The different reasons why people want to start their own business are quite interesting. It is evident that starting a business requires capital, hard work, and perseverance knowing that the first two years for a startup can be difficult financially. Moreover, there is a likelihood that the business may not succeed.
Data from small business administration shows that a whopping 30% of businesses become bankrupt within two years of establishment. In spite of these facts, people consistently continue to start businesses. What are the factors that drive people to entrepreneurship?
Drive for business Involvement
The drive to be involved in the operations of a company is a key motivator for regular people to start their own business and be their own boss. Most of the time the potential business owner has a strong personal opinion about the way a business should function such as product design, sales team, marketing procedures and the likes. The motivation to get things done their own way leads to starting a business.
Make it Personal With Your Own Business
Some business owners do feel that becoming a part of a large corporation can be boring due to its impassive nature. The desire to add a personal touch to a profession drives such entrepreneurs to start their own business.
To Be In Charge
Many business owners become entrepreneurs because they want to take charge of their lives by becoming their own boss. Such a business owner is passionate about making business decisions and will like to be the one to channel the course of the business. The business owner wants to be in charge of the product, marketing and every other aspect of the business.
Need for Side Income
Necessity is a factor that compels some entrepreneurs to start their own business. In a scenario where the income from a job is not enough, an individual might start a business to augment a meager salary. Such a part-time business can become successful and turn out to be a full-time business.
Feeling of Accomplishment
A lot of entrepreneurs derive a feeling of accomplishment when they run a successful business. They feel they are adding value to the society and take pride in the service that they offer. A lot of such entrepreneurs give back to the society by embracing a corporate social responsibility scheme as an integral aspect of their business. For these set of business owners, the satisfaction that comes from accomplishment is a pertinent factor to starting a business.