Startups are hard. From identifying a problem to solving it to scaling it. But it’s worth it.
The economy is changing. Jobs are not as secure as they once were. Software and globalization has made it significantly easier and cheaper to start a business. Here are the biggest reasons why 2015 can be the year you take the leap.
Independence and Flexible Work Schedule
As an entrepreneur, you don’t have a boss telling you when, where, or how to work, or what to work on.
If independence is what you desire, you might start an online or lifestyle business or a consultancy. A venture-backed startup with bold ambitions won’t provide you with much independence because you’ll be working so much and because you’ll have accountability with co-founders and investors. Lifestyle businesses or consultancies probably won’t grow to be huge, but they often don’t have to require much time commitment, and can provide great flexibility and cash flow.
Help People and Society
Some people have goals of solving an important problem, such as educating people, providing people with clean drinking water, or providing more sustainable energy sources. Businesses can provide huge advances to society and the products and services they provide can help people tremendously. By law, a business cannot force it’s customers to buy it’s product(s) or service(s). People buy things that are of value to them. The only organization that is legally permitted to force people to give them money is the government. As a business, you will have customers only if you provide value.
Some entrepreneurs may be motivated to help people by creating jobs. According to Business Insider, Walmart employs about two million people. The wages Walmart employees earn can be used to raise their kids, or buy things that make them happy such as food, a home, or a ticket to the movies.
Other entrepreneurs may be motivated to simply help a given customer segment. Sticking with the Walmart example – the company provides goods to its customers that they have demand for. Customers buy the goods because they have value for them.
Furthermore, Walmart is able to supply many of these goods at lower prices than other places people would be forced to buy these goods from if Walmart did not exist. So not only is Walmart providing people with goods that they want; they are also able to save them money. The money people save can be used to buy other goods and services that will make them happier and/or help them make more money.
Some people start companies because they want to make a ton of money. Starting a business can certainly be a great opportunity to make money. Your business can help you make money by providing you with cash flow through profits and/or a lump sum if you sell the equity you have in the business. While it may be somewhat taboo to admit that you desire lots of money, money is required to live a healthy and happy lifestyle and a business provides you with the opportunity to make a lot of it.
Enjoy your work
Some people want to work on tasks and projects they enjoy. The same way an employee would choose a profession that they enjoy doing, an entrepreneur could start a business that will entail work that they enjoy doing. For example, if an employee enjoys teaching he could get a job at a school. Or that same person could become self-employed by teaching online or starting an independent in-person tutoring business.
You could lose your job
Jobs may not be as safe as you think. A few of the bad things about jobs are (as provided by best selling author and entrepreneur James Altucher):
“Your income has been going down versus inflation; The trend is that you are about to get fired and you are in denial about that; You can’t build wealth at the job (expenses, taxes, exploitation, etc.); You’re trapped all day long with these people (your forced “friends”) who are backstabbing you; You have to kiss ass to your boss; You aren’t allowed to build other income streams in most cases; And many more.”
Because of the risk of losing your job, you may want to start a business on the side so that you are prepared if it happens, or so that you can quit your job and escape the risk of losing your job.
Continue reading 27 Reasons to Start a Business in 2015
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