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5 Wrong Reasons For Becoming An Entrepreneur - Career - Nairaland

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5 Wrong Reasons For Becoming An Entrepreneur by KillerBeauty(f): 5:20pm On Jun 03, 2017
5 Wrong Reasons for Becoming an Entrepreneur


There are many good reasons to become an entrepreneur. We live in a place and time that not only celebrates entrepreneurship, but makes it both possible and rewarding. Even those of us who never take the plunge at least occasionally fantasize about what it would be like to create and run a business of our own, whether we're after the creative potential, the feeling of autonomy or the chance to follow our dreams.

I firmly believe that anyone with the right dedication can become a successful entrepreneur, regardless of his or her motivations. However, there are some "wrong" reasons to become an entrepreneur, and if they constitute your motivations, you'll be more likely to be dissatisfied with your work, will burn out,or will actually fail.

1. To get rich

Thanks to the popularization of outlier entrepreneurs who seemed to become overnight billionaires, there's a common misconception that entrepreneurship is the fast track to getting rich. As the owner of your business, you'll be entitled to at least a portion of the profits your company makes.

However, that won't guarantee that your business will be profitable, or will succeed indefinitely. It's certainly possible to make a good living from your business, but you can't count on striking it rich -- even if you have a good idea.

Being motivated only by money will interfere with your ability to make long-term decisions for your business, and will leave you feeling unsatisfied and stressed if you don't meet your target numbers.

2. To become famous

It's true that becoming an entrepreneur has the potential to increase your personal visibility -- especially if your marketing strategy relies on media exposure.

However, pursuing business creation and management for the sole sake of gaining popularity for yourself is a bad idea. Relentlessly pursuing more personal branding opportunities is going to take you away from the office, where you'll be needed. Plus, your idea of successful entrepreneurship will almost certainly be distorted by survivorship bias.

3. To have unlimited vacation

Yes, it's true: As an entrepreneur, you'll get to make your own schedule. You'll set your own hours, work whatever days you want and take unlimited vacation time, if you want. But, remember, your business's success will depend on the effort you put in, and the unfortunate reality is that your first business is more likely than not to fail.

If you're busy traveling six months out of the year, you won't have enough time invested in your business to help it become successful. If all you can think about is vacation time as a business owner, you'll be grossly underestimating the amount of work it takes to run that business. Instead, chances are, you won't have much time for regular days off for at least a year or two.

4. To make other people happy

Some entrepreneurs start businesses because they like the idea of being a positive force in the world, and I respect that. They want to build a great team, take care of their employees, make clients happy and make the world a better place while they're at it.

Unfortunately, though, this mentality may lead to poor business decisions; for example, you'll be more likely to keep unproductive workers around (rather than making tough decisions to fire them) because you've bonded with them. You'll keep unprofitable clients because you refuse to move on. And you'll sacrifice your own profitability for other causes.

You may be willing to make those sacrifices, but your business won't do anybody any good if it ends up folding. As a business owner, your primary responsibility should be to make the right decisions for your business.

5. Because, "Why not?"

You may not have a specific motivation. You may just have an idea and the impression that anyone can become a business owner. At that point, you might also be thinking to yourself, "Why not?" and be building a business for no reason other than the fact that you can. This is a whimsical approach that does have a chance of succeeding, but it's more likely that you'll start running into problems you had no idea existed.

Do you have a financial model? Do you know how to scale? Do you know how much capital you need to start or what competitors are out there? Are you psychologically strong enough? Are you familiar with the dark truths of entrepreneurship?

If these motivations represent only a portion of what's driving you, they probably won't sabotage your efforts. For example, if you like the idea of becoming rich, but you're also interested in being your own boss and working with a team of people you get to choose, your monetary motivations aren't likely to interfere with your happiness or your decision-making.

There are lots of good reasons to become an entrepreneur, but before you take the next step, think carefully about what your personal motivations are, and whether they're healthy reasons to pursue business ownership.

