Why are you going into business?

[Brendan]

Just read a recent post by Pete Williams ( Pete Williams - Yes, he sold the MCG for $500! - Aussie Tycoon (http://www.aussietycoon.com/showthread.php?t=76) ) over at his blog - Why Are You Going Into Business? Preneur Marketing Blog (http://preneurmarketing.com/?p=193)

Pete discusses that before we start a business and looking at profit margins, product costing, and all the typical planning figures, that we first need to decide why are we actually starting a business.

- Financial reasons? You Want to be rich?
- Is it a lifestyle choice? Want to work fewer, or even more hours?
- Control your own destiny?
- Be your own boss?

So, why have you decided to start a business and go it on your own rather than be an employee?

[rosshill]

All of the above :)

[J_D]

Haha, yeah similar to Ross. Many factors go into the decision to go it on your own or start your own business.

I guess for me it's for a) an exciting challenge b) to keep me mentally stimulated & c) some extra cash (long term).

JD

[crackers]

Same as above. I dont want to work for anyone buy myself

[bderich]

The reason I got into being an entrepreneur is because I hate the fact that some other guy is getting rich off my hard work in my 9-5. I make a very good living in IT but I know that the company I work for makes a hefty profit off me.

Not only that, I hope one day I will come up with an idea that will change the world for the better. Corny I know, but money shouldn't always be the motivation or measure for success

[J_D]

May sound corney, but if you can change the world for the better, who will complain? hehe

bderich, sent you a pm about something that can possibly have a very positive impact on the world. Look forward to hearing from you.

JD

[Slade]

Yep I agree with J_D, I am in business to make a difference.. whether it be from my business directly, or from investing my profits into good causes.

I have spoken to loads of entrepreneurs who say they never really experiences any greater satisfaction than using their money or position to do good, to make peoples lives better and to make the world a better place.

[J_D]

I have seen though, entrepreneurs losing focus on making money when they start getting overly involved in 'helping society' etc.... They wake up one day, satisfied that they have contributed so positively but then realise that they have neglected the runnings of their company for the last 3 months. Sometimes very damaging.

JD

[sforrester]

Id have to agree with JD here,

I think that one of the major benefits to success is the ability to help other people. I am very focussed on creating wealth for myself first off and then once I am established I would genuinely love to help out where I could do so comfortably

But that is just my 2 cents.

[escentre]

I think when you narrowly focused in making loads of money, you will gradually lose your focus on business as the provider in the communities that you are serving. Like employing low salary unqualified personnel and resort in using low quality materials. The key issue is to keep focusing on how to continuously leverage your business with having able people around you.
thanks

[Mark]

I would agree with bdrich, I spent 6 years building someone else's business from $3,000,000.00 to $16,000,000.00 pa.

Furthermore, I put in the hours and dedication you would expect to get that type of growth. However, now its time to do it for me.

Although it wasn't my real motivator, my real motivator was and is, my two young boys, I want to be in a position to take time off every single School holiday and spend it with them.

[HWT]

We are quite dull then. We already have a business developing *something* that could might possibly maybe make squillions and change the world, but its one of those *somethings* that takes a long time to do, so no money coming in for a while. It is, however, fun and used to take up the bulk of our time. We could technically do a business plan and go for venture capital and employ people and get it done quicker, but ... haven't. I also have a personal project that makes a little money that is quite straightforward and I should also expand but haven't. The reason for all the indecision and delaying and not doing anything is simple - a 5 month old baby and serious lack of sleep, we haven't done anything on the main project for well over a year now. My personal project is less intense so that has effectively become the primary project in recent months.

Meantime, our local computer store closed down for 'personal reasons' (the shop was incredibly average) and since there is no other computer store within a 90km radius of our house, we thought we might as well start our own for something else to do and maybe make a few extra dollars in the short term. There are also no web designers within an even larger radius, so we can also do websites for local businesses should anyone need. Hardly entrepeneural, not exactly large scale, but there you go.

[J_D]

Massive and World Changing?!?!? I know the feeling HWT..... I've got a few projects, but 1 in particular in planning.... unfortunately it's the one that requires the most time, and cash.

JD

[Go Jo]

We would all be in it for the money, or there would be no reason for it.

My newest adventure is for passive income to offset my Property Portfolio. (Boy do I need alot!):confused:

Regards Jo

[HWT]

I've got a few projects, but 1 in particular in planning.... unfortunately it's the one that requires the most time, and cash.

Its always the way. Our potential 'big' project could equally swing one of two ways - totally huge, requiring massive up-front capital to complete the agreement with the carrier, translate to other languages etc and also have very big advertising costs and be at the mercy of the carrier because they set the standards. Venture capital or other startup funding a must, no way we could do this alone. Would take about a year to complete if we had funding for extra staff.

Or, for the same amount of elbow grease (about 2-3 years work without extra staff), do something small and private and not mainstream that will never make more than about $200-300k a year, but will be completely in our control. Less legal issues and less competition too; as the months tick by we see progressively more and more things on the internet that are getting more and more similar to the 'big' version of our idea, but nothing that even comes close to the 'small' version.

We're slowly working on the bit that overlaps both options, and we'll probably end up continuing to work on it on the side and go the small, private path. We're not the out-there marketing type and we lack the charisma to push through a venture capital deal.

[Rory85]

To make money, to fullfil dreams, to do something I know I can do, to oneday look back on life and be happy that whatever the consequenes I didn't follow the crowd.