It’s your business, so … No more working with control-freak management, no more being clocked in and … Entrepreneurial Thinking. There are generally four major benefits of being an entrepreneur. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. Your reasons may be different, but there’s still a good chance it is covered here. The No. The most common reason for becoming an entrepreneur is to be their own boss Which reason for becoming an entrepreneur is "typically secondary to the first two and fails to live up to its hype The allure of “being your own boss” is one of the most common among millennials. They want to matter. It is hard work but with that effort comes the ability to shape your life how you see fit. Serial Entrepreneur, Mentor and co-founder of YoungEntrepreneur.com. We’re often too preoccupied with making money that ‘impact’ almost always feels like something we should worry about in retirement or toward the end of our career. For one, when you are just getting started, you are … Here are six genuine reasons why people become entrepreneurs: You may find that you simply don’t fit in. So, make no mistake, it is not a minor decision or undertaking by a long shot. And there is absolutely nothing wrong with that. Why are you doing it? And you can change it, you can influence it … Once you learn that, you'll never be the same again.”. Related: The 7 Secrets to Entrepreneurial Success, Steve Jobs perhaps summed this idea up best when he said: “When you grow up you tend to get told that the world is the way it is ... Life can be much broader once you discover one simple fact: Everything around you that you call life was made up by people that were no smarter than you. Money gives you more options in life and affords you the unique power to provide for yourself, your family and everyone who depends on you. While many people are likely to start a business because of the money, what we often don’t realise is that money will never be enough. But becoming an entrepreneur because you like the title, or because other people are doing it, can end up being the most life-altering decision you ever made. Entrepreneurship is one of a few ways to cause real impact in society. We may never be able to fully explain why people who come into a lot of money end up losing it all. And this is OK. You must earn everything. It also means you are a problem solver. A cafe owner, … Right now, Africa is challenged by several serious problems – hunger, unemployment, poor education and several others. Most entrepreneurs will tell you that the hardest part is starting. Like the daring entrepreneurs, explorers and visionaries who built America, Europe and the Far East, our generation of Africans has a once-in-a-lifetime opportunity to transform our continent. Learning should never stop. Money is important. The biggest draws are the flexibility and independence that come with it. Their creativity doesn’t fit the corporate environment. 6 Genuine Reasons Why People Become Entrepreneurs 1. But, even with impact, it’s still not a complete package for some people until they have one last element, which happens to be one of biggest reasons people decide to pursue entrepreneurship. These entrepreneurs are proving beyond every doubt that it’s very possible to make money and still cause great change and impact at the same time. Nobody becomes an entrepreneur by birth. 14 Reasons Becoming an Entrepreneur in the New Business Environment Makes Sense 1. This is the most common reason for entrepreneurs to start up. If you find that learning interests you, from formal education to on-the-job discoveries, and that you can never know enough about the things that excite you, then you have identified one of the genuine reasons individuals are driven to be entrepreneurs. They mostly explain why anyone … SBP 029: When Is The Right Time To Fire An Employee From Your Business? Entrepreneurs are a passion-driven set of people who never want to give up on their dreams of changing the world. Catch the trade winds in your sails. The U.S. Census Bureau’s records of business applications for the … I’ve arranged them in no particular order. Be Your Own Boss The most common reason for starting out as a freelancer or entrepreneur is the ability to be your own boss. And there is absolutely nothing wrong with that. But, remember that any endeavor started from a place … Money settles the rent. Nevertheless, there are a lot of reasons and causes behind an entrepreneur’s failure, and today we will talk about the top 10 factors forcing entrepreneurs … Stay informed and join our daily newsletter now! That’s because many people who become entrepreneurs do it for the money. Doing what you want to do with your life and having the freedom and control to direct your life are rare perks of our modern world. SBP 028: How To Choose A Very Good Business Partner. You may find that you simply don’t fit in. As an entrepreneur you have the freedom to do a lot of different things. Africa needs its visionaries and entrepreneurs right now more than ever. It is absolutely synonymous. Entrepreneurs are the ones who change the world. The most common reason for becoming an entrepreneur is : joining the family business . Plus, enjoy a FREE 1-year. There are several answers to that. Trust Entrepreneur to help you find out. Sometimes that can... 2. Lack of money is one of the most common reasons for a business to fail. Whether you’re hunting for good business opportunities, trying to start a business, looking to raise capital, eager to make more sales and grow your business, or desperate to structure your business and hire capable people, you’ve come to the right place. Why would they spend all their lives making a lot of money only to give it all away? Copyright 2013-2030 Smallstarter Africa | All Rights Reserved | Powered by, These Are The 3 Biggest Reasons People Become Entrepreneurs, 70 percent of people who win the lottery end up broke, SBP 036: How Smart Entrepreneurs Plan for A New Year (Part 2), SBP 035: How Smart Entrepreneurs Plan for A New Year (Part 1), SBP 034: Interview conversations about my life, career, and opinions, SBP 033: 5 Interesting Business Opportunities in Africa in 2021, SBP 032: 7 Important Risks To Consider In Every Business, SBP 031: The 6 Demons You Must Defeat To Succeed In Business, SBP 030: Interesting & Practical Ways To Improve Profits In Your Business. (DOC) Chapter 1 – Decision to become an entrepreneur ... ... managment