WHY PEOPLE BECOME ENTREPRENEURS
I am sorry to say but when it comes to starting and building businesses, those with money as a primary aim are majority. Everybody wants to be the next Bill Gates or John D. Rockefeller. Whenever I ask an entrepreneur the question: “Why do you want to start your own business? The usual answer I get is, “I want to be my own boss and make a lot of money.”
Please I want to clearly state that there is nothing wrong with making money alongside building your business but the wrong comes when making money becomes your primary aim. I say this because I regularly come across forum posts with questions such as:
“Build wealth as a byproduct of your business success. If wealth is your only objective in business, you will probably fail.” – J. Paul Getty
I sincerely advice against starting a business or becoming an entrepreneur primarily for the money because money may not provide the drive or enthusiasm needed to emerge a business success. Take a look at successful entrepreneurs such as Henry Ford, Anita Roddick, Aliko Dangote and Oprah Winfrey; and you will see they were not driven by the quest for money. Rather; they were on a mission to provide value and quality service.
“I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump
“Being first is more important to me. I have so much money. Whatever money is, it’s just a method of keeping score now. I mean, I certainly don’t need more money.” – Larry Ellison
The next motive why people become entrepreneurs is to acquire fame. Along with a successful business comes fame and many entrepreneurs desire this fame. They see building a business as a leverage to achieve this dream and be in the limelight. That’s why many entrepreneurs have Steve Jobs and Warren Buffett as their role models or business mentors.
“If you come to fame not understanding who you are, it will define who you are.” – Oprah Winfrey
Most people become entrepreneurs and build businesses simply for investment purposes. I think I became an entrepreneur because I saw building a business as an investment for myself and future.
From personal experience, I can say that those who see their business as an investment vehicle are usually long term thinkers and they are the ones who build businesses that stand the test of time. I think entrepreneurs such as Henry Ford, Warren Buffett, John D. Rockefeller and Thomas Edison fall into this category.
“Of all investments I know, building a business is probably the best because you can start with nothing and your returns may be infinite.” – Rich Dad
“Unfortunately, we are not a public company. We are a private group of companies and I can do what I want.” – Richard Branson
Another primary aim why people become entrepreneurs and start their own business is power. Most people fancy the power weird by successful entrepreneurs; power to bend the law, power to influence political policies, power to crush competitors and control price.
“Bill Gates is the pope of the personal computer industry. He decides who is going to build.” – Larry Ellison
The danger of building a business for the power attached to it is that you might end up engaging in illegal vices just to achieve that dream. Don’t build a business just for the power but if power comes, grab it with both hands.
Everyone loves to be appreciated; everyone loves to be associated with greatness. So it’s not out of place to build a business to gain prestige; to build something you will be proud of. Have you ever heard a statement as these?
“I was interested in creating things that I could be proud of and so, you know, I was interested in being an editor of a magazine, but in order to be an editor of a magazine I had to become a publisher as well. I had to pay the bills. I had to worry about the printing and the paper manufacturing and the distribution of that magazine.” – Richard Branson
To be sincere, every entrepreneur wants to be appreciated and that’s why they grant interviews. So that someone out there can see what they’ve done and what they went through in the process. I think I am also in the game for prestige; if you’ve built something great, be proud of it.
“See thou a man diligent in his business? He shall stand before kings; he shall not stand before vain men.” – Proverbs 22: 29″
When interacting with aspiring entrepreneurs, I usually ask why they want to start their own business, I get replies such as:
Entrepreneurship offers the kind of lifestyle few people will ever know but it takes sacrifice and pain to get there. If you are starting a business for a better lifestyle, always remember that the way to the promise land is through the wilderness.
“I get to do what I like to do every single day of the year.” – Warren Buffett
“I think after a certain amount, I’m going to give almost everything I have to charity. What else can you do with it? You can’t spend it, even if you try. I’ve been trying.” – Larry Ellison
“I have no complex about wealth. I have worked very hard for my money; producing things people need.” – J. Paul Getty
Building a business is quite challenging and demanding but I have seen entrepreneurs who are in business because of the challenges it offers. I have seen entrepreneurs who have made enough money to quit but they remain in the game.
“And obviously from our own personal point of view, the principal challenge is a personal challenge.” – Richard Branson
I have come across entrepreneurs who start businesses simply to go through the entrepreneurial process; to have a taste of the real challenges it offers. One thing with being in the game of entrepreneurship for the challenges it offers is that you will never be tired of playing it, you will develop personally and the money will surely follow.
“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad
“It’s my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.” – Larry Ellison
“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” – J. Paul Getty
The final motive why people build businesses is to express themselves or their abilities. Expression of skills, talents, passions and creativity is a major reason why there is a surge in the growth of small businesses. Take a look at your neighborhood and you will see mom and pop shops, pie bakers, barbers, hair stylist, graphic artists, technicians and so much more.
“We were young, but we had good advice, good ideas and lots of enthusiasm.” – Bill Gates
“A business has to be involving, it has to be fun and it has to exercise your creative instincts.” – Richard Branson
In my opinion, I think every entrepreneur is entitled to his or her motive for starting a business but it is recommended you balance your motives and focus more on providing your customers with real value for money. A good way to balance your motives for becoming an entrepreneur is to develop either a personal mission statement or a set of core values and stick to it.
Subjecting your life to a set of core positive value will ensure you stay on focused on your long term objectives without been distracted by your short term achievements.
“Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.” – Rich Dad
Now how does one become a successful entrepreneur? Just as I said above, there’s no definite formula to becoming a successful business owner. Instead, all we have are laid down rules and guidance from successful entrepreneurs that have trodden the entrepreneurial path.
“I wanted to be an editor or journalist. I wasn’t really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” – Richard Branson