Why Start a Business?
If you find yourself dreaming about starting a business, whether it’s a side passion project or an idea you have that could launch the next tech giant, you might be wondering if you’ve got what it takes to be an entrepreneur. There are hundreds of reasons for starting a business and research has long tried to pinpoint why some people are drawn to entrepreneurship.
There are common motivations that most business owners share and if you recognize yourself in any of these, it might be time to make those daydreams reality by starting your own business.
You Want Independence
While starting your own business doesn’t mean you’ll work less — in fact, research shows you’ll probably work more — many entrepreneurs crave the autonomy and independence that comes with being the boss.
With independence comes the flexibility to keep hours that work better for your lifestyle, work from home or take your work with you on the road, and make decisions for your business. In fact, independence is the most commonly cited reason for why people start their own businesses.
You’re Sure You Can Do It Better
If you’ve ever found yourself in a meeting and thought to yourself, “I know I could do this in a better way,” then you might be destined for entrepreneurship. That ability to pinpoint problems and find their solutions drives the creation of new businesses. This might be as simple as creating a product that doesn’t exist yet but that has an unmet demand, or as complex as solving problems on a larger scale for communities or organizations.
Founder Frank Denbow was inspired to start Inflection after he saw a need for a network of entrepreneurs to share ideas on starting and building profitable businesses without venture capital. Since 99% of businesses get off the ground without VC funding, Denbow began building a community around self-funded companies to share information, collaborate, and learn from each other.
You’re Dreaming About Limitless Earning Potential
When you own your own business, you aren’t limited by a salary and a bonus, or even a commission. Even if you’re just starting a side hustle or passion project, there’s always the possibility for it to grow into something much bigger. In fact, Khan Academy, Unsplash, Hubspot, and Slack were all side projects that turned into multi-million dollar companies.
While the reality is that starting a business doesn’t guarantee anything, let alone seven-figure earnings, entrepreneurs on average earn above the median salary in the United States and about 50% of companies are still operational after four years.
You Know You Can Make an Impact
A driving force for entrepreneurs is that desire to make an impact, whether that’s in your local community or globally. Traditional entrepreneurship can certainly change our world for the better and simply change the way we live — think about how our world would look without Twitter or Facebook or Apple.
Social entrepreneurship has also exploded in recent years and with good reason — it’s an opportunity for an individual or organization to have a lasting, positive impact on society and to drive change in their communities.
Even traditional businesses are finding ways to leverage their business model to change industries for the better, beyond simply raising funds for charities. Clothing companies like Everlane are differentiating themselves by combating poor working conditions in factories worldwide through a transparency campaign.
No matter how you envision your company making an impact, entrepreneurs often have an idea for how their company can change a community for the better by solving problems, creating resources, and giving back.
So, Should You Start Your Own Business?
There are as many reasons for starting a business as there are entrepreneurs. It can be daunting to take your idea into the real world and try to turn it into a business, but if you find yourself wondering how you can find that independence, have potentially unlimited earning potential, make a difference in your community, and improve a product or service (or create something brand new), then entrepreneurship just might be for you.
No matter what your motivations are for taking the leap into starting your own business, it’s beneficial to join a community of like-minded entrepreneurs that can be a resource for you on your journey. At Inflection, we are building a community of self-funded startups that can learn from each other as they grow their businesses. Sign up for our Inflection’s newsletter so you can be the first to learn about upcoming events and opportunities!