If you are one of the fortunate few, you’ve probably heard someone or some people say “I’m starting a business so I can be my own boss”? Or you might have heard “I’m tired of doing a 9-5, I’m going to work my own hours and wake up whenever I feel like”? It could happen that you might also be the person who has said this to someone else. Occasionally you might hear people say, “ I make this company a lot of money, and they pay me so little”. More often than not, you would hear people, especially startups, say these words and to my surprise, these people often never run their business for too long. Soon after stating they go back to their old job or find a new one.
The reason this happens is that the motives to start the business are wrong, to begin with. Being your own boss or to wake up whenever you feel like is not enough to keep you motivated to run your business. Maybe in the first few weeks, the person can remain charges and motivated but often the feeling doesn’t last long. Another thing is, starting a business is hard and these reasons are not strong enough to keep you grinding in difficult times. This is why the majority quit. I do believe that WHY plays a big role and determining the commitment and tenacity of startups on their businesses.
Here are the 3 reasons why starting a business to simply be your own boss can be a bad idea.
- BEING YOUR OWN BOSS:
Usually, people want to be their own bosses because their current boss is too difficult and demands a lot from them. The boss does not understand and is always on their case. Most employees are unhappy with their bosses and their expectations. The thing is, being your own boss requires you to be twice as difficult to yourself as your boss is. That is how you will make it on your own. There will be a lot of work to do and unlike in a company where there are a team and a number of departments; you will be on your own. So if you cannot meet your boss's expectations, you will set low expectations for yourself which you will easily achieve while your business isn’t growing.
- WORKING YOUR OWN HOURS:
Working your own hours and not having to wake up in the morning may sound like a great idea when you think of the freedom you will have. But at a startup phase of your business, if you wake up whenever you feel like you are likely going to find it hard to grow your business. You will remain a startup for years with this mindset. When starting your own business, 9 to 5 is little for you. You might consider 5 to 9 working hours (from 5 am to 9 pm). Often employees think that because their boss or the owner of the company arrives at the office at 10:00 am or 12:00 pm, then the boss was sleeping throughout the morning. They do not even entertain the idea that their boss arrives at 10:00 am because he/she worked throughout the night and went to bed at 06:00 am. The lesson here is that in order to work your own hours you will need employees who will be your substitute white you are still enjoying your sleep. You simply cannot grow your business while your clients cannot find you only because you are working your own hours.
- MAKING LOT OF MONEY FOR THE COMPANY:
Are you one of the people who said: “I am making this company (my boss) a lot of money and they pay me peanuts, I am going to start my company to keep all the money to myself”? There are a number of entrepreneurs who started their businesses because of this reason and quite frankly, there are a lot of success stories and successful businesses which are the results of this type of WHY. However for the most startup that fails, often they underestimate the money and resources the business will require to get to where they want it to be. Often with a job, you will offer your skills and time to the employer and this is the reason they pay you as much as they do. When you are on your own, there are bills to pay, taxes and equipment to take into consideration. All of this begins to make sense when you try going solo and you realize how much is required to make money in your business, and at this point is where most people begin to miss the 9-5 job and consider going back. This is one of the reasons some startup entrepreneurs take a while to go back to their previous salary while running their own businesses.
The important thing here is to realize that your WHY if far more important than the ideas you have and the skills you possess. A person with a strong WHY usually never quit and that the kind of entrepreneur you want to be. If your boss or working your own hours is the main reason you want to start your own business, then you might want to reconsider your entrepreneurial journey. Especially if you do not want to find yourself looking for a job a few months down the line.