Owning a small business and entrepreneurial
venture is a great dream for most people. It remains a dream for most people, but some people turn this dream
into action and take the plunge. Owning a business is a boon, provided one get
into it the right way and know what to expect and what to do, otherwise it can
be a nightmare.
Entrepreneurial motivation is a term that
is used to describe the quest for new venture creation as well as the
willingness to sustain the venture.
One quickly learns that it is easy to start
a business. But running a business is a an entirely different ball game.
Running one’s own business is probably tougher than anything you have done
before.So one is owed to himself to the reason of starting a business. One is
supposed to take time about it before committing the
time, money and resources to a new venture.
The following are the reasons why people like
to start their business:
Control
The people start business because they do
not like to have a boss. This means they want to make their own decisions. That
is great-as long as they realize that even in your own business, many of their
decisions will be dictated by government regulations, customers, and even their
employees. But having, own business gives people far greater opportunity to
exercise their own free will.
The
idea
One is having one great idea or a product
that will revolutionize the world. No one is currently offering it and you
think you should not waste any time in going ahead.
Flexibility
Starting ones business allows one to work
when ones want to and spend time with their kids when they want to. Running
one’s own business does give the flexibility if one want it but now probably
one will be spending much more time on the job. Remember, now, the buck stop
with you
Money
It is the oldest and the most common
reason. Most people start a business because they feel that it is the only
logical way to become wealthy. Most of the wealthy people have got their money through
business, either by starting one or by inheriting one.
Not everybody who starts business end up
being wealthy. The success rate may be around 10% and many of the successful
ones would achieve success very late in life. So it is not them but their children
who will enjoy the fruits of their labour.
Many would be entrepreneurs make a grave
mistake. They just want to be in business. They are not sure what that means,
but they have some vague dream of success and think that they will recognize it
when they see it.They may hate their job,are bored, or have just laid off-they
are moving from something negative(such as building a business with a clear
vision for the future)
This may not be the right path to
entrepreneurship. Many people start their business with what they think are
clear reasons.(more money, prestige, a sense of accomplishment, more flexible
work time, being their own boss and so on).That is good first step, but you
need more. Begin by defining your primary goal, then work from there. From the
very beginning, you should plan and think about what you hope to get out of
your business, in the short term and in the long term.
What do you hope to achieve by being an
entrepreneur-personally, financially and professionally. How much money do you
want to make? How much free time you want for you and your family? How many or
how few employees do you want to have? When you are ready to retire, will you
want to pass the business on to your children, shut it all together, or sell
it? It may seem unnecessary to answer these questions before you start, but
that is exactly the right time to do it. You can increase your odds of success
by thinking clearly, from the very beginning, about your primary goal and what
you are willing to give up to achieve it.
There are always tradeoffs, and the sooner
you have them clearly in mind, the better off you will become. For example, it
is going to be hard to give equal weightage to goals of maximizing income,
working part time and having no debt. Any of these are valid goals, but you
will have to choose less of some to have more of others.
Set clear goals. If money is the main
motivation factor, understand how much money you want to make and how much
money you need to make.(These two are usually not the same).Aim high, set
financial targets beyond what you are making now, but be realistic. Once you
have set goals and have a realistic expectation of what you have to do and what
you have to give up in order to achieve those goals, it will be easier to work
towards those goals. Also it will be easier to stay motivated as you have you sights set on desirable and
achievable goals.
Advantages
and Disadvantages of running own
business
Advantages
(i)
You are the boss
(ii)
All profits are yours
(iii)
There will be greater variety
in roles and tasks
(iv)
Increases self confidence
(v)
Work can be very satisfying
(vi)
Success will give you immense
satisfaction
Disadvantages
(i)You are alone
(ii)
All decisions are yours
( iii) All loses are yours
(iv) Work
may no be satisfying
(v) You will need to put in long hours
(vi) Lack of success will affect self esteem
(vii)
Exiting the business is
difficult
(viii)
Pressure will affect social and
family life
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