The Wrong Reasons to Become an Entrepreneur

There are few things that are as fascinating as becoming an entrepreneur. We live in an age where entrepreneurship is not only celebrated but also in a way worshipped.

Even those who cannot find it in themselves to take the plunge do not refrain from occasionally fantasizing about the possibility of having a business of their own.

Each person may have a different set of reasons to try their hand at a business. It could be about realising your true creative potential, the opportunity to follow your dream and passion or just the feeling of autonomy.

While different things work for different individuals, certain factors that motivate us to tread on this path may not exactly be the right reasons. Following are some wrong reasons to turn into an entrepreneur:

Getting Rich

We have begun to associate entrepreneurship with a fast track for accumulating wealth. But not each person who sets up a business turns into a billionaire overnight.

As the founder of your business you will be entitled to a sizeable portion of the profits that your company is able to make. Besides the profits, you can also pay yourself some salary but at the end these are only possibilities and not certainties.

If money is the sole motivation that you have for running a business it may influence your long term business decisions and can leave you with a feeling of dissatisfaction and stress if you do not earn those figures at the end.

To Turn Famous

Your personal visibility may increase by leaps and bounds if you become an entrepreneur. The chances of becoming popular further increase if your marketing strategy entails a lot of exposure to media. Entrepreneurs like Richard Benson, Mark Cuban or Elon Musk are considered to be celebrities and their every action attracts a lot of media attention.

But pursuing a business idea only to make headlines can be quite a disastrous idea. If you are constantly in the pursuit of personal branding opportunities you will end up spending more time outside the office but that is not the place where you should ideally be to become successful.

Unlimited Vacation

As your own boss there will be no one to disapprove your leaves and stop you from taking a vacation. But this may not be an ideal motivation to become an entrepreneur.

While it is true that you get to make your own schedule, set your own working hours and work on your terms, you mustn’t forget that the success of your business heavily relies on the amount of effort that you put into it.

If you believe that business professionals have the license to travel for six months or more in a year, you could be having a huge misconception. It is not uncommon for business professionals to have six or even six and half working days in a week.

Making Others Happy

Many people have the motivation of making the world a better place for getting into the entrepreneurial world. Of all the wrong reasons to turn into an entrepreneur this one actually happens to be quite a noble wrong reason.

While the intent of building a great team, making clients happy and taking care of employees must be respected, one must also bear in mind that things may not work out exactly as planned.

Having such an attitude towards business can lead to poor decision making. For instance, you will find it hard to fire unproductive employees in the company, let go of clients that do not give you much business and eventually make the company’s profitability suffer in the long term.

Why Not?

There are some people who may not have a specific motivation behind setting up a business. They are usually under the impression that anybody can become a business owner and that a business idea is all that one needs to dive right into it.

An attitude of ‘why not?’ can be great in certain aspects of life and a person with such an outlook may achieve success but they may run into problems that they never even knew existed.

Whatever may be your reason to become an entrepreneur you must also keep in mind that security is an equally important requirement in life and that one must take efforts towards it such as writing a Will to protect your assets using an online Will kit free.