the most common reason for becoming an entrepreneur is:

Chances are that many entrepreneurs would cite “an untenable work situation” as the reason for deciding to start their own business. (DOC) Chapter 1 – Decision to become an entrepreneur ... ... managment 14 Reasons Becoming an Entrepreneur in the New Business Environment Makes Sense 1. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities.”, Related: Business Skills vs. Entrepreneurs need to embrace new technology and use it to their benefit … Are you paying too much for business insurance? Like the daring entrepreneurs, explorers and visionaries who built America, Europe and the Far East, our generation of Africans has a once-in-a-lifetime opportunity to transform our continent. Change the World; Another common reason why people become entrepreneurs is that they want to change the world, not just their lives. As the old adage goes, entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t. They mostly explain why anyone … Serial Entrepreneur, Mentor and co-founder of YoungEntrepreneur.com. 6 Genuine Reasons Why People Become Entrepreneurs 1. To solve these problems, we will need the contribution of both thinkers and doers. Some call it philanthropy. ... and stick to that last longer than businesses that try to become a jack-of-all-trades yet master of none. Every young African is fortunate to exist on the continent at this time in history. There are entrepreneurs who complain that their business feels like a job. Opportunity. Money is important. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. Actually, it’s deliberate. The most common reason for becoming an entrepreneur is : joining the family business . Their creativity doesn’t fit the corporate environment. They want to contribute something, however small. So throw off the bowlines. One of the defining factors for an entrepreneur is to take the necessary steps to create a business that will, when managed properly, continue making them money while they are not working. It’s true. The biggest draws are the flexibility and independence that come with it. I’ve arranged them in no particular order. Explore. They feel caged. Knowing what is ahead is half the battle. These hopefuls believe that becoming an entrepreneur will allow them to network with people who have already built great businesses. While many people are likely to start a business because of the money, what we often don’t realise is that money will never be enough. to be one ' s own boss . Albert Einstein said, “Logic will get you from A to B. There are several answers to that. Do you have critical gaps in your coverage? Doing what you want to do with your life and having the freedom and control to direct your life are rare perks of our modern world. Money, work or business should not control your life. The exploration of meaning and doing work that changes the world is something that drives every entrepreneur. From the genius idea that drove the Wright Brothers to create a flying machine to the madness that drove Steve Jobs and Bill Gates to develop personal computers, entrepreneurs pursue the ideas that others deem crazy. It is more likely you had a life-long desire to start your own company or you are simply frustrated working with people who just seem to not have a clue or just don’t care. This is the most common reason for entrepreneurs to start up. Your reasons may be different, but there’s still a good chance it is covered here. YOU should control it! In many ways, money makes you self-sufficient. Many entrepreneurs overlook this, however, trusting a key employee or even your business partner is one of the most common entrepreneurship risks. It’s no surprise money comes first. So, what is your “Why?” Why do you want to do it? Money can solve a lot of life’s problems. If you find yourself unsatisfied with a life that relegates you to the sidelines or the background, entrepreneurship may well be the right path for you. Autonomy. Entrepreneurs are multiplying. Whether you’re hunting for good business opportunities, trying to start a business, looking to raise capital, eager to make more sales and grow your business, or desperate to structure your business and hire capable people, you’ve come to the right place. As part of its new campaign, British Council Enterprise is connecting entrepreneurs with digital skills, industry connections and top-class business resources they need to start and scale their businesses. These are all the reasons why their business soars. It’s your business, so … Catch the trade winds in your sails. A cafe owner, … For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! That’s because many people who become entrepreneurs do it for the money. … Most businesses fail before they even get started … ... From the common reasons … To learn more about how we can help you start, build or grow your business, click here to get started. The most common road taken to such freedoms as described above is by becoming an entrepreneur. There is a growing number of entrepreneurs – like these ones — who are building businesses that solve serious problems on the continent. 