Find out if you have the motivation to start your own business despite the odds of not succeeding.
The opinions expressed by collaborators are personal.
There are many reasons not to start your own business. Odds are, you won't get rich or famous . Only one in 10,000 startups is worth millions of dollars. I'm not sure how true that number is, but you have to assume it's close enough to reality to indicate that having a new business is not the sure path to wealth.
Another reason not to do so is to not enjoy the experience of working for a boss , since those who have started their companies have a new type of boss. If you don't want to spend your time working for someone, keep in mind that having your own business will not free you from having a boss. You will have to account to your employees, clients, investors and suppliers. If those two reasons don't convince you, then why do it?
Here are four reasons.
1. You have found a problem and are willing to look for a solution even if it takes 80-100 hours a week to solve it. If you really think you have encountered a major problem, you may have a good reason to start a business. Just understand that if you want to follow your passion to solve that problem, you are going to neglect your family and your health. Maybe you will run out of money and you will not be successful, but if you can work under those conditions, maybe you can create your company.
2. Many customers see this problem as annoying and no one else offers a solution. I recently heard about an entrepreneur who really believed in his idea. He spent millions of dollars of his own money for 15 years while developing a solution. However, last month he closed his business, even though the solution was excellent.
The problem was that this measure solved a problem that was not so great for consumers . In other words, people bet more on the less elegant solutions that already existed. This is a valuable lesson, make sure you don't make the same mistake.
3. Your vision is so compelling that you are capable of building a top-quality team. Even the smartest people in the world need the help of others to build their business. You will only be successful if you convince talented people to join you in that quest.
4. You really believe in your vision, so much so that you would be willing to hire your replacement and get out of the way. Many founders don't have the skills necessary to turn a great idea into a business. Some people like Jeff Bezos of Amazon started with a business plan and ended up being leaders of a company of 82 billion dollars.
If you are passionate enough to want your vision to come true and you would be willing to hand over to someone more capable, then you passed the final exam. With this decision you may end up being the richest of all.