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| Starting a business requires hardwork | Image: talkroute.com |
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1. Independence, self-reliance, and freedom
The main reason why people usually start a business is independence. Nobody enjoys having a boss who determines a part of their life and time, and who they'll have to meet periodically for wages/salaries (as the case may be). We all want to be the ones calling the shots in our lives, and this is where entrepreneurship comes in. The golden promise of entrepreneurship is freedom. Every entrepreneur is independent and in most cases even has people that are dependent on him, if he has employees. Freedom breeds independence, and consequently self-reliance.
2. More Money
A lot of successful businesses, with a lot of hard work put in, could earn you lots of money. Notable instances are Jeff Bezos, currently, the richest man ($192 billion), Mark Zuckerberg ($128 billion), and even the good ol' Bill Gates, who started Microsoft. He’s sitting at a nice $115 billion.
Money is another big reason that many people start businesses. Although, money isn’t everything, and therefore isn't usually the main reason, just a driving factor. And the truth is even if money is your drive, most successful entrepreneurs do not even attain the wealth status of Mr. Bezos and the likes. But respectable amounts of money do matter. So certainly no matter how much you care about money, it isn’t the only reason to think about starting a business.
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| Lesser taxes appeal to business owners | Image: ganvwale.com |
3. Tax benefits
This obviously won’t be the main thing on your mind but it is a good one. As a small business owner, you may be able to get tax breaks that help your business–and even tax breaks that ultimately help you as an individual.
I’m no tax expert and I can't say much about this (you should check out your country's financial laws and talk to a financial adviser before making or taking any decisions), but the government could offer some form of benefits to you when you start a business. You should also note the self-employment tax. This is certainly a piece of financial advice.
Tax laws vary from country to country, so you should check out how your country handles business taxes.
4. Job Creation
If you start a business, you might one day need to hire employees. On that day, you’ll have created an opportunity for someone else who, as I said in the first reason, is now dependent on you. When you first start your business, it might probably be on a small scale but this shouldn't mellow your philanthropic soul. The US Bureau of Labor Statistics (BLS) reports that small firms create 64% of new jobs in the US, and you know what that means.
Thinking of it, I wouldn’t probably be blogging here if someone didn't start up Google. Consequently, this article wouldn't be here.
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| Passion can be a driving factor | Image: thehansindia.com |
5. Passion Pursuit
Another strong reason for starting a business is working for something you truly care about. Although not everything you enjoy could create a business that makes money, some passions could be very awesome as businesses. Passion for work doesn't only make work fulfilling but also successful. Finding work suited to your passion ensures that you never get tired of work and you'll be driven towards results.
Now, it is important to note that entrepreneurs are not born.
I've seen women give birth to men and women, but I haven't seen any woman give birth to an entrepreneur — Zig Ziglar
The above quote stresses the fact that entrepreneurs are made, they learn how to become businesspeople. As a startup, every business seems hard and unscalable, but sheer dedication, perseverance, and hard work can turn around results.
Meanwhile, I'd like to know what motivated or is motivating you towards starting up a business in the comments section.