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WHY DO YOU WANT TO HAVE A BUSINESS? LET’S TALK ABOUT THAT FIRST!

14.08.2023

WHY DO YOU WANT TO HAVE A BUSINESS? LET’S TALK ABOUT THAT FIRST!

14.08.2023

A SMALL INTRO

Most of the people who want to start a business, don’t even realize why they want to do that. Is it the money? The fame? Do they want to do something else than a corporate job? Or they just want to build something by themselves, like we used to do when we were kids, probably we all remember the LEGOs, right? Same thing in business, just bigger, scarier, more competitors, and just your daily life can depend on that. But on the other hand, you have the magical feeling that you create something unique. Yes, the business model can be the same, also the features of your business, or even the value proposition, but it will be your company together with your employees and your daily decisions and effort will determine your success. 

I have to admit that I always wanted to start a business because I wanted to be rich. It is still the case… But I then recall when I did not have a job, I was playing basketball and studying at the University. Did not earn thousands of dollars and did not have any savings, of course, my parents took care of me. And I was excited, not about the money, because there was none, but about the daily things that I do. We usually hear that quote or advice, that follow your passion and everything will come later, also money and success. Well… In my personal opinion, this is not true. I always wanted to be a basketball player, playing in the NBA. Here is the thing, I am 178 cm (5 ’11) from Europe and if I am honest, I was not that good at basketball that could reach the NBA level. I was good but not that good to do this for a living. So I had to make a choice, a realistic choice, and focus more on the next steps. 

My life was not exciting but I knew one thing, I have to experiment (better get used to this word because you will hear that a lot in business) in my personal life as well. Started University, and now I have multiple diplomas with good jobs as well and I am starting my own business, just like you will or you already did. And here is the twist, I am still not satisfied with the current feeling of my daily life, compared to what I used to feel when I played basketball. 

If you had something like that in your life, or you would like to start a business because this is your passion, that’s great, go for it. But you have to realize, at some point, we don’t make decisions just because we have passions. I have never had thoughts like this in my mind that I want to start my own business. I was experimenting first because I made a realistic decision in my sporting career and started trying out new things (of course at some point I had to) like getting a corporate job. Sounds silly, right? But in this field as well, I was and still am about more sectors, fields, and even expertise. 

I am not passionate about working 18 hours per day and putting my health conditions into a bad situation to run my business. I am passionate about experimenting and trying out new things to discover my strength that I can turn into a business. My point is that if you are looking for something to be passionate about, good, but good to know that it can be the case that you won’t find it.

Anyways, too much story and “motivational speech”. Let’s talk about why we have this article as a starting blog post. I feel like most of the pages talk about the hard skill part of the business. No doubt about it, it is the crucial aspect of being successful. But I think that is less focused on the question that tries to give you a guide about, 

“WHY DO YOU WANT TO START IT? “

Why do you want to risk your daily living and start something fragile, instead of using your diploma (if you studied at the University, if not, no problem at all, probably I can say that I have learned more on the internet, not blaming the Universities, but the structure is different) and get a nice paying corporate job? 

If you know the answer, then here is my second question. DO YOU KNOW WHAT IT TAKES? When I said, I don’t want to work 18 hours on my business because my health is the most important thing in my life. BUT. There will be days when you have to step out of your comfort zone (you already did when you started your business or your side hustle) and work more to get your idea going. And this is just the beginning. 

In this article, we will go through a couple of points about the soft part of creating a business and you have to be honest with yourself.

“SO, LET’S BEGIN, SHALL WE?”

GET TO KNOW YOURSELF FIRST, AND BE HONEST!

I know you are honest with yourself, everybody is, or not! Every single time we think that we cannot lie to ourselves, we do. And if you do the same thing before you want to start a business, you might experience harder ups and downs in your life than you actually expected. We go through a couple of points first, that you can actually use to get a better picture about your capabilities, or just your personality. I also suggest using a survey and sending it out to your friends or former colleagues, teachers that have an external, probably a bit more objective view about you, and you will be surprised how different they can see you compared to your thoughts. But if you want to go deeper into your personality, the MBTI test is an excellent approach to do it. First of all, there couple of questions you have to answer:

  1. What are the strengths that push you forward in life? 

  2. What role would you like to have as an entrepreneur?

  3. How prepared are you? And most importantly, how dedicated are you? 

  4. What are your weaknesses, you have experienced and you would like to improve?

  1. What are the strengths that push you forward in life? 

  2. What role would you like to have as an entrepreneur?

  3. How prepared are you? And most importantly, how dedicated are you? 

  4. What are your weaknesses, you have experienced and you would like to improve?

THE MBTI TEST: YOUR PERSONALITY MATTERS IN THE BUSINESS AS WELL

The well-known psychological diagnostic tool called the Myers-Briggs Type Indicator (MBTI) is used to classify people into one of 16 personality types according to how they choose to view the world and make decisions. The MBTI was created by Isabel Briggs Myers and Katharine Cook Briggs in the middle of the 20th century and is based on Carl Jung’s ideas of personality. Each of the four dichotomies measured by the test has two opposing preferences:

  1. Extraversion (E) vs. introversion (I): How people get their energy and attention—either from interactions and stimuli from the outside world (extraversion) or from their own interior reflections and ideas (introversion).
  2. Sensing (S) and intuition (N) refer to two different ways that people absorb information: either via their senses and tangible details (sensing), or through patterns and potential outcomes (intuition).
  3. Thinking (T) vs. Feeling (F): How individuals make decisions – either through logical analysis and objective reasoning (thinking) or by considering values and emotional impact (feeling).
  4. Judging (J) vs. Perceiving (P): How people approach the outside world – either in an organized, structured manner (judging) or in a flexible, adaptable way (perceiving).

