Why NOT to Start a Business!

December 17, 2009

I think there is a time in everyone’s life where they think about running their own business.  How wonderful would your world be when you are the sole decision maker and you don’t have to answer to anyone?  How great would it feel to be making more money that at your previous job? And now you get to spend more time with your family!

While this all sounds like the perfect life scenario, if you start a business for solely these reasons – YOUR BUSINESS WILL FAIL.

The number one reason businesses fail is because they are started for the wrong reasons.  You shouldn’t start a business to “get rich quick.”  If that is your only reason, once you have the money in your pocket your business will begin to lack and eventually it’ll crumble.  Remember there is a 50/50 chance a new business won’t make it to their 5 year mark.

The idea of spending more time with your family is great, but starting a business is a lot of work.  You need to have the time to invest in your company, and continue that investment so your company can grow and be profitable.  Starting a business for the sole reason to spend more time with your family is not a good idea, but basically you’re starting off saying that your family will always trump your business. A new business needs someone that is willing to work hard at it, invest 50-80 hours a week to get it to grow.  Once your company is blooming you can hire others and only then can you spend more time with your family – well maybe.

My advice – NEVER START YOUR OWN BUSINESS JUST TO BE YOUR OWN BOSS! If this is the case, something is wrong with you.  Either you think you’re way to smart to be underneath anyone, or you  have a problem with authority.  In both cases, you’ll come out with a failing company. While you may actually be really smart, thinking you’re to smart to work for someone is ridiculous.  If this is the case, you’re going to have trouble when trying to find employees to help your business grow.  Secondly, if it is the problem with authority you have – your business will probably fail.  With everything you do in life you are always going to have to answer to someone.  Whether it is your editor, your board, your investors, your employees, or your family – there is always going to be someone.

Starting a business is something anyone can do.  Making it successful is for the select few people that truly have the entrepreneurial traits.  Starting a successful business is not easy, but if you are doing it for all the right reasons, it can be done.

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