Should I start A Business?
Many have asked this question. The perception of what it could possibly bring can be alluring. You might see someone very successful with a nice car and a huge house and think “Yep, I’m going to start a business!”
For multiple reasons, that is a bad idea. Starting a business purely just to make money is not the best way to go about it. A business is merely a vehicle to get you to a certain destination. So is investing in the stock market, buying investment properties, or working a job.
You don’t just start a business because it would be good to brag about, you drive these vehicles because it is going to satisfy a particular need that you have. Most believe that it is a just a way to create wealth, which is occasionally true. The sad truth is that most businesses fail within the first year, leaving people with a huge debt.
Money is only a small section of our lives and there are many aspects of our lives other than how much money you have in the bank that also need to be satisfied. Some of these are areas such as relationships, family, career and your health.
When looking to start a business, you need to have the end in sight.
WHY do you want a business? How will this vehicle drive you towards your vision? And if you don’t have a vision, you need to work on that first.
What do you want out of life? What would you like to achieve? What would you like to be known for? What would you like to be said at your funeral? What is your 500 year goal?
These are important questions to be asked. They show you the bigger picture. They help you see the forest for the trees.
What do you want to do in your life?
How much money will you need to achieve that?
How many hours do you want to work, and how many do you want to play?
What do you love? What do you value?
What pain do you want? What are you willing to struggle for?
What happens when you start a business without the end in mind is you get lost amongst the busy-ness of life. Times will get tough and if you don’t have something else driving you toward your goals you will inevitably get lost on your way and fail. You can’t correct the course of your ship, when you aren’t even sure of what course you want to be on.
Someone who will be successful in business is someone with the big picture defined. They want to eradicate poverty. Or they want to travel the world and help as many people as possible, while paying for them to travel more. Or they could simply want to earn $250,000 a year and only work 5 days a week so they can see their kids and get them to the best schools. You must define what you want in your life, and THEN look at how you can get there. Weigh up both the pros and the cons of every vehicle. Seek advice from someone who actually knows what they are talking about, not a Franchisor or a Stock Broker who will say what it takes to look after their own interests.
Don’t just buy a business because it is something different to do. It will become familiar, you will get bored and when times get tough – they really get tough.
You must always begin with the end in sight, then find the vehicle to drive you there.
Ask WHAT you want.
Then ask WHY you want it.
Then if that is good enough, find the HOW.