Should I start a business? This is the typical question entrepreneurs ask themselves when they come across a problem. Here are ten reasons why you should do it…
There are many reasons starting your own business can be appealing and inspiring. Not all of them are sustainable or result in a great business. Here are some of the best ones, and when you know that going out on your own and saying goodbye to a day job is the right move for you.
1) To Solve A Problem
The best startup businesses are those which are tackling a really clear problem. One which people are passionate about and many can relate to.
Many of the most successful entrepreneurs create such amazing businesses because they are solving a personal pain point they have experienced first hand. Then they’ve been able to tell that story in a way that investors, great team members and millions of customers can also relate to.
More than just a pet peeve or a wish for something better, it should be a really painful and urgent problem that people are willing to pay money for, or that can provide them tangible savings in a short period of time.
When you ask yourself “should I start a business?“ you should be laser focused on the problem.
The problem and the market need to be big enough. If it has a big market you may be able to attract outside investors to jump in with you.
In addition, keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the 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 to unlock the pitch deck template that is being used by founders around the world to raise millions below.
2) To Have A Positive Impact
Starting a business for selfish reasons can have a lot of problems. Short term thinking and greed can lead to a lot of poor, counterproductive decisions and choices which sabotage efforts to go long and big.
In contrast, while a real business needs to make money and profits, setting out on a mission to have a positive impact for others often carries the values needed to make great decisions which will facilitate long term growth and scale. It also gives your internal, external team and customers a bigger mission and vision to cling to and love being a part of.
3) You Want To Create Jobs
In some cultures the purpose of starting and building a business is really to create employment. If you are passionate about helping others, social issues, or even your country or global crises, then creating sustainable jobs is one of the best ways to champion them.
Charity certainly has its place. Though for profit businesses can be far more efficient, sustainable and effective engines for solving the same issues. They can deliver financial help and opportunities, while giving people community and a purpose.
4) You Have Something To Offer That Others Don’t
Maybe you see a glaring issue and void in an industry no one else is doing anything about. There may be a variety of reasons this gap exists. Maybe no one has your level of genius. Maybe no one has your perspective or passion for it.
Perhaps others have just been complacent and haven’t tried. Or you may just have the skills and connections or other resources that make a solution possible, which others don’t have.
When you ask yourself “should I start a business?“ you need to see what the market is currently offering before anything. Otherwise you may end up wasting your time.
5) Your Soul Is Being Crushed Working For Someone Else
Maybe you’ve just had enough of working for others. Your job has become a grind. You don’t see a magnificent future emerging for you in your current field. You are frustrated by the way things are being done.
No matter how great the pay, office space, perks and bonuses or the fancy titles you may be able to earn, if the work has just become soul sucking and you cringe at the thought of getting out of bed in the morning, then it is time to do something else. You can try to take a vacation to recharge and extend your ability to weather this grind. Though the sooner you make the leap the better.
6) You Aren’t Currently Living Up To Your Full Potential
Do you feel like you aren’t getting paid what you are worth? Do you feel you are capable of a lot more? You probably are. Once you start down the path to start a business and investing in growing yourself your potential, capabilities and value can scale and multiply far greater and faster than you even imagine right now. There isn’t much that is more tragic than a wasted life and lifetime. You are capable of a lot more. Embrace that.
7) To Create Opportunities For Your Family
Perhaps you aren’t naturally passionate about strangers on the other side of the planet, but you are fortunate enough to have family who you are capable of supporting and empowering to their full potential, and perhaps in turn for the rest of the world.
Starting a business can be one of the best ways to create financial security and freedom for them. If can create a great launchpad for opening up opportunities for them, allowing them to be curious and to work on the big picture, instead of just scraping by and surviving.
8) You Can’t Sleep For Thinking About This Idea
If your business idea or the underlying problem keeps you up at night and consumes your thoughts during the day, then you should probably pursue it. That passion will also make you a rockstar at sales.
9) You Don’t Want To Live & Die With Regret
No one dies wishing they wouldn’t have tried entrepreneurship. Yet, millions every year wish they would have just tried something. It’s far better to give it a chance than to be eaten up by what you didn’t do.
This is something that I hone in inside the video below where I cover in detail the steps to start your own business quickly.
10) No One Ever Wants To Go Back
Even if the first and second attempts to start a business don’t go exactly as planned, no one ever wants to go back to working for someone else after they’ve tasted entrepreneurship. That says a lot.
Hopefully this post provided you with some guidance as you are looking into the question of “should I start a business?“
You may find interesting as well our free library of business templates. There you will find every single template you will need when building and scaling your business completely for free. See it here.