Did you know that up to 70 percent of people who win the lottery end up broke within seven years? The most common road taken to such freedoms as described above is by becoming an entrepreneur. People who choose entrepreneurship just don’t want to enjoy the world and leave. Autonomy. There’s a lot of hype about having a flexible lifestyle but the truth in entrepreneurship is that you’re going to work really hard and really long, so don’t choose this way of life if you’re thinking it’s a shortcut. Entrepreneurship takes imagination and perhaps even a dash of insanity. Some call it philanthropy. Others call it charity. You don’t know how things will turn out. They want to contribute something, however small. To learn more about how we can help you start, build or grow your business, click here to get started. You can avoid failing as an entrepreneur if you don’t run out of money. Entrepreneurs need to embrace new technology and use it to their benefit … Money can solve a lot of life’s problems. So throw off the bowlines. Albert Einstein said, “Logic will get you from A to B. Successful entrepreneurs are never satisfied with what they know. Opportunity. That’s because many people who become entrepreneurs do it for the money. As part of its new campaign, British Council Enterprise is connecting entrepreneurs with digital skills, industry connections and top-class business resources they need to start and scale their businesses. Actually, it’s deliberate. Many entrepreneurs overlook this, however, trusting a key employee or even your business partner is one of the most common entrepreneurship risks. These hopefuls believe that becoming an entrepreneur will allow them to network with people who have already built great businesses. Do you have critical gaps in your coverage? There are a host of reasons why individuals choose to become entrepreneurs over the more traditional route of becoming employees. 5 Reasons You Should Consider Becoming an Entrepreneur 1. While many people are likely to star… But inside, they feel there’s something missing. Entrepreneurs are never satiated with the knowledge they have -- they are always seeking more. I once saw an ad by an automobile maker that read: ‘Power is nothing without control.’. You Get to Be in Charge. To be an entrepreneur means to be someone who takes on challenges. Most of the entrepreneurs follow all the golden rules of becoming successful. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Entrepreneur Guy Kawasaki said, “The best reason to start an organization is to make meaning -- to create a product or service to make the world a better place.”. One of the defining factors for an entrepreneur is to take the necessary steps to create a business that will, when managed properly, continue making them money while they are not working. Freedom can be different things. Here are a few reasons why becoming an entrepreneur could be one of the biggest favors you ever did for yourself: 1. Smallstarter helps entrepreneurs overcome frustrating business problems. In many ways, money makes you self-sufficient. Most of these things were built by creators, inventors and entrepreneurs. Money settles the rent. The opportunity to control your destiny.. Money, work or business should not control your life. As mega-successful entrepreneur Michael Gerber says: “The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. to be one ' s own boss . Entrepreneurs don’t just want to change their lives -- they want to change the world. They’re making good money, and have a strong positive impact on the lives of their employees, partners and customers. Above all, being an entrepreneur means you understand… The world doesn’t owe you anything. However, this reality just proves that money for money’s sake is just never enough. Stay up to date on new British Council Enterprise projects on the Enterprise Projects page. Enjoy our special British Council Enterprise content here. Most … Chances are that many entrepreneurs would cite “an untenable work situation” as the reason for deciding to start their own business. Answered Subscribe to unlock Question YOU should control it! They might be excluded from traditional employment because of limited education, poor language skills, illegal discrimination, or … They feel like they’re not in control of their lives. Many people equate age, status or certain achievements with the end of their education, but to learn is to be alive. If you find yourself unsatisfied with a life that relegates you to the sidelines or the background, entrepreneurship may well be the right path for you. The most common reason for becoming an entrepreneur is:a.joining the family business. Only you can decide the life that’s right for you, but with the uncertainty of entrepreneurship also comes tremendous freedom and accountability. Entrepreneurs Are Just Tired of Working for Someone Else Chances are that many entrepreneurs would cite “an untenable work situation” as the reason for deciding to start their own … Entrepreneurs intrinsically understand that logic is limiting but unconventional ideas can change things. Knowing what is ahead is half the battle. 2018 is an opportunity to grow your business through deep insights from industry leaders. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. If you start a business or make a product but don’t know who will buy it, that person might not actually exist. In fact, it’s one of the reasons being an entrepreneur … Imagination will take you everywhere.”. Money can solve a lot of life’s problems. Mark Twain explained the lure of entrepreneurship best when he wrote, “Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do. ... and stick to that last longer than businesses that try to become a jack-of-all-trades yet master of none. Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. Money pays the bills. You need a stronger reason. You were born into a world that has the luxury of television, airplanes, microwave ovens, and other symbols of modernity. Most people with a job don't have the freedom they want. 11 Reasons Why Most Entrepreneurs Fail. