October 13, 2011, 7:00 am

What Everybody Ought to Know About Starting a Business

by: MD    Category: Business
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Why Are You Starting a Business?

“If you enter a niche because you’re following the dollars, you wont keep it up. It’s too much work, and you will get tired and frustrated and you will eventually fold.” — Gary Vaynerchuk.

There’s just something that everybody ought to know about starting a business. What is this?

You must start a business for the right reasons.

Sounds simple enough, right? Let’s dig into it a little deeper…

What are some of the right reasons for starting a business? I’ll name a few:

  • Solve problems.
  • Help people.
  • Fill a gap.
  • Build a legacy.

What are the wrong reasons for starting your own business? I’ll share a few as well:

  • Pickup line at bars.
  • Make lots of money and retire at 30.
  • Be the boss and not do anything.
As you can tell there are many right and wrong reasons for wanting to start your own business. That’s not what really matters. The point of this article is a little story that got me thinking in this direction.

What got me thinking about the idea of starting a business for the right reasons?

Allow me to tell you a little story. I have a friend (perhaps acquaintance?) that’s always trying to get rich quick or figure out some way to make money without working (no he’s not a lifestyle design blogger). His plans are often embarrassing and you could tell his intentions are horrible. He always talks about being a wealthy business owner without giving many other details.

This friend ran into me just the other day and asked me about my trip to Europe. I of course had many stories to share that I can’t mention on here. Before I could even respond he was already bragging about his new business plan. Before he even told me about the idea he bragged about being a business owner.

Essentially his goal with this new business idea (and every other business idea) is to be able to change his occupation on FaceBook to “Owner of Random Company Name.” His logic is that this will make his ex-girlfriend jealous and she’ll take him back while other girls fight for him. He also wants to be hire his friends and boss them around. He already told one friend in a smarmy manner that he would make him his personal janitor or driver. Long story short, these plans never work out.

Every failed business attempt costs him another friend or two. He tries to convince his good friends to work for him for free with promises of huge earnings in the future. It never happens. What makes it worse is that one our mutual friends happens to have an MBA and a strong business background. So naturally he doesn’t ask him for any advice.

Why don’t any of his business ideas work out? He’s trying to start a business for all of the wrong reasons. He wants to get rich without solving any real pains in the world. He doesn’t care one bit about solving real problems. He wants to boss his friends around before he even earns their respect. He wants to show off to girls that he’s a business owner. All of which are some of the worst reasons for wanting to start a business.

Now don’t get me wrong because I live in the real world. I don’t live in some Utopian society where everyone is happy all of the time and nothing bad ever happens. We all need to make a living. We all need to earn a few dollars. I understand that the point of any business is to make money. I also believe that you need to solve problems and stand out from the crowd if you want to make any real money.

Oh and by the way, I would like to consider anything that you to do for revenue to be a business. This could be your side hustle as a dog walker or writing freelance articles for a blog. It doesn’t matter what you do for your business as long as you get into it for the right reasons. There’s nothing wrong with making money and living a comfortable life. You must be willing and ready to put the work in first.

The only time success comes before work is in the dictionary (not sure where I stole this from).

“You will find men who want to be carried on the shoulders of others, who think that the world owes them a living. They don’t seem to see that we must all lift together and pull together. ” — Henry Ford.

(photo credit: cristimat)

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Putting up a business because you do not want to do anything is the most st*p*d reason I have ever heard. These people may have not understood that it entails a lot of hard work before a business succeeds. Not doing anything is simply saying you are waiting for the day when your business will close.

[…] 4. What Everybody Ought to Know About Starting a Business @ TFB. […]

Great post. I am considering several different business ventures and this is a great reminder. Not only online business but other possibilities as well. I see many people even working dead-end jobs just because of the money with no purpose in life. I don’t want this to be me. Thanks!

[…] 10. What Everybody Ought to Know About Starting a Business @ TFB. […]