Your motivation for owning a business
Your motivation for owning a business means success or failure
If you are thinking of starting or owning a business you are not alone.
But…what is your motivation for owning a business? Perhaps, more importantly, will it bring you success?
At this very moment, lots of people are thinking the same thing and indeed many will start their business.
Unfortunately, statistically, the majority will also fail.
Before you take the leap, it is a really good idea to take a deep dive into understanding your motivation.
Motivation differs greatly for different people and their circumstances.
Listen to SIOAB Episode 3 called Understanding Your Motivation which is a key part of our specially developed Should I Own A Business Podcast pathway.
There are some fascinating insights as to why people “like the idea of owning their own business” which might surprise you!
“The word motivation is derived from the word motive- meaning a reason for doing something.”
Your motivation and ambition – are they strong enough for success?
- Perhaps you aspire to generate a better standard of life through becoming a lot wealthier?
- Ah, it’s not about money but more needing freedom from being an employee.
- It could be the allure of the fabled lifestyle business, where you have flexible working periods that allow you freedom to do other things.
- Or, it could be the elusive passive income business that you heard a Facebook guru talking about. You know – “How to make 8 figures in six months…doing very little”.
- Maybe you want to be creative with your talents and enjoy the reward of building your own business.
- A franchise might be beckoning, as you like the idea of owning a business with the support of an established brand and team. Our Blog -Is Franchise Friction Inevitable uncovers a hidden cause of problems in franchising.
- You have an idea or invention that could change people’s lives for the better and that gets you excited. Our Blog -A Great Idea or New Knowledge? explains the difference and how new knowledge can be valuable.
- You look at your boss and think “I could do what they do and keep all the rewards for myself.”
You may recognize your reason in this list as they are some quite common ones.
So, why is this so important?
It is really important to understand your motivation for owning a business so that you go into your business with realistic expectations and give yourself the best possible chance of success.
If you have never owned a business before, it is easy to make assumptions about what it is like. It is also easy to get into a business and think you are going to get rich, only to find out that you are actually less well-off.
Suddenly, your working hours have spiralled out of control and your business becomes a millstone.
What do you really want?
Spend time working out what you want and why owning a business gets you excited.
- What are you aspiring to and over what timescale?
- How much do you need to earn?
- How ambitious are you?
- What sacrifices are you prepared to make to be successful?
- How determined are you? What is your track record like on determination?
SIOAB Episode 2 called You-360 has great insight to this along with some free resources to help you.
“Success means different things to different people-what does it mean to you?”
Having high motivation when things are going well is normal. Owning a business inevitably means things will not go well all the time. This is when the true test of your motivation will happen.
Be brutally honest with yourself about your motivation for owning a business
Don’t kid yourself. Be honest and listen to your intuition.
You will be embarking on a rollercoaster ride so it’s important to make sure you know what to expect.
You also need to know how committed you will be when things don’t go to plan.
This is the reason to properly explore your motivation of owning a business.
Be very clear about what’s in your head because only you can see it! Write it down- get a journal or start a mind map to capture your thoughts and ideas. Spend time exploring this stuff , which is as important as your actual business idea.
Once you are clear about your motivation it is easier to work out if owning a business is right for you.
You should aim to describe in a sentence “what success means to you personally.
The reality of owning a business
Success is not just about skills and business plans but also about the knowledge, motivation and mindset necessary to turn your skills and business plans into a long-term business success that you enjoy.
Understanding your motivation for owning a business is an important part of the success equation.
Brendan Barrow Co-Host
The Should I Own A Business Podcast-Listen Before You Leap.