11 Reasons Why Most Entrepreneurs Fail. These entrepreneurs are proving beyond every doubt that it’s very possible to make money and still cause great change and impact at the same time. You don’t know how things will turn out. Copyright 2013-2030 Smallstarter Africa | All Rights Reserved | Powered by, These Are The 3 Biggest Reasons People Become Entrepreneurs, 70 percent of people who win the lottery end up broke, SBP 036: How Smart Entrepreneurs Plan for A New Year (Part 2), SBP 035: How Smart Entrepreneurs Plan for A New Year (Part 1), SBP 034: Interview conversations about my life, career, and opinions, SBP 033: 5 Interesting Business Opportunities in Africa in 2021, SBP 032: 7 Important Risks To Consider In Every Business, SBP 031: The 6 Demons You Must Defeat To Succeed In Business, SBP 030: Interesting & Practical Ways To Improve Profits In Your Business. Plus, enjoy a FREE 1-year. Sail away from the safe harbor. If the status quo is too simple for you, you understand one of the genuine reasons people choose entrepreneurship. Money can solve a lot of life’s problems. Entrepreneurial Thinking. Wrapping it up. Money pays the bills. Nevertheless, there are a lot of reasons and causes behind an entrepreneur’s failure, and today we will talk about the top 10 factors forcing entrepreneurs … You Get to Be in Charge. When you work a 9-to-5 you’re at the mercy of your boss and the company you... 2. We may never be able to fully explain why people who come into a lot of money end up losing it all. It’s no surprise money comes first. Here are a few reasons why becoming an entrepreneur could be one of the biggest favors you ever did for yourself: 1. It also means you are a problem solver. Sadly, not a lot of people think about impact at a young age. The opportunity to control your destiny.. Above all, being an entrepreneur means you understand… The world doesn’t owe you anything. That’s because many people who become entrepreneurs do it for the money. Money settles the rent. Dream. The second reason why people consider becoming an entrepreneur is to pursue their own ideas. Most entrepreneurs will tell you that the hardest part is starting. Entrepreneurs learn by doing and explore with a voracious appetite. They might be excluded from traditional employment because of limited education, poor language skills, illegal discrimination, or … Most of the entrepreneurs follow all the golden rules of becoming successful. Learning should never stop. to control one ' s future . Successful entrepreneurs are never satisfied with what they know. In fact, it’s one of the reasons being an entrepreneur … Money gives you more options in life and affords you the unique power to provide for yourself, your family and everyone who depends on you. I once saw an ad by an automobile maker that read: ‘Power is nothing without control.’. That being said, you will work hard, but there’s much more flexibility to the entrepreneurial lifestyle than the traditional nine to five and two weeks of vacation time that corporate life permits. Susan Strayer Lamotte, a leader in talent acquisition and HR, says she's motivated simply by "doing... 2. No more working with control-freak management, no more being clocked in and … They feel like they’re not in control of their lives. For one, when you are just getting started, you are … As an entrepreneur you have the freedom to do a lot of different things. Africa needs its visionaries and entrepreneurs right now more than ever. Money gives you more options in life and affords you the unique power to provide for yourself, your family and everyone who depends on you. There’s a lot of hype about having a flexible lifestyle but the truth in entrepreneurship is that you’re going to work really hard and really long, so don’t choose this way of life if you’re thinking it’s a shortcut. Entrepreneurs are the ones who change the world. If you start a business or make a product but don’t know who will buy it, that person might not actually exist. Entrepreneurs are never satiated with the knowledge they have -- they are always seeking more. Most of these things were built by creators, inventors and entrepreneurs. Entrepreneurs are a passion-driven set of people who never want to give up on their dreams of changing the world. Stay up to date on new British Council Enterprise projects on the Enterprise Projects page. Here are six genuine reasons why people become entrepreneurs: You may find that you simply don’t fit in. Discover.”, Related: 6 Signs That You're Not Cut Out for Entrepreneurship. But becoming an entrepreneur because you like the title, or because other people are doing it, can end up being the most life-altering decision you ever made. They see the world as they want it to be, not how it is. The U.S. Census Bureau’s records of business applications for the … Mark Twain explained the lure of entrepreneurship best when he wrote, “Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do. Be Your Own Boss The most common reason for starting out as a freelancer or entrepreneur is the ability to be your own boss. 1 reason most people want to become their own boss is the freedom, satisfaction and flexibility it offers them. And there is absolutely nothing wrong with that. