What is a business? and why do you want to start a business?
- October 11, 2021
- Posted by: seyiolaoye
- Category: Business
Crucial question for critical thinking – what is a business? and why do you want to start a business?
I will allow you ponder on the former while I address the later.
If the owners of ‘failed businesses’ had answered this pertinent question before starting out, maybe they would have considered getting a job instead of starting a business.
I’ve heard most people give the following answers to this golden question:
a. I found a business idea/opportunity that’s why I started business.
b. I wanted to make more money so I started business.
c. I wanted to be my own boss that’s my I started my business, I was tired of working for someone.
d. I wanted to pursue my passion and talent.
e. I wanted a side hustle in addition to my main job.
f. All my friends were doing business so I thought to start.
While some people may have started business and have done well for the above reasons, you need to have a more valid reason than these to start business today.
For instance, if your reason for thinking of starting a business is just to make more money, you need to be told that it cost money to run a business and the ‘more money’ you are expecting from business may take some time to accrue.
If your reason is to pursue passion, then your passion has to pass the test of doing business. Family and friends will test your business with request for free services, the economy will test your business with ups and downs, government will test your business with regulations, your competitors will launch out and so on.
If your reason is to be your own boss – great, boss of life!
But can you really be your own boss? Government will regulate your business, you need to pay taxes and if you don’t, the taxman will come after you, clients and customers will be on your neck, you will have timelines to deliver your product or services and be accountable to your clients and customers etc etc.
So, tell me – why do you want to start business? If you have a business already, tell me why you started.