I get asked the following question all the time.
“Should I start my own business?”
My answer remains the same: “It depends on your ‘why.’”
In other words, what’s the real reason?
It Not About the Dough
If your reason for becoming an entrepreneur is simply to make money, I have a piece of advice – don’t do it. Don’t even think about it. There are dozens of ways to make money that are a lot easier that starting a company.
That doesn’t mean that you shouldn’t strive to make money. In fact, one of the best things about being your own boss is that there’s no limit to the amount of money you can make.
It’s just that money can’t be the primary driver because if it is, you will ultimately sacrifice the end product/service to improve the bottom line. This short term boost eventually leads to long term mediocrity or worse – failure.
Start with Passion
It’s been said that if you do what you love you’ll never work another day in your life.
So, before you decide on whether or not to turn in your resignation, first identify your passion. To get started, consider these questions:
- What do I enjoy doing more than anything else?
- What activities give me energy?
- When’s the last time I did something and lost track of time?
Hobby vs. Business
Unfortunately, simply being passionate about something doesn’t mean you’ve figured out your calling. In other words, don’t write a business plan based on your love of watching “Sopranos” reruns.
Your business idea has to bring a lot of value or it’s just a hobby. You may like to collect baseball cards, but I doubt anyone is going to pay you to advise them on their collection.
Interested in finding out how to create value? Watch the ShamWow® infomercial. In fewer than 60 seconds you’ll be tempted to spend $20 on an orange towel.
Do you have a product and service that others will buy?
There’s only one way to find out.