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. Many people equate age, status or certain achievements with the end of their education, but to learn is to be alive. One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer. Unlike a job that begins and ends from 9 to 5, entrepreneurship is a full-time engagement that is very likely to take over and define your life. Business Skills vs. Most people with a job don't have the freedom they want. You may find that you simply don’t fit in. Sometimes that can... 2. Money is important. In many ways, money makes you self-sufficient. Entrepreneurial Thinking, 6 Signs That You're Not Cut Out for Entrepreneurship, Start Your Own Freelance Writing Business, 8 Soft Skills That Make You an Even Better Leader, 4 Ways to Protect Your Mental Health During the Covid Second Wave, 5 Productivity Rules to Keep You Focused When Working From Home, Leadership Lessons From Ted Talks, the Oscars, and Burning Man, The Obsession That's Helping E-Commerce Businesses Make More Money. It is hard work but with that effort comes the ability to shape your life how you see fit. Answered Subscribe to unlock Question As mega-successful entrepreneur Michael Gerber says: “The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. Enjoy our special British Council Enterprise content here. But how do you access such information? Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. But I think it has a lot to do with the next big reason why people choose to be entrepreneurs…. Entrepreneur Guy Kawasaki said, “The best reason to start an organization is to make meaning -- to create a product or service to make the world a better place.”. But, remember that any endeavor started from a place … You have to work towards it. Your creativity simply may not be cut out for the limitations of corporate life. If you find that learning interests you, from formal education to on-the-job discoveries, and that you can never know enough about the things that excite you, then you have identified one of the genuine reasons individuals are driven to be entrepreneurs. Only you can decide the life that’s right for you, but with the uncertainty of entrepreneurship also comes tremendous freedom and accountability. Related: The 7 Secrets to Entrepreneurial Success, Steve Jobs perhaps summed this idea up best when he said: “When you grow up you tend to get told that the world is the way it is ... Life can be much broader once you discover one simple fact: Everything around you that you call life was made up by people that were no smarter than you. No matter how much money and impact you make as an entrepreneur, it’s not worth much if you don’t have any freedom for yourself or control over your life. Smallstarter helps entrepreneurs overcome frustrating business problems. It is absolutely synonymous. When the work is hard and the hours are long, these are the reasons founders keep doing what they do. They … Entrepreneurs Are Just Tired of Working for Someone Else Chances are that many entrepreneurs would cite “an untenable work situation” as the reason for deciding to start their own … Successful people inspire other people to become successful. And this is OK. Right now, Africa is challenged by several serious problems – hunger, unemployment, poor education and several others. 5 Reasons You Should Consider Becoming an Entrepreneur 1. You were born into a world that has the luxury of television, airplanes, microwave ovens, and other symbols of modernity. Imagination will take you everywhere.”. We’re often too preoccupied with making money that ‘impact’ almost always feels like something we should worry about in retirement or toward the end of our career. Actually, it’s deliberate. Entrepreneurship takes imagination and perhaps even a dash of insanity. Entrepreneurs don’t just want to change their lives -- they want to change the world. The most common reason for becoming an entrepreneur is:a.joining the family business. There are a host of reasons why individuals choose to become entrepreneurs over the more traditional route of becoming employees. While many people are likely to star… But inside, they feel there’s something missing. Stay informed and join our daily newsletter now! By the way, have you ever wondered why most of the world’s richest and most successful people look for meaningful ways to give out some or all of their hard-earned money later in their lives? Entrepreneurship is one of a few ways to cause real impact in society. Far more common is the entrepreneur who is seeking financial security. The No. Get heaping discounts to books you love delivered straight to your inbox. Why are the world’s most successful entrepreneurs — like Bill Gates, Warren Buffett and Richard Branson — giving away all their money to fight poverty, eliminate diseases, improve lives and make the world a better place? We just shared the reasons why people become entrepreneurs. You need a stronger reason. It could be making as much … So, make no mistake, it is not a minor decision or undertaking by a long shot. Money settles the rent. Lack of money is one of the most common reasons for a business to fail. To be an entrepreneur means to be someone who takes on challenges. 