10 reasons to have your own business

As with all life decisions, some reasons are more sensible than others. The ones I am going to present to you seem reasonable, but just in case I will also comment on reasons that are not so reasonable. My goal is for you to reflect on your motivations with 10 reasons to have your own business.

1- Living from your passion

If the jobs you’ve had up to now haven’t been passionate enough, starting a business in an area you like very much can be a powerful motivation for entrepreneurship. Passion is not enough (you also need experience in the sector), but it allows you to enjoy your work every day, and as our work activity occupies most of our days, it is appreciated.

2- Being your own boss

Be careful not to get confused. If you think that by setting up a company you’re going to stop being accountable you’re very much mistaken. Your clients are going to be just as demanding or more demanding than the bosses you’ve had so far. However, when you start a business you are your own boss insofar as you are ultimately responsible, you make your decisions and organize the work as you see fit. This is one of the best reasons to start a business, as you will be told by all the people who have their own business.

3- Overcoming challenges

Entrepreneurship is a much more uncertain activity than having a paid job. You don’t even know what you’re going to earn next month, or if what you’re doing now is going to work out or not. The customer is not a boss who tells you what you do well or badly, only buys you or not, and you have to understand why. You have to take risks, make decisions, rectify, in other words: overcome challenges. Depending on your personality, this can be a reason not to consider setting up a business or a great motivation to do so. I assure you that the achievements you make on your own are much more satisfying than the pats on the back from your boss.

4- Learn a lot

When you set up a business, you force yourself to learn things you wouldn’t have imagined. On the one hand, you have to take care of almost everything, from the blandest logistics to the big business decisions. You learn about human resources, negotiating with suppliers, fiscal, legal, accounting aspects, etc. And of course if you want to succeed you will have to acquire a much deeper insight into all aspects of your sector or market niche. So if you like to learn new things, here are some of the best reasons to start a business.

5- Every day is different

Unlike a salaried job, where the tasks are usually quite stable, and often monotonous, as an entrepreneur you will have to do everything. In addition, you will always have to adapt to market developments. In a first phase you will try out various strategies until you find positive results. That is to say, to achieve sales and satisfied customers. Then, as your consumers’ habits change and your competitors take action, you will have to change again, and so on. It is very difficult to get bored.

6- It can be very profitable

You might be surprised to see me mentioning the economic motive so far down in the article. For most people the main reason for starting a business is to make money. I can’t deny that it’s important (even essential) that the business be profitable, but in my opinion making money is not such an important motivation for entrepreneurship. Mainly because income comes when you are passionate, work and correct, that is after much effort and struggle. Starting a business thinking too much about making money is often counterproductive because it makes you make short-term decisions, instead of settling your project. Even so, getting rich is one of the main reasons to start a business and it should be highlighted.

7- Meet many interesting people

If you want to have a chance of success you’ll have to move and make contacts. Some salaried jobs also allow you to see a lot of people (especially in the commercial area), but when you undertake you get to know very different and in many cases very interesting individuals. They are not only your customers, but also your suppliers, your competitors, entrepreneurs from other sectors, people from public administrations, etc.

8- Creativity in power

Do you feel that you are wasting your creativity in your current job? If you undertake, you will have no limits in this aspect, or rather, it will be you who will set the limits to your innovation. As I told you before, until you get what the client likes, you will have to try many strategies, which will depend on your imagination. As you will never have a perfect answer to your clients’ needs, you will always be able to be more creative. In addition, you can orient your business towards sides that require more creativity on your part.

9- The administrative barriers are not so great

Compared to the challenge of convincing a client to buy your value proposition, the administrative obstacles to undertake in Spain are nothing. It is true that things could be a lot simpler, and above all cheaper, but deep down, administrative barriers are not a good reason to stop entrepreneurship.

10- Crises can be opportunities

I do not want to minimise the impact of the crisis, especially on the shrinking domestic market and the difficulties in finding funding. However, there are opportunities to set up a business in a time like the one we have recently experienced, and which is still partially noticeable. Customers are willing to try new alternatives (especially if they are cheaper), there is a lot of skilled labor available, you can buy many second-hand things at a good price, and many other reasons.

Wrong reasons to undertake

In conclusion, I would like to list some reasons that I do not think are very good.

  • To create your own work when you can’t find one. Starting from scratch is a totally valid option, as long as it is not a decision dictated solely by need. Unfortunately, in recent times many people have used their last savings to start a business without having any vocation or interest. They did so because they saw no alternative, but in my opinion it was too risky a strategy.
  • Being bored at work or getting along with colleagues and needing a change. It is one thing to start a business from motivation, that is, to turn your passion into your business project. It’s quite another to start up as a reaction to personal or professional dissatisfaction. Don’t start a business just because you don’t like your boss. If you reason for discarding you are not going anywhere.
  • Become rich. Obviously, you are not going to start a business to avoid making a living, but don’t think that most entrepreneurs get rich. In general, small business owners end up with incomes very similar to those of salaried employees. Some do badly, others do very well, but hardly anyone gets very rich. Your main financial motivation should be to be able to live off your passion, not to be the new Zuckerberg.