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Re: 5 Wrong Reasons For Becoming An Entrepreneur by flames007(m): 5:38pm On Jun 03, 2017
I disagree with your first point. Why do people venture into bussiness,is it not to make it rich. Although it's not very easy at first and you might not even break even not to talk of making profits for the start.

11 Likes

Re: 5 Wrong Reasons For Becoming An Entrepreneur by BiafraBushBoy(m): 12:09am On Jun 04, 2017
flames007:
I disagree with your first point. Why do people venture into bussiness,is it not to make it rich. Although it's not very easy at first and you might not even break even not to talk of making profits for the start.

I tire for Op. Everybody wants to write, end up writing bullcrap


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15 Likes

Re: 5 Wrong Reasons For Becoming An Entrepreneur by FitnessDoctor: 8:49am On Jun 04, 2017
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Re: 5 Wrong Reasons For Becoming An Entrepreneur by Nobody: 8:49am On Jun 04, 2017
I became an entrepreneur because I want to be rich and live a good comfortable life, which I know will come on the long run, so your point number one is not for me,
for all the other points.....THUMBS UP!

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by IMASTEX: 8:49am On Jun 04, 2017
Sure
Re: 5 Wrong Reasons For Becoming An Entrepreneur by Wiseandtrue(f): 8:51am On Jun 04, 2017
FitnessDoctor:
.
The essence of wanting to be independent and own your business is what you have just listed undecided
Re: 5 Wrong Reasons For Becoming An Entrepreneur by spaggyy(m): 8:51am On Jun 04, 2017
Op what do you understand by FREEDOM LIFESTYLE?


U are not 100%correct OP

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by miketayo(m): 8:52am On Jun 04, 2017
Op I tire for u, wat r ur reasons to become an entrepreneur den

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by Chiefly(m): 8:52am On Jun 04, 2017
Saying home
Re: 5 Wrong Reasons For Becoming An Entrepreneur by Diplomaticbeing(m): 8:53am On Jun 04, 2017
flames007:
I disagree with your first point. Why do people venture into bussiness,is it not to make it rich. Although it's not very easy at first and you might not even break even not to talk of making profits for the start.

She's right and you're wrong. There's a difference between success consciousness and money consciousness. The former is what every genuine and longstanding successful entrepreneur has innately.

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Re: 5 Wrong Reasons For Becoming An Entrepreneur by benuejosh(m): 8:53am On Jun 04, 2017
what then are the right reasons for becoming an entrepreneur?

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by Alexbrain(m): 8:54am On Jun 04, 2017
Discovering your talents and building up your skills with be a very productive way to tackle unemployment and become an entrepreneur.
Check out this free online book that will help you with that
https://www.smashwords.com/books/view/657738

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by BuzzRay(m): 8:57am On Jun 04, 2017
Op, The primary aim of a business is profit making. I don't see any other motivation.

3 Likes

Re: 5 Wrong Reasons For Becoming An Entrepreneur by FitnessDoctor: 8:59am On Jun 04, 2017
Wiseandtrue:

The essence of wanting to be independent and own your business is what you have just listed undecided

Why the mention?
Re: 5 Wrong Reasons For Becoming An Entrepreneur by joelfm(m): 8:59am On Jun 04, 2017
One of the best success principles for great entreprenuers

https://www.youtube.com/watch?v=MA4JggI0oq0

1 Like 1 Share

Re: 5 Wrong Reasons For Becoming An Entrepreneur by joelfm(m): 9:03am On Jun 04, 2017
You may also watch start up advice for entreprenuers

https://www.youtube.com/watch?v=uqSMEHT9cfc

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by Wiseandtrue(f): 9:05am On Jun 04, 2017
FitnessDoctor:


Why the mention?
Apologies! I meant to quote the OP. I Will rectify it
Re: 5 Wrong Reasons For Becoming An Entrepreneur by kc2hansome(m): 9:07am On Jun 04, 2017
nice one

the major problem with entrepreneurship in Nigeria is capital.
most youths have game changing ideas but zero capital or backing.
Re: 5 Wrong Reasons For Becoming An Entrepreneur by flames007(m): 9:12am On Jun 04, 2017
Diplomaticbeing:


She's right and you're wrong. There's a difference between success consciousness and money consciousness. The former is what every genuine and longstanding successful entrepreneur has innately.
I don't even get your point.An 'Entrepreneur' as the name implies is someone who
has The capacity and willingness to develop, organize and manage a business venture along with any of its risks
in order to MAKE A PROFIT. That's the goal of every successful entreprenuer. You are only successful as an entrepreneur if you make money in the short or long run.