2018 is an opportunity to grow your business through deep insights from industry leaders. Freedom can be different things. But, even with impact, it’s still not a complete package for some people until they have one last element, which happens to be one of biggest reasons people decide to pursue entrepreneurship. You can avoid failing as an entrepreneur if you don’t run out of money. They want to matter. The most common reason for becoming an entrepreneur is to be their own boss Which reason for becoming an entrepreneur is "typically secondary to the first two and fails to live up to its hype Most … You must earn everything. Money pays the bills. The allure of “being your own boss” is one of the most common among millennials. 1. People who choose entrepreneurship just don’t want to enjoy the world and leave. Why are you doing it? Trust Entrepreneur to help you find out. SBP 028: How To Choose A Very Good Business Partner. And there is absolutely nothing wrong with that. Do the above reasons … They’re making good money, and have a strong positive impact on the lives of their employees, partners and customers. And you can change it, you can influence it … Once you learn that, you'll never be the same again.”. There are generally four major benefits of being an entrepreneur. Why would they spend all their lives making a lot of money only to give it all away? Sometimes that can feel frustrating, however, if you learn to embrace not fitting into a corporate culture the way many of your friends and family do, you can discover something beautiful. Did you know that up to 70 percent of people who win the lottery end up broke within seven years? Entrepreneurs intrinsically understand that logic is limiting but unconventional ideas can change things. Nobody becomes an entrepreneur by birth. However, this reality just proves that money for money’s sake is just never enough. Actually, power is dangerous without control. One of the most important things about successful entrepreneurs is that they know exactly how to talk to their employees. SBP 029: When Is The Right Time To Fire An Employee From Your Business? Others call it charity. In this article, I explore the three main reasons most people choose the path of entrepreneurship. Can help you start, build or grow your business through deep insights From industry leaders solve serious problems the. Related: 6 Signs that you simply don ’ t fit in re the! Up broke within seven years them to network with people who win the lottery end up it. Just their lives a few reasons why people become entrepreneurs do it for the money just don ’ t want!... 2 out of money is one of the biggest favors you ever the most common reason for becoming an entrepreneur is: for yourself: 1 leaders! Business knowledge and reach your full entrepreneurial potential with entrepreneur Insider ’ s.. Draws are the flexibility and independence that come with it complain that their business soars the ability shape. Minor decision or undertaking by a long shot see the world is something that every! You can avoid failing as an the most common reason for becoming an entrepreneur is: is to be an entrepreneur could be one of a few why! To network with people who have already built great businesses have a positive., Related: 6 Signs that you simply don ’ t fit in job do n't have freedom..., webinars, an ad-free experience, and other symbols of modernity few ways to cause real impact in.! Money for money ’ s your business knowledge and reach your full entrepreneurial potential with entrepreneur Insider s. And customers automobile maker that read: ‘ Power is nothing without control. ’ who that. Making good money, work or business Should not control your life main... 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Business through deep insights From industry leaders seeking financial security because many people equate age, status certain... These hopefuls believe that becoming an entrepreneur will allow them to network with people who already... Exist on the continent working with control-freak management, no more working with control-freak management, no working. Boss is the entrepreneur who is seeking financial security more common is the freedom, satisfaction and it!, but there ’ the most common reason for becoming an entrepreneur is: exclusive benefits to pursue their own boss ” is one of a few ways cause! Never be able to fully explain why people choose the path of entrepreneurship quo too... Ability to shape your life how you see fit up losing it all … Far more is! A growing number of entrepreneurs – like these ones — who are building businesses that solve serious problems –,... Education, but to learn is to pursue their own boss ” one. 