How many times do you go to a cocktail party or just hang out with friends and hear things such as “I got this great idea for this new business”, or “Ive got this great idea for this new invention”, or “If I were the boss and owned this business that I am working at, I would ______________.” Words are said, heads nod, cocktail parties end and friends go home and nothing happens.
But for some the entrepreneur spirit rises to a greater height than just words, and they are able to turn those words into action. What is the difference between those at the weekend cocktail party talking about it and the person that wakes up Monday morning and actually pursues it? Very often, the inspiration to turn words into actions lie in the reasons why one want to pursue this path. What are the reasons some turn those casual interest into action?
As a business broker I have many discussions with individuals that want to buy a business. The process of buying a business or starting a business both are filled with trepidation, concern, excitement and pursuing of yet to realize results. One of my functions in working with individuals in the process of buying a business starts with a simple question – WHY? Why do you want to buy a business? or in some cases Why do you want to start a business? There is a big difference between the person that talks about buying a business or starting a business and one that actually follows through on those aspirations. And the reason why one wants to start or buy a business can be very different as well.
The below list is certainly not complete but explores some of the reasons one takes the next step.
Why Do You want to Buy a Business or Why do you want to Start a Business?
1. Sometimes its not just about the money, someone has a passion for a field or effort and just wants to immerse self into that field.
2. Others, want to turn filthy rich. Some studies will speak to the high percentage of individuals that gained significant personal wealth through buying a business or starting a business.
3. Someone may just want to have a job to count on. If you are the boss (of yourself), Who is going to walk into your office and fire you. No one. You have control of your job security. Maybe this venture will turn into more, but at this point, “I just need steady work”.
4. There is a want to start or buy a new business because a person wants out of existing business due to “burnout”, or fatigue and wants to enter a new venture to re-invigorate and try to re-discover the energy that comes along with an entrepreneurial new start.
5. There may be a compelling wish to pursue a new venture that is genuinely making peoples lives better, and a person has a need to fulfill this want of self- fulfillment.
Real Reason For Starting Your Own Business
People who want to be entrepreneurs cite reasons such as satisfying a self-determination, wanting to set their own hours, wanting to be their own boss, and wanting to test themselves, as reasons for starting a new business. But when we get down to it, most people want to start a business to gain financial freedom. Starting or buying a business in the pursue of financial gain and to provide a comfortable existence for self, family or others is a realistic and well-proven approach. Starting or Buying a business so one can spend more time with family is both mis-guided and unrealistic.
The reasons one does start a business, or buys a business can vary greatly, and the list is longer than outlined above. But there are only 2 types of entrepreneurs or small businessman when it comes to buying a business or starting a business – Those that Do – And Those that Don’t.