Most reasons cited by people who started their own small business can be summed up in the following key themes:
People who have lost their jobs, often find they have their livelihoods ripped out from underneath them, while they still have expenses to pay. They still have mortgages to pay, bills to pay and children to feed. When they don’t find a job immediately, they have no other choice but to go out there and make their own money.
Sometimes people are forced to start their own business when the living expenses have gone up and they find themselves unable to make a decent living from their salaries.
2. Change in circumstances
When your company relocate hundred of kilometres from your home and commuting is impractical, what do you do? Do you relocate and become a migrant worker living your partner and children behind? You need flexibility in your life to make sure that your family is cared for. You need to be able to set your own hours especially when your children are still young, and starting your own small business is the way to do that.
3. Fulfilling a Purpose in Life
There is more to life than waking up going to work for 45 years and then retiring to some secluded old –age home. People want to know that they have really lived. One of the ways to ensure that you have lived your life is to ensure that you have created something that will take care of you and your family for many years to come. Working for a pay check never guarantees that you will have a better life, but running your own business fills that need and gives you a real sense of achievement.
4. Desire for independence
After taking orders from your boss for a while, people just don’t want to do that any more. You get sick and tired of having your life dictated to by others – what time you have to be at work, what you can or cannot wear and when you can take a holiday. People want to be able to make decisions based on what’s best for them. Before living your current employer it is recommended that you start small, putting a few hours a week in the evenings and weekend working on your business. Quit your job once your business income exceeds your current salary.
5. Lifestyle change
Everybody has their own idea of the ultimate lifestyle. For some, it could be the ability to work from anywhere in the world and from their home. Others, it could be getting up late, never having to work on Friday or having time to train in the morning. Doing things that they love to do. It’s difficult to live the lifestyle you dream about if you are working for someone else.
6. Being in control of their own future
People have been conditioned to believe that it is risky to be in business for yourself. They forget that it is even more risky to rely on somebody else. It is much better to be the captain of your own ship where you always know what the situation is. Starting your business is next best thing to do.
7. Creating true wealth and financial freedom
It is difficult to become wealthy working for someone else, unless you have been trained from an early age how to be highly disciplined with your savings and you have learned how to become a good investor. Building your own business may not be easy, but it is the next best thing you can do to multiply your efforts. You can leverage other people’s skills, time and build something that you can sell down the line or set it up in such a way that it provides you with for life. As the saying goes, ‘you’re either making yourself rich, or you’re making somebody else rich.’