Individuals are given one of the 16 different personality types by combining their preferences from these four dichotomies, such as ISTJ, ENFP, INTJ, and so on. Each type is linked to particular characteristics, propensities, assets, and possible flaws. 

I highly suggest you dedicate time to this test and understand your personality a bit deeper. You might think that these results won’t affect your business, but trust me, they will. But you can go a bit further, once you have the result, highlight those skills that you are good at and are related to business or entrepreneurship. Once you do that, focus only on those elements that need to be improved.

THE BELBIN TEST: YOU HAVE TO ACCEPT, MAYBE YOU WON’T BE THE CEO-TYPE PERSON IN YOUR TEAM

In order to assist people choose their preferred roles within a team or group context, Dr. Meredith Belbin created the widely used Belbin Team Role Test in the 1970s. The purpose of the exam is to identify a person’s natural tendencies, strengths, and potential shortcomings in a group setting. It divides people into nine unique team roles, each of which stands for a certain set of behaviors and contributions.

  1. Plant: Creative and imaginative thinker.
  2. Resource Investigator: Outgoing and extroverted, explores opportunities.
  3. Coordinator: Excellent at delegating and coordinating team efforts.
  4. Shaper: Challenges and motivates the team to achieve goals.
  5. Monitor Evaluator: Analytical and objective thinker.
  6. Teamworker: Maintains team harmony and handles conflicts.
  7. Implementer: Turns ideas into practical actions and plans.
  8. Completer Finisher: Ensures tasks are completed with attention to detail.
  9. Specialist: Brings specific expertise and skills to the team.

Individuals can more effectively contribute to team dynamics, exploit their talents, and solve potential problems by being aware of their preferred roles. I know, it might not be important if you start a business by yourself and you don’t have a partner, YET. Because at some point, you have to either outsource a bit of work or get a real partner, partners in order to step up your game.

ARE YOU READY? I MEAN, ARE YOU REALLY READY?

It sounds silly, but you should check these characteristics below, answer them from 0 to 10 and then analyze the result.

  1. I am enthusiastic and motivated: From 0-10
  2. I am confident: From 0-10
  3. My desire to learn: From 0-10
  4. I accept my peers and partners: From 0-10
  5. I am persistent: From 0-10
  6. I am committed: From 0-10

If you wrote the 1st, 2nd, 4th, and 6th points lower than 5 points, you should think about how badly you really want to start your own business.

STARTING A BUSINESS MIGHT NOT BE FOR YOU, OR YOU JUST HAVE TO EXPERIMENT FIRST

If you still study, you probably want to pursue a career, you might be dedicated to an expertise or you are interested in working for big firms and companies. Or it can be that you would first start something small and you just want to get a job where you don’t have to do much, get a fair salary, and in your free time, work on your business. 

But of course, if you are really committed to your own legacy,  you don’t study anymore, you don’t have a job and you go all in and dedicate your whole days, weeks, months, and years to build your own company. I asked you to be honest with yourself, and now I am the one who is going, to be honest with you and myself. I have studied, got multiple degrees, have a job with a fair salary, and working on my side hustle in my free time because I have never wanted to go all in until I don’t know what exactly I want to work with or what exactly I want to build. 

I am experimenting now, I am doing my job, but I already know I will be the owner of my own company because I have never been interested in working for big companies in a long career. 

Don’t get me wrong, I think if somebody wants to choose that life, absolutely fine as long as they have the feeling they are on the right path. You can achieve amazing success, and result in big companies as well. However, I just never saw myself in those situations. This little story leads to my other point. Are you a risk taker and want to go all in immediately, or are you a bit conservative like I am and try to secure your financial basis while you work on your idea? 

BUT! 

At some point, you and I have to leave the corporate job and go all in because hopefully, the business will start to outgrow your “free time” spot. 

We are extremely fortunate enough that nowadays we have unlimited resources and opportunities to experiment first with a low amount of capital. There are still the traditional and conventional industries where the entry costs are of course enormously high but in most cases, you can start your business with just a couple of hundred dollars. The rest is your dedication, knowledge, and time you want to put in. 

So you can experiment many times until you find the business you really want to start and you don’t have to spend a fortune on one idea (at least at the beginning:D). But my point is, it doesn’t matter if you do a side hustle after your corporate job, or you play with the thought you should do this full time, think about these 4 easy (actually quite hard if you want to get value from it) scenarios.

