5 Reasons Why Entrepreneurs Start Their Own Businesses?
| 3 minutes read
Starting a business is what every entrepreneur dream of. But the question is, why did they create their own business? There could be many reasons, and we will discuss them in this article, but the most common thing everyone knows is profit. Practically it’s Yes, but if you dive into the entrepreneur’s world, you will find profit is not the main priority for entrepreneurs.
We will discuss a lot in this article; kindly stay with us till the last to get the most benefits from this guide.
Entrepreneurs are working hard to make the world a better and more advanced place to live. However, working 9 to 5 won’t make any changes to make a difference in people’s lives. You need deeper motivation, capable of finding problems, delivering solutions, and much more.
Now coming on to the primary discussion topic, Why do Entrepreneurs Start Their Own Businesses? First, we will mention the Reasons for Starting a New Business.
1. Independence & Autonomy
Independence and autonomy are profound and compelling human desires. Entrepreneurs set their own goals; they compete with themselves and decide what’s best for their company. Entrepreneurs feel free, and they believe the society that was criticizing them now they are proud of them.
Overall in simple words, entrepreneurs choose to start a business because they want to be independent, self-decision makers, and responsible for everything wherever the business goes. These things are not possible in a job.
In short, be your own boss and follow your dreams. As a result, the number of Entrepreneurs in India is continuously increasing and boosting the economy.
2. Delivering Solutions
As we said earlier, profit is not only what entrepreneurs focus on; they research the market before stepping into the business. After that, they find the loophole and develop solutions in their products and services after their competitors. They understand if you don’t offer the keys, the existing customers won’t switch to your products. Therefore to give better answers to the world, delivering solutions is one of the primary reasons entrepreneurs want to start their businesses.
3. Income Security & Profit
This is another reason entrepreneurs take a risk and start their businesses. Every person in the entire work is working or operating a company for money. A typical nine hours job does not provide that financial stability and security. Starting a business is risky, but you will run your business successfully if you properly manage your business finances. Why are we saying this? Because 90percent of the businesses/startups fail during the first three years.
Apart from this, a business can make you financially stable, and it will help you grow much faster than a job. So overall, starting a business financially secures you and keeps you in a better position.
4. Recognition and Status
Entrepreneurs can be celebrated or accused, depending on the community and culture. Entrepreneurs who create massive wealth for themselves and their communities are not automatically recognized as citizens we would like our children to emulate. Much depends on how they made their money and what they do with it.
5. Achievement, Challenge, & Learning
The challenge of solving a technology problem has motivated thousands of entrepreneurs here and abroad and created some of the largest and most successful companies in history. This motivation applies to anyone with a strong need for self-expression and a desire to create. We know graphic artists, musicians, clothing designers, and builders who have become entrepreneurs, so they have a way to express their creativity, apply their skills, and solve challenging problems.
Should you start a business or not?
It is nothing like doing a job is bad. If you have a different vision of doing business, you can step into the industry. Else don’t. Starting a business is easy, but running a business is more arduous and takes all your patience. Therefore, if you think about these points (The five points mentioned above), you should start your own business.
Apart from this, if you plan to start your business, make sure you have a reason why are you starting your own business?
Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.