So what does make someone put their life savings on the line to start a company?
I asked a lot of successful people over the years and here are the top 5 reasons that came up, in my humble opinion.
Sometimes the reason behind starting a company is that you simply needed to do it.
Starting your own company can give you flexibility to overcome a variety of restrictions the 9 – 5 wont do. That doesn’t mean it’s easier, far from it. It does mean that sitting in front of your computer, sewing machine or design board at times most people are happily watching the soaps until you can’t keep your eyes open any more is acceptable to a boss who understands that getting the work done supersedes any consideration of what time of day it gets done.
Sometimes you just know you can do it better than your peers and feel the overwhelming need to prove it.
In this case working for someone else leaves you feeling unfulfilled and restricted in the same way as living with your parents cramps your style.
When you have reached the pinnacle of your career you start to yearn for something more.
At that point the Big Chair beckons and the only way to progress is to start to put your money where your mouth is. We all like to think that we treat our investors money with the same diligence that we treat our own. When it is your money on the line both the adrenaline and the sense of loss when things take a dip are palpable. To truly claim to be a master of your own art sometimes means betting the farm on it. Better than poker any day.
Sometimes the reason is an obsession with something that makes you want to devote all your waking time to the pursuit of that one thing.
Writers and artists frequently quote this as the reason they started out on their own. Pursuing an art for the arts sake is a common reason. To be so enthused by a talent that you want to spend every waking moment practising it is a passion few of us get to feel. To be successful means having good luck and good friends. The world is full of people who make a living off talented people by realising that it is more important to them to pursue their art than to make a good living. That’s where friends, muses and trusted advisers come in.
The Next Logical Step
Lastly there are those people for whom starting the business is the next logical step.
The electrician who finished there qualifications and apprenticeship, the driving school tutor or the counsellor are all examples. In some professions running a company is the natural conclusion to learning the trade.
One last question remains – What are YOU waiting for?
This post is dedicated to all my friends and acquaintances for whom running their business is as much a part of their life as eating, sleeping and breathing.