What are some of the reasons to start your own business? Is starting your own business the best path forward at this point in time for you?
Here are at least twenty reasons why you should dive in and launch your own startup.
1. Make More Money
It may be one of the worst reasons to start your own business, but it can be a necessity.
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- 1. You Can’t Rely On A Job
- 2. You Can’t Rely On A Company Pension Plan
- 3. You Can Do It Better
- 4. Set New Standards In Business & The Market
- 5. Solve A Problem
- 6. Achieving Your Full Potential
- 7. Challenge Yourself
- 8. More Control Of Your Time
- 9. Give Investors Something Better
- 10. Bring Massive Value To The World
- 11. Create Jobs
- 12. Your Kids
- 13. Explore The Boundaries Of What’s Possible
- 14. Tax Benefits
- 15. Location Freedom
- 16. Share What You Know
- 17. Create A Legacy
- 18. Inspire Others
- 19. Pursue Your Passion
2. You Can’t Rely On A Job
There is zero job security out there today and this is one of the most important reasons to start your own business. There hasn’t been any for a long time.
If your life and financial plan is relying on a job and salary, there is a fatal flaw in it. If you want an income you can count on, and control over your finances, you’ve got to create it yourself.
3. You Can’t Rely On A Company Pension Plan
The only thing worse than thinking you can rely on a job long term is thinking you can rely on a company retirement and pension plan.
Today, it’s like one of those must-have insurances that you pay hefty premiums for all your life, but never payout when you need them. GE just gave the world a big reminder of that by freezing pension plans for at least 20,000 employees.
If you ever hope to be able to afford to retire and to survive financially in retirement, you need to start your own business and create your own retirement plan.
4. You Can Do It Better
Many successful businesses are started when entrepreneurs realize that they can just do it better than their bosses. They may even work for Google or Apple or Microsoft. Yet, even the biggest and ‘best’ companies can be horrible at executing new ideas.
There may be more reasons for the way your old boss did things than you realize, but you won’t find that out until you dig in.
If you can do it better and can deliver more value for customers, it’s really your duty to step up and do it.
5. Set New Standards In Business & The Market
Maybe you are tired of the status quo which could be one of the valid reasons to start your own business. You are tired of the horrific standard or lack of customer service. Ethics and morals. Efficiency. This is your chance to stand up and set a new standard and create positive peer pressure.
6. Solve A Problem
The best startups are created to solve a problem. It could be a massive global or regional problem you see others desperately struggling with. Or it could be inefficiency and a personal point of frustration you want to create a better solution for. You can’t expect someone else to do it for you.
7. Achieving Your Full Potential
There’s nothing worse than a wasted life and this is one of the most critical reasons to start your own business. Time goes by fast.
Just working to barely get by or even as a cog in a dull position that pays extremely well can be soul-draining. Don’t settle for that. Even if you don’t hit your highest goals in your lifetime, knowing you tried and gave it your all and hit your full potential will mean a life well-lived.
8. Challenge Yourself
True entrepreneurs love to be challenged and to make an impact. Life as a startup founder is going to bring fresh challenges and problems to solve. If you thrive on challenge, start your own business.
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9. More Control Of Your Time
In reality, the early days of starting a business and launching a startup can be incredibly hectic. Don’t be shocked if you are working 100 hours a week in sprints.
Be prepared to have to put in 20 hours a day to make it work. Once you’ve got it running, then you’ll have the choice of more free time.
On the journey, at least you’ll have the option to take time off to be at your kids’ sporting events and family dinners and can shift your work to other days and times.
10. Give Investors Something Better
Maybe the problem you see is all of these angel investors and VCs dumping money into startups that really shouldn’t exist and definitely aren’t sustainable. Going into business yourself can give them better opportunities.
11. Bring Massive Value To The World
If you look at some of the giant startup success stories of recent years, you’ll see they’ve created new markets and reinvented industries to create billions of dollars in value for investors and the world.
12. Create Jobs
Some cultures see the purpose of businesses as being to employ people. Create a great business and you can employ thousands of people for years. This is real fulfillment and one of the great reasons to start your own business
13. Your Kids
Whether it is giving them a job, training them, being able to spend more time with them, or just showing them what’s possible, starting a business with your kids can be a great move.
14. Explore The Boundaries Of What’s Possible
Every great business that is now obvious, was once not an obvious hit at all. Everything that is possible today wasn’t a few years ago. The wheel, electricity, mobile phones and going to Mars are just some of them.
15. Tax Benefits
You can make a lot more money and pay way less tax as a business owner than an employee for someone else.
16. Location Freedom
Life if for exploring. Gone are the days’ people had to work all year and save every penny they could just for a two-week vacation. You don’t have to work 50 weeks to be able to enjoy two anymore. As a business owner, you can work remotely and have a remote team, and work from wherever you want each day.
17. Share What You Know
Perhaps you are seeing others struggle with a problem you already have the answer to. Why not start a business and get paid to help them?
18. Create A Legacy
Life is short. What legacy are you leaving behind and that will last?
19. Inspire Others
Do you see others wasting their lives in the rat race? Lead by example and show them they can start their own businesses too.
20. Pursue Your Passion
Ultimately as one of the reasons to start your own business you need to do what makes you feel alive.
For those of you in fundraising mode, remember that storytelling is everything in fundraising and you will need to be able to master this. Being able to capture the essence of what you are doing in 15 to 20 slides is the key. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember that if you want a more robust pitch deck template you can use for free the one I created below which has been used already by thousands of entrepreneurs to raise millions.