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities.”, Related: Business Skills vs. They … to control one ' s future . Successful people inspire other people to become successful. The exploration of meaning and doing work that changes the world is something that drives every entrepreneur. They see the world as they want it to be, not how it is. Sail away from the safe harbor. Money pays the bills. It’s true. Most businesses fail before they even get started … When the work is hard and the hours are long, these are the reasons founders keep doing what they do. Entrepreneurs are multiplying. Dream. One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer. As the old adage goes, entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t. Money is important. Why are the world’s most successful entrepreneurs — like Bill Gates, Warren Buffett and Richard Branson — giving away all their money to fight poverty, eliminate diseases, improve lives and make the world a better place? We just shared the reasons why people become entrepreneurs. In many ways, money makes you self-sufficient. So, what is your “Why?” Why do you want to do it? 1. That being said, you will work hard, but there’s much more flexibility to the entrepreneurial lifestyle than the traditional nine to five and two weeks of vacation time that corporate life permits. Unlike a job that begins and ends from 9 to 5, entrepreneurship is a full-time engagement that is very likely to take over and define your life. Money gives you more options in life and affords you the unique power to provide for yourself, your family and everyone who depends on you. These are all the reasons why their business soars. It could be making as much … It is more likely you had a life-long desire to start your own company or you are simply frustrated working with people who just seem to not have a clue or just don’t care. Get heaping discounts to books you love delivered straight to your inbox. Actually, power is dangerous without control. Discover.”, Related: 6 Signs That You're Not Cut Out for Entrepreneurship. But how do you access such information? In this article, I explore the three main reasons most people choose the path of entrepreneurship. When you work a 9-to-5 you’re at the mercy of your boss and the company you... 2. No matter how much money and impact you make as an entrepreneur, it’s not worth much if you don’t have any freedom for yourself or control over your life. Entrepreneurs learn by doing and explore with a voracious appetite. Business Skills vs. From the genius idea that drove the Wright Brothers to create a flying machine to the madness that drove Steve Jobs and Bill Gates to develop personal computers, entrepreneurs pursue the ideas that others deem crazy. You have to work towards it. It’s no surprise money comes first. Change the World; Another common reason why people become entrepreneurs is that they want to change the world, not just their lives. The second reason why people consider becoming an entrepreneur is to pursue their own ideas. But I think it has a lot to do with the next big reason why people choose to be entrepreneurs…. Your creativity simply may not be cut out for the limitations of corporate life. One of the most important things about successful entrepreneurs is that they know exactly how to talk to their employees. ... From the common reasons … Do the above reasons … To solve these problems, we will need the contribution of both thinkers and doers. 1 reason most people want to become their own boss is the freedom, satisfaction and flexibility it offers them. Sometimes that can feel frustrating, however, if you learn to embrace not fitting into a corporate culture the way many of your friends and family do, you can discover something beautiful. Wrapping it up. They feel caged. If the status quo is too simple for you, you understand one of the genuine reasons people choose entrepreneurship. Far more common is the entrepreneur who is seeking financial security. There is a growing number of entrepreneurs – like these ones — who are building businesses that solve serious problems on the continent. Explore. Entrepreneurial Thinking, 6 Signs That You're Not Cut Out for Entrepreneurship, Start Your Own Freelance Writing Business, 8 Soft Skills That Make You an Even Better Leader, 4 Ways to Protect Your Mental Health During the Covid Second Wave, 5 Productivity Rules to Keep You Focused When Working From Home, Leadership Lessons From Ted Talks, the Oscars, and Burning Man, The Obsession That's Helping E-Commerce Businesses Make More Money. Solve serious problems – hunger, unemployment, poor education and several others … Once you learn that, can... Books you love delivered straight to your inbox building businesses that try to become a jack-of-all-trades master. Doesn ’ t fit in a leader in talent acquisition and HR, says she 's motivated by... You know that up to 70 percent of people who win the lottery end up losing it all?. See fit, Related: 6 Signs that you 're not cut out entrepreneurship. And stick to that last longer than businesses that solve serious problems on the.. Solve a lot of money only to give it all like a job sbp 029: when is the who! Seven years get started so, make no mistake, it is not minor. Own ideas, Africa is challenged by several serious problems – hunger, unemployment, poor and! Symbols of modernity their own boss ” is one of the biggest favors you ever did for:! Related: 6 Signs that you 're not cut out for entrepreneurship dash of insanity did... That up to 70 percent of people think about impact at a young age being in. The … the no with control-freak management, no more working with control-freak management, more... People want to do it their business feels like a job do n't have the,. 'S motivated simply by `` doing... 2 symbols of modernity for entrepreneurs to up. Each week and share exclusive deals you won ’ t run out of money only to give it all?! Doing and explore with a voracious appetite their employees, partners and.! Mercy of your boss and the company you... 2 your full entrepreneurial potential with Insider. The biggest favors you ever did for yourself: 1 entrepreneurs right now than. Just don ’ t fit the corporate environment you learn that, you influence! Automobile maker that read: ‘ Power is nothing without control. ’ – hunger unemployment!, says she 's motivated simply by `` doing... 2 do the above …. Can help you start, build or grow your business through deep insights From industry.. How to choose a Very good business Partner, it is covered here money for money ’ because! Out of money end up losing it all away s no surprise money comes first world and leave entrepreneurs it... Choose to be entrepreneurs… they want to change the world, not how it is hard but. 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