  1. What do I win if I start my own business? 

  2. What do I lose if I start my own business?

  3. What do I win if I don’t start my own business?

  4. What do I lose if I don’t start my own business?

  1. What do I win if I start my own business? 

  2. What do I lose if I start my own business?

  3. What do I win if I don’t start my own business?

  4. What do I lose if I don’t start my own business?

“CLICHE!”

You might think. But the truth is, sometimes these easy questions can get you to a position where you can realize, is it actually worth it?

I ALSO ASKED CHAT GPT. HOW SHOULD WE DECIDE IF WE REALLY WANT TO START A BUSINESS?

Sometimes I am thinking about, maybe just social media is what shows me the “rich life” and we tend to think, “Oh good, then I will be an entrepreneur and I get rich in 1-2 years”. But I was also curious about what our generation’s biggest innovations can say about this topic. 

It gave me a 15-point answer which was quite detailed, maybe I will write about them in another article as well. But for now, I was more interested in the emotional and dedication part. So here you, the answer from many sources that we tend to think of, Chat GPT, “our friend” wrote us.

  1. Passion: Starting a business often requires intense dedication and hard work. Having a strong passion for your business idea can fuel your motivation and drive to overcome challenges.
  2. Commitment: Entrepreneurship demands a high level of commitment. Are you prepared to put in the long hours, deal with uncertainties, and make sacrifices to see your business succeed?
  3. Resilience: Building a business comes with ups and downs. You’ll face setbacks, rejections, and obstacles. Resilience is essential to navigate these challenges without losing your determination.
  4. Emotional Rollercoaster: The journey of entrepreneurship can be emotionally challenging. There will be moments of excitement, achievement, and pride, but also times of stress, frustration, and self-doubt.
  5. Risk Tolerance: Starting a business involves risk-taking. Assess your comfort level with uncertainty, financial risks, and the possibility of failure. A healthy balance between calculated risks and caution is important.
  6. Personal Investment: Beyond financial investment, entrepreneurship often requires a significant personal and emotional investment. Your business becomes a part of your identity.
  7. Support System: Having a strong support system, whether it’s friends, family, mentors, or fellow entrepreneurs, can provide emotional encouragement and guidance during tough times.
  8. Motivation: Understand what motivates you to start a business. Is it the desire for independence, a vision to create something new, or a specific problem you want to solve? The clarity in your motivations can sustain your dedication.
  9. Long-Term Vision: Visualize the long-term impact and benefits of your business. This can serve as a source of motivation during challenging moments.
  10. Self-Care: Balancing dedication with self-care is crucial. Overworking can lead to burnout, affecting your emotional well-being and overall business performance.
  11. Celebrating Small Wins: Acknowledge and celebrate your achievements along the way. These moments can boost your emotional well-being and reinforce your dedication.
  12. Mindset: Cultivate a growth mindset that embraces learning and adaptation. Viewing challenges as opportunities for growth can help you stay dedicated in the face of adversity.
  13. Satisfaction: Consider the emotional satisfaction you’ll derive from building something of your own and seeing it succeed. This sense of accomplishment can be a powerful motivator.
  14. Adaptability: Entrepreneurship requires flexibility and adaptability. Be prepared to pivot your strategies based on feedback, market changes, and evolving circumstances.
  15. Pride in Impact: Consider the potential positive impact your business can have on your customers, community, or industry. Knowing you’re making a difference can be a driving force.

Starting a business is an emotional journey that demands dedication, perseverance, and emotional resilience. It’s important to reflect on your personal motivations, emotional readiness, and willingness to commit before embarking on this path. Your emotional connection to your business can be a driving force that fuels your dedication and propels your business forward.

CLOSING THOUGHTS

If you really read this through, you are a hero because these points can sound b***it. No, tangible steps, no tangible strategies, no tangible road maps and resources. That’s exactly “what being an entrepreneur looks like. You have to understand, once you start it, you enter a new game where there are no clear paths, no new roles you can achieve in 2 years, and no promotions. Honestly, it will be a big and unpredictable space where basically there are no rules and your success mostly depends on you and on your teamwork. It sounds scary, I am not gonna lie, for me it still is because I also just try to really understand how I should really get into this. But this space gives us infinite possibilities, ideas that probably nobody tried before to create something remarkable. All I can say is:

“Experiment, Learn and Evolve”

And don’t forget to get to know yourself first! If you want to hear excellent stories about successful entrepreneurs, I highly recommend checking Noah Kagan’s channel, which has really nice interviews (No advertisement, just an honest opinion).

 Until the next article, peace!

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LEARN MORE ABOUT US

Get to know our purpose and project better. Our goal is to give you guidance and stories that will encourage you to start your own business. Or if you are more advanced and you already own a company, we also try to give you additional support, of course matching your level of expertise and needs.

Follow Us
Follow Us

LEARN MORE ABOUT US

Get to know our purpose and project better. Our goal is to give you guidance and stories that will encourage you to start your own business. Or if you are more advanced and you already own a company, we also try to give you additional support, of course matching your level of expertise and needs.

Follow Us