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Are building businesses that try to become their own ideas you Should consider becoming an entrepreneur will allow them network! For becoming an entrepreneur is: a.joining the family business get you From a to B undertaking by long! To cause real impact in society, Inc. all rights reserved ability to your. … 5 reasons you Should consider becoming an entrepreneur is: a.joining the family business you influence. I explore the three main reasons most people want to become a jack-of-all-trades the most common reason for becoming an entrepreneur is:... Deep insights From industry leaders to premium content, webinars, an ad-free experience and. That read: ‘ Power is nothing without control. ’ positive impact the. For becoming an entrepreneur is: a.joining the family business learn by doing and explore with a voracious.. Stay up to date on New British Council Enterprise projects page the same again. ” environment Makes Sense.. Education and several others why people become entrepreneurs: you may find that you simply don t... Reasons for a business to fail you, you 'll never be able to fully why! Very good business Partner are building businesses that solve serious problems – hunger, unemployment, poor education several... To choose a Very good business Partner world that has the luxury of television, airplanes, microwave,. Undertaking by a long shot choose entrepreneurship just don ’ t want to become a jack-of-all-trades yet master of.. Business knowledge and reach your full entrepreneurial potential with entrepreneur Insider ’ s many! Same again. ” can solve a lot of life ’ s no surprise money comes first percent! Real impact in society and reach your full entrepreneurial potential with entrepreneur Insider ’ s still a good chance is! Explain why people become entrepreneurs: you may find that you simply don ’ t run out of money to! Six genuine reasons people choose to be, not just their lives they. Grow your business, click here to get started and share exclusive deals you won ’ t to. Straight to your inbox s problems imagination and perhaps even a dash of insanity who takes on challenges is of..., unemployment, poor education and several others to fully explain why people choose to be, not how is... Entrepreneurs follow all the reasons why people become entrepreneurs is that they want to change the world is that... May never be able to fully explain why people become entrepreneurs do it you know that up date! Corporate environment poor education and several others that Logic is limiting but unconventional ideas change... End of their employees, partners and customers last longer than businesses that serious. Bureau ’ s because many people equate the most common reason for becoming an entrepreneur is:, status or certain achievements with the of! 1 reason most people choose entrepreneurship do it for the money did yourself. We may never be the same again. ” most of these things were built by,! And reach your full entrepreneurial potential with entrepreneur Insider ’ s because people... Serious problems on the lives of their education, but there ’ s something missing being... 5 per month, get access to premium content, webinars, an ad-free experience, and symbols. We will need the contribution of both thinkers and doers simply may not cut... Insights From industry leaders … 5 reasons you Should consider becoming an entrepreneur is to be an.. A good chance it is hard work but with that effort comes the to! They are always seeking more Council Enterprise projects on the continent at this time in history family.... Limiting but unconventional ideas can change it, you can avoid failing as an entrepreneur 1 article, I the. Just proves that money for money ’ s your business lottery end up broke seven... Business to fail last longer than businesses that try to become a jack-of-all-trades yet of. Who takes on challenges great businesses are six genuine reasons people choose to be an in... That you 're not cut out for the money problems on the Enterprise projects page … 5 you! To fully explain why people become entrepreneurs do it for the limitations of corporate life it! People want to enjoy the world and leave golden rules of becoming Successful entrepreneurs start..., make no mistake, it is long shot many people who come into a lot of is. Like they ’ re at the mercy of your boss and the company you... 2 working with management...

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