. The following are qualities to keep in mind.

Perseverance

The king of character traits. You need to be determined to finish whatever you start. This is a large part of the battle because the majority quit before seeing a single penny. You have the greatest chance of success by finishing.

Decisiveness

Decisions need to be made whether right or wrong. It’s fine to research in order to make well-informed choices but do not dawdle. You need to keep moving forward. Learn from your errors. Indecisiveness is devastating for business.

Open-Mindedness

You need to recognize that you don’t know everything. Keeping an open mind and remaining flexible will allow you to move in new beneficial directions in response to evidence. Keep learning. Humility is business gold.

Analytical In Nature

Evaluating every facet of your business and market is essential. You need to know whether things are working and how to improve them. This goes back to open-mindedness. A good business owner does the analysis and makes decisions that may require radical changes. Most people do this quietly with very little fanfare.

 

Is There A Right Time to Start?


There is no right time to start. It doesn’t matter whether the economy is doing well or poorly. Some wealthy people take advantage of recessions to increase their fortunes. The key, is are you ready? There are always opportunities to make money. Sure 50% of new businesses fail within 3 years but it doesn’t have to be you.

These days the internet world is still in the early stages of developing its full business potential. You might feel the competition is tough. However, there is plenty of room for growth in a market of millions with billions being spent by consumers. It is all about your approach and the market you tap into.

 

What If I’m Strapped For Cash?


The safest way to start up a business, especially if you lack the capital, is to keep your day job. This will give you the time necessary to develop the biz and make sure it is profitable. Financial pressure from debt shouldn’t be a problem which is often the case carrying over into private family life.

Starting small allows you to analyze and make improvements until you are making a sufficient amount of money. At that time, you can continue to do it as a sideline or turn it into a full-time venture. Once again, these days one can begin an online business with as little as a few hundred dollars and eventually earn thousands in income.

 

A Business That Makes Perfect Sense


There are many kinds of businesses you can start both offline and online. A close friend of mine has a roofing business. He has very little desire to use technology with his company. Tim is very good at what he does. He is able to manage employees, organize tasks and even sell his product to customers.

On the other hand, he is in his 50s with very little time left to set aside enough money for his retirement. The physical side of the job is also taking its toll and he is constantly worried about paying his bills. My answer to this is to have a backup plan. Move to a model that will provide passive streams of income.

This is a business model that makes perfect sense to me even if you are young. Of course, we must work hard at first like with anything in life but the beauty is the revenue will keep coming in for years later. Excellent for spending time with family or having a secure old age.

I believe the internet is the best vehicle for setting up a low-cost business that can succeed way beyond our wildest dreams. No matter what your passion or interest there is a place for you. It’s changing many lives by providing folks with the time and money to enjoy a lifestyle of their own choice. Starting a business means freedom.

The next article in this series will discuss some of the reasons why having an internet business is a good choice for many to make. In the meantime, if you are already interested in doing something online please feel free to read my review of a favorite community I belong to.

 

Click Here to See My Thoughts On A Top Notch Online Community

 

All Comments Welcome!


Do you have a business? Are you thinking of starting one? Do you have any tips for newbies? Please share your thoughts below and if you have any questions at all we’d more than happy to answer them.

 

Best,

Devan

projektfeedom.com

 

 

 

 

 

6 thoughts on “Why Do People Set Up Business?”

  1. I totally agree with the fact that there are certain qualities that successful business people tend to have. It’s true that there are certain similarities among people who are small business owners.

    A person can acquire the skills needed to become a successful small business owner, but as you said in your post, it takes things like perseverance, decisiveness, and having a open-mind, among other traits.

    You are spot on as to why people never see one red cent in profit -they quit way to soon.

    Great post…

    1. Hi Howard,

      Thanks for your comments. I appreciate it.

      Some of the information for the article was researched from a successful online entrepreneur but my experience had already told me pretty much the same thing.

      Successful people do things a “certain way”.

      Yes I ams o guilty of quitting too soon!

      I am glad I finanlly have that out of my system!

      Best,

      Kewl

  2. Hi Devan,

    I have had my own business since leaving school over 40 years ago…

    Initially I started my own business because my school grades were not so good and getting a job became difficult.

    Looking for money I turned to entrepreneurship…

    And here I am 4 decades later still on the road of entrepreneurship and it has been a journey that has had thousands of challenges and thousands of moments to celebrate!

    I wouldn’t change it for anything!

    Freedom has always been my definition of success and as your article points out well, freedom is clearly a reward of starting your own business.

    As a business owner you can choose how to do your business, but it also does come at a price.

    You may find yourself working many more hours than an employee, especially at the beginning, in fact if you have employees they will probably go home before you.

    One of the reasons I keep my business running, other than the reasons you mention, and I think this is the norm with other entrepreneurs, is that they want to help others by providing a solution to a problem.

    In my case, it is entertainment…

    Loved your article! Keep it up !

    Tim

    1. Hey Tim

      Thank-you so much for your comments. I am so pleased to hear from someone who has been an entrepreneur for such a long time!

      What you say is true, I can never find enough hours in the day to do everything that needs doing and I always need to remind myself family is important – I must make them a priority too. 

      Another  interesting point is “we want to help others by providing a solution to a problem”. So often people just starting out get caught up with making money. The truth is if we focus on the solution and helping others the money will come naturally. 

      Thanks so much for your wisdom!

      Best regards,

      Devan

  3. I like your depiction of the stereotype image of an entrepreneur – “slick, overconfident, fast-talking extroverts”.

    That stereotype is pretty true in some cases, and often how we view entrepreneurs. I must say, all those fast-talking “gurus” on the internet don’t do much to change the image.

    Interesting that you talk about the right time to start. I think this can often be used as an excuse to put off getting started and just taking the plunge.

    Great article. I enjoyed reading it.

    1. Thanks Darren! I appreciate your opinions!

      It’s so true our society is geared towards extroverts but introverts play such an important role and many are great business people – we don’t all need to fast & slick talking.

      Actually I find it quite a turnoff.

      Appreciate your visit.

      Cheers,

      Devan

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