Tip: I built a conglomerate and emerged the richest black man in the world in 2008 but it didn't happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It's not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, TENACITY OF PURPOSE IS SUPREME (Aliko Dangote. Businessman and Entrepreneur)
According to research majority of millionaires and billionaires are self-made and have made it through creating or being part of a business. If you have already decided that you want to start a business of that one thing you are very passionate about, then consider the fact that with starting this business you need to understand that businesses take a lot of commitment, dedication, hard work and constant evaluation in order to flourish. Do not expect to get financially wealthy overnight. Below are a few reasons to start a business.
Reasons for Starting a Business
1. Reach your Dreams
If you have always wanted to be wildly successful, starting our own business could be a great start.
2. Leave an Inheritance
Pass the business down to your children and grandchildren.
3. Abundance of Resources
With the dominance of the Internet, it’s easier than ever to find resources you need, including loans, grants, mentors and even startup capital.
4. There’s Nothing Stopping You
What’s really keeping you from being an entrepreneur? Of course there are risks, but there’s nothing forcing you not to take them.
5. Make the World a Better Place
This may seem like an unrealistic goal for you right now, but your business really could make the world a better place.
Benefits of Operating a Business
There are many benefits to starting your own business and these are some among many
1. Rewards
Not everyone defines reward the same way. For some it might be seeing a new venture grow and succeed.For others it may be conquering the unknown and striking out on their own. However you define reward, starting a new company might hold that promise for you.
2. Being Your Own Boss.
When you start a business and are self-employed, you are your own boss and ultimately control your own destiny.
3. Income.
Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.
4. Flexible hours
Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours.Many stay-at-home parents, for example, choose to become entrepreneurs.
5. Purchasing an existing business
While it may not be viewed as “starting” a business, purchasing an existing business has proven beneficial for many business owners—but it undoubtedly requires both financial and time investments.For businesses that are already profitable, these new business owners jump past the true startup phase into running a mature business.
6. Income
Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.
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Challenges of Operating a Business
Although there can be many benefits to starting your own business, you will also face challenges and some of these are:
1. Loneliness
It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens.Being an entrepreneur is lonely. It’s a singular position, so you won’t have teammates to rely on (completely).You’ll be working lots of hours, so you won’t see your family as often.And your employees will be forced to remain at a bit of a distance
2. Decision-making
Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones.Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.
3. Being the Visionary
As the founder of your startup, you’ll be expected to come up with the ideas.When a competitor emerges, it will be your responsibility to come up with a response plan.When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward.This demands on-the-spot creative thinking -- which should be an oxymoron, but entrepreneurs rarely have the luxury of time.The less experience you have, the more pressure you’ll feel from this, and the harder time you’ll have coming up with acceptable plans.
4. Rule-making
It’s fun to be the boss until you have to enforce something.Sooner or later, you’ll have to come up with the rules your business follows, from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker.These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business
5. Abandoning Another Career
If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to be nearly impossible to simultaneously manage another career.Walking away from a promising, steady long-term opportunity for something unpredictable is scary -- especially if you’ve never run a business before.Unfortunately, there’s no easy way to address this. Just think through your decision logically, and don’t ignore your instincts.
6. Team Building
This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles -- you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team.Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
7. Financing
Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers.They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise. As a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.