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This post is about the different reasons as to why someone would start their own business. There are many reasons that someone starts a business , but there are two main ones - inspiration and desperation.
The first reason for starting one's own business is actually out of desperation. This person (typically) has had enough of being poor and not feeling comfortable in their daily life. For example, say an individual was making $15 per hour at their old job. They were living paycheck to paycheck, barely able to pay for gas and other necessities every week because the cost of living is so high in a major city like Los Angeles or Chicago. Then they lose that job because the company they were working for had to let their entire staff go. This person then realizes that they need to find a way out of the rut that they are in, and starts searching for ways to make more money . MJ's FTE as example.
With this individual's skillset (that was developed through getting work experience at their previous job), they realize that they can start a small business with those skills. While looking for ideas on what they can even do as a business, they realize that there is actually a high demand in their city for something very specific . They then take the old skills that they had and start a small business. With this example, one should note that this person was not very passionate about their business idea at all . This individual found a way out of poverty by any means necessary , even if it meant putting in long hours for little pay. It is very likely that as this business's income grows, it will be harder to leave this business until they finally become wealthy. This is because their past poverty continues to haunt them , and they are familiar with that lifestyle.
The second example for why someone starts a business is because of inspiration . They see someone who is rich (in the public eye, i.e. "What's your Lambo?") and want what they have. For example, a young kid from New Zealand watches this guy named K Dotcom become a millionaire in the tech industry. This young boy idolizes this individual and is inspired by him to start his own million dollar business so that he can be just like him, buy a Lambo. In this case, the person starting this business may be very passionate about their idea, but are probably more likely to fail than the first example. This is because this person's motivation for starting a business may be that it will make them rich rather than because they have had enough of being poor. Because of this, they are not considering all of the things that they need to consider when starting a business. For example: not reading MJs (and other books) and having a proper method - CENTS, a value skew etc.
Overall, the main difference between these two reasons for starting a business is that one comes out of desperation and the other comes out of inspiration . The first example has enough motivation behind their idea to be very effective at it, but are more likely to fail because they are not passionate about what they are doing. The second example is very passionate about their idea, but may fail because they are not considering all of the different factors that come along with starting a business.
In both examples, the people who started these businesses were able to achieve success . And these people's success can be attributed to the same thing: hard work . This means that one should not be discouraged by their lack of passion for their idea, as long as they are willing to do what it takes . If you have a high level of motivation , then go for your business idea . If you are not very passionate about it, then be ready to do what is necessary to get the job done.
I've made this into a poll. What do you think? Which way is more likely to succeed? Or is it a combination of both?
The first reason for starting one's own business is actually out of desperation. This person (typically) has had enough of being poor and not feeling comfortable in their daily life. For example, say an individual was making $15 per hour at their old job. They were living paycheck to paycheck, barely able to pay for gas and other necessities every week because the cost of living is so high in a major city like Los Angeles or Chicago. Then they lose that job because the company they were working for had to let their entire staff go. This person then realizes that they need to find a way out of the rut that they are in, and starts searching for ways to make more money . MJ's FTE as example.
With this individual's skillset (that was developed through getting work experience at their previous job), they realize that they can start a small business with those skills. While looking for ideas on what they can even do as a business, they realize that there is actually a high demand in their city for something very specific . They then take the old skills that they had and start a small business. With this example, one should note that this person was not very passionate about their business idea at all . This individual found a way out of poverty by any means necessary , even if it meant putting in long hours for little pay. It is very likely that as this business's income grows, it will be harder to leave this business until they finally become wealthy. This is because their past poverty continues to haunt them , and they are familiar with that lifestyle.
The second example for why someone starts a business is because of inspiration . They see someone who is rich (in the public eye, i.e. "What's your Lambo?") and want what they have. For example, a young kid from New Zealand watches this guy named K Dotcom become a millionaire in the tech industry. This young boy idolizes this individual and is inspired by him to start his own million dollar business so that he can be just like him, buy a Lambo. In this case, the person starting this business may be very passionate about their idea, but are probably more likely to fail than the first example. This is because this person's motivation for starting a business may be that it will make them rich rather than because they have had enough of being poor. Because of this, they are not considering all of the things that they need to consider when starting a business. For example: not reading MJs (and other books) and having a proper method - CENTS, a value skew etc.
Overall, the main difference between these two reasons for starting a business is that one comes out of desperation and the other comes out of inspiration . The first example has enough motivation behind their idea to be very effective at it, but are more likely to fail because they are not passionate about what they are doing. The second example is very passionate about their idea, but may fail because they are not considering all of the different factors that come along with starting a business.
In both examples, the people who started these businesses were able to achieve success . And these people's success can be attributed to the same thing: hard work . This means that one should not be discouraged by their lack of passion for their idea, as long as they are willing to do what it takes . If you have a high level of motivation , then go for your business idea . If you are not very passionate about it, then be ready to do what is necessary to get the job done.
I've made this into a poll. What do you think? Which way is more likely to succeed? Or is it a combination of both?
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