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Why People Start Their Own Business

Why People Start Their Own Business

Have you ever wondered why people start their own business?  I know I often have and I never did come up with a definitive answer.  Many people I know have left secure employment to start their own business.  When I asked them why their reasons were as diverse and they are.  Many chose to start their own business, for others it was the only choice at the time and for others, it was the freedom to do it their way.

Read on to learn the four main reasons I found  why people drop out of the corporate rat race and go it alone

Why People Start Their Own Business

Spend More Time With Kids

You may think this is more likely to be what a woman who would want but it actually isn’t always a mum who does this.  A lot of dads give up their jobs to start their own business and work from home so they can spend more time with their children.

Both men and women see a world where drugs are tearing families apart. They feel their children need more parental hands-on care than they can give if they are tied to a 9 to 5 schedule in a fulltime job.  Many say they want to be there for their family just like their mother was there for them.  They want to turn back the clock to what they see as a better way of raising children

Many parents are reluctant to hand their children over to a stranger in a creche.  Their young baby can’t tell them if they are getting cared for in a way that mums and dads want.  These parents want to be the ones to see baby’s first step, nurse them through the sniffles and comfort them when they are upset.  For them, the ideal solution to their desire to be the primary carer for their child is a business they can run from home.

Felt Limited by Their Employer

A common answer from many people was ‘I hated my job because I was not able to do things my way’.  Many felt they had no voice and that even though they had more experience and knowledge.  They resent taking orders from someone who has less knowledge than they do.

Some take the decision to go it alone when they see less experienced employees being promoted over their heads.  They want to take back control of their workday and act on their own ideas.

These people often set up a business similar to the type of business they have been working in.  They believed they have the experience and the knowledge needed to build a successful business. They wanted the freedom to do it their way.  These people want to take charge of their own destiny and not leave it in the hands of a unappreciative employer.

 

Unemployed & Over 50

People who find themselves out of work when they are over 50 are more likely to look at starting a business.  They have a lifetime of experience that they can call on to set up a business online.

People over 50 have a wealth of skills and knowledge that, regardless of their education, young people just don’t have.  Despite this, they are often undervalued and overlooked by employers.  When it is time to reduce staff numbers it is usually tho older workers who are coerced into taking early retirement

The over 50s is the group that does really well in their own business.  They have the drive and commitment that working for yourself needs to succeed.  They also understand what is required to make their business work.  The over 50’s don’t have the luxury of ‘Oh well if it doesn’t work I can always find a job’.  This is reserved for young people.  Failure is not an option for them.

Why People Start Their Own Business

Freedom to do it Their Way

These are usually the young guns who see the potential to build the kind of lifestyle many people only dream of.  They do not believe in the same things their parents and grandparents were brought up believing.  They have abandoned the school, work, retire mentality.  They want more and they are going to get it.

  • The young guns want to call the shots.  these young guns don’t  dance to someone else’s tune, they write their own music.
  • They are focused on hours that suit them not the hour’s someone else dictates.  These guys are more likely to build their business online so they can enjoy the freedom it gives them.  they can work where they want when they want.
  • These young ones have a passion and the courage to pursue it.  Mistakes and setbacks don’t stop them.  These are the Richard Bransons of the world and they know it.
  • They want to create something from scratch and call it their own.  Creating something for someone else is not something they want to consider.  They don’t only want to create their business their way they also want to create their environment to suit themselves.
  • Although these young guns are aware of the time they will have to commit to their new business they also know that eventually, they will have spare time to enjoy their life and the lifestyle they have created.

Some of the young guns are only 16 and making more money than their parents.  They have a dream and the courage to pursue it.  These kids succeed because they are bulletproof; they don’t even think about possible failure.

They have grown up with advanced computer skill that they can turn into cash.  These kids make money setting up computers for their parent’s friends or people three times their age.  The digital world is their playground and there is not much they can’t do.

Why Do Small Business Fail

According to the U.S. Small Business Administration,‘Over 50% of small businesses fail in the first year and 95% fail within the first five years. In his  book Small Business Management, Michael Ames gives the following reasons for small business failure: Lack of experience.’ 

These figures are pretty daunting but the reasons for failure are avoidable if you take your time to plan and set up your business.   Don’t be surprised if you find yourself getting help from one of those 16-year-old young guns.

It is important to get the training and support you need to get started.  Having a plan and setting goals is the best way to get on top of your online business from the very beginning.

Why People Start Their Own Business

Why People Start Their Own Business

There are any number of reasons why people start their own business and I have only listed the four main reasons I have found.  Some people plan to do it and others stumble into it by accident.  Regardless of how they get there, they all have the same dreams and the same risk of failure.

Knowing what the risks are and what you need to do to overcome them is the way to success.  Knowledge is power and the more you have the more powerful your position will be.

Don’t get caught up in scams that promise to show you how to make money but don’t deliver.  There are honest programs that will help you get started.  There are two programs that I know of that will give you a free trial to see if it is what you are looking for.

  1. Wealthy Affiliate which is my # 1 choice as it has not upsells, excellent training and easy to access support.  A dynamic interactive community and access to the owners of the program through private messaging.
  2. Affilorama Although this has some good training it does have very expensive upsells.  This program is sold through ClickBank.

If you have any comments or questions please drop me a note below.  I always love to hear your thoughts on my posts.

 

 

4 thoughts on “Why People Start Their Own Business

  1. Hi Kristi
    I agree. Many people want to work for themselves so they can pursue their passion and I think that is the best reason of all. I am also one of the over 50’s. I was a nurse and like many others injured my back at work. This threw a spanner in my longterm life plans. I stumbled across Wealthy Affiliate and decided to take them up on their free to try offer and it didn’t take me a week to see the potential in what they were offering me so I went Premium. It truly is the best decision I have ever made. Their honesty, training and support are simply awesome.
    I hope to catch up with you on the inside, maybe at one of Jay’s video sessions.
    Margaret

  2. Hello Francine
    Thank you for your comment. I understand what you mean when you say corporations didn’t match your family values. That is very important to me too and being able to set the standards for my own work ethics means a great deal to me.
    I think many people fail in business because they have been conditioned by less than honest advertising telling them they can make money with very little effort on their part. Just sit on the beach or by the pool while the money rolls in. When it doesn’t happen they move onto the next false promise or they keep struggling until their money runs out.
    Wealthy Affiliate gives full training, support and does not make promises they can’t keep. I consider myself extremely lucky ot have stumbles across it.
    Best wishes to you and if you decide to check Wealthy Affiliate out be sure and look me up. My WA name is magieken.
    Margaret

  3. I have to agree. I am a mom and left corporate america almost 10 years ago.

    I found some of these corporations values didn’t match our family’s values. How do you raise your children to do what is right, when you are working for a company that does not value family and ethical practices.

    I am much happier being self employed. Thank you for talking about why businesses fail, too. Many don’t realize some of the work and work ethic required to run your own business. It is important to focus on what brings in the dollars and build relationships with people.

    It is awesome that Wealthy affiliate offers such training for you. That is amazing. I’ll have to check it out.

  4. Great post! I think another common reason why people start their own business is that they have an idea of how to help people or they have a passion that they want to pursue (like cooking, art, sports, drama) that don’t really have ‘corporate’ jobs that would fulfill them. For me, I am one of the over 50 crowd, but I decided to leave the corporate world to try to pursue my passion for roadtrip travel experiences and helping people live more fulfilling lives. It’s been quite an adventure so far and I agree that Wealthy Affiliate is a great resource! It’s fun rubbing shoulders with folks from all walks of life and all ages. What was it that motivated you?

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