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by danielblessing(m): 9:12am On Jun 04, 2017
I disagree with your first point.. The first reason why anyone should be an entrepreneur is to make money. It isn't an NGO or foundation sad

1 Like

Re: 5 Wrong Reasons For Becoming An Entrepreneur by talk2hb1(m): 9:13am On Jun 04, 2017
flames007:
I disagree with your first point. Why do people venture into bussiness,is it not to make it rich. Although it's not very easy at first and you might not even break even not to talk of making profits for the start.
Entrepreneurship is not all about monetary profit, its all about adding values and in return it might drop some money into your pocket wink
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Re: 5 Wrong Reasons For Becoming An Entrepreneur by danielblessing(m): 9:15am On Jun 04, 2017
Lukestintin:
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Mr sure bet you have been spamming nl post.. Try to advertise through the normal channel biko
Re: 5 Wrong Reasons For Becoming An Entrepreneur by ipreach: 9:16am On Jun 04, 2017
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Re: 5 Wrong Reasons For Becoming An Entrepreneur by flames007(m): 9:24am On Jun 04, 2017
talk2hb1:

Entrepreneurship is not all about monetary profit, its all about adding values and in return it might drop some money into your pocket wink
Bussiness SMS service at https://www.sms2profit.com how to maximise your business profit with text messages
u can enlighten me on the kind of values you'r talking about. I can see you'r an entrepreneur into bulk sms biz. If you offer me your service(Value),I'll give you money in return. Every successful entrepreneur offer value,bro!
Re: 5 Wrong Reasons For Becoming An Entrepreneur by Diplomaticbeing(m): 9:33am On Jun 04, 2017
flames007:
I don't even get your point.An 'Entrepreneur' as the name implies is someone who
has The capacity and willingness to develop, organize and manage a business venture along with any of its risks
in order to MAKE A PROFIT. That's the goal of every successful entreprenuer. You are only successful as an entrepreneur if you make money in the short or long run.


Foremost, I have to assume you know that opportunism is different from opportunity. Well, while a success-conscious entrepreneur's aim is to identify opportunities and develop and bring them to fruition for betterment of the masses (customers), and in the process genuinely and peacefully make money - in most cases a whole lot of it. But same cannot be said of get-rich conscious person. In this latter person you have an opportunist who's ready to exploit anyone/take advantage of any condition to amass money for himself.

While a success conscious person is an entrepreneur that carries out her business on principle a get-rich conscious person is a non entrepreneur (but may disguise as one) that carries out her business on expediency.

In summary, an entrepreneur, a successful one has riches, in fact wealth as her major hallmark, but she's never in business to get rich. To her riches isn't the end but rather only a means. Her end target is success. I hope you will understand me better now. Happy Sunday.
Re: 5 Wrong Reasons For Becoming An Entrepreneur by kennethbetha: 9:58am On Jun 04, 2017
Lukestintin:
Are you tired of losing or tired of giving up, why other keep hitting it big, all our yesterday client have been celebrating giving us calls of victory, done be left out. View our today's won ticket for your delight.
This thief and scamner have you come again?
Re: 5 Wrong Reasons For Becoming An Entrepreneur by Suko110(m): 10:04am On Jun 04, 2017
U start a business not to get rich Do u write on nairaland not to make FP @OP

2 Likes

Re: 5 Wrong Reasons For Becoming An Entrepreneur by virtualcard: 11:06am On Jun 04, 2017
..

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