Why start your own business? Take a moment to reflect on this question. Starting your own business is a decision that can reshape your life. The reasons behind this choice are as diverse as the entrepreneurs themselves.
People seek to start their own businesses for a variety of reasons. Perhaps you aspire to work for yourself, establish your own hours or simply pursue your passions. Perhaps you are looking for work or want to start a side business to increase your income.
For some people, starting their own business means freedom. For others, it is more thought out and defined: They want a better work-life balance, higher earning potential or a flexible location (depending on the type of business), or they want to create experiences where they get to travel a lot and experience and enjoy life.
Successful Entrepreneurs Are Intentional
Understanding your why will help you plan toward starting and running the type of business you want.
Ultimately, it is quite evident that successful business owners are intentional in planning and execution. They achieve this by being guided by a personal playbook. We have developed different playbooks at Entrepreneurs.ng. These playbooks have been instrumental to the growth of many businesses.
I’m committed to empowering African entrepreneurs by sharing foundational insights developed from what I call the playbook of entrepreneurship.
Entrepreneurship is Not as Glamorous as Portrayed On Social Media
Before you get carried away by everything you’ve read regarding the pros of starting your own business, let’s be clear: As with everything in life, nothing good, valuable or profitable comes easy.
There are challenges with starting and running a business, and the truth is that entrepreneurship is not for everyone.
Entrepreneurship is not as glamorous as it’s often portrayed on social media, and there is no reason to shame anyone who opts for a regular 9-to-5; it is a legitimate and steady path that has proven to be just as rewarding and fulfilling for many people.
So it’s crucial to identify your why before embarking on this journey. I will simplify this process to make it clear, rewarding and stress-free. At my program- Start Your Business in 30 Days, the first thing we do is to develop a compelling Why for your business.
The reason is because, if you start a business for the wrong reason, it becomes easy to give up in challenging times.
Before we identify your why for starting a business, I will share with you why I became an entrepreneur.
What is My Why For Starting My Businesses?
Why did I start my three companies? My why is to democratize business opportunities and empower a new generation of entrepreneurs to build sustainable and successful businesses. I am passionate about contributing to reducing unemployment and uplifting Africa.
I strongly believe that entrepreneurship holds the key to overcoming our economic challenges. To make a significant impact on our economy, entrepreneurs need to have the right knowledge and skills to run their businesses effectively.
Throughout my journey of supporting entrepreneurs for more than a decade, one thing has become evident: There’s a knowledge gap in the business world. Many business owners lack the know-how to run a business that can thrive for generations to come.
I’ve witnessed businesses fail not because of a lack of funding but due to a lack of understanding of the right strategies, business operations and effective marketing. They struggle to generate enough sales and revenue to sustain their ventures.
For over a decade, my company has been at the forefront of solving this problem. My mission is to make a real impact and bridge this knowledge gap. We do this through a lot of activities at ReDahlia and Entrepreneurs.ng and a program that helps 9-to-5ers, aspiring entrepreneurs and existing entrepreneurs start their business or restructure their business in 30 days.
Additionally, I work with established businesses to scale their impact and revenue. If you are having execution problem and want to work with seasoned consultant to move to the next stage of growth, write to me at Florence@entrepreneurs.ng.
All of these efforts contribute to growing our economy and reducing unemployment.
That’s my why—to empower entrepreneurs with the knowledge and tools they need to succeed.
Find Your Why.
To identify your why, let’s follow these steps to set clear goals that will hold you accountable during your entrepreneurial journey.
Step 1: Reflect on your motivations.
Take a moment for quiet contemplation. Ask yourself:
• What motivates me to become an entrepreneur?
How will my life and work transform with this decision?
• What goals do I aim to achieve through my business?
Write down your honest answers in a journal or on paper. Remember, there are no right or wrong responses; it’s about your personal reasons.
In the Start Your Business in 30 Days Program, when entrepreneurs perform this exercise, they submit their answers in the community. I personally review and provide personalized feedback to guide their reflections.
If you’re considering starting a business, I am the most qualified to guide you from idea to launching your business. Click to enroll for the next cohort of Start Your Business in 30 Days now.
Step 2: Craft your ‘Why Statement.’
Based on your reflections, create a clear and concise ‘Why Statement.’ This sentence should encapsulate your primary reason for starting your own business. For example:
‘I want to start my own business because I crave the freedom to work on my terms and pursue my passion for baking, creating delicious treats that bring joy to people’s lives.’
You saw my ‘why’ above; use the same method to craft your ‘why.’ My ‘Why’ is the reason why I push each day. I consider what we do at ReDahlia and Entrepreneurs.ng a mission. Daily, people write to me expressing how our content and programs have impacted their lives and businesses. When I read such stories, I am reminded of why we started the journey.
What I’m saying is that your ‘why’ should be compelling enough to make you wake up daily and try once more.
Step 3: Embrace Your Why.
Reflect on your Why Statement and consider how it resonates with you. Understand how it can be your guiding star throughout your entrepreneurial journey. Your why will keep you motivated during challenges and focused on your goals.
Every day, I embrace my ‘Why,’ constantly brainstorming how we can better serve entrepreneurs. We feel a strong urge that, beyond the various ways we currently support entrepreneurs, there’s still more we can do to spread the message that business can be learned and executed more effectively.
Step 4: Commit to Your Why.
As you progress in your business venture, make a commitment to yourself and your why. Regularly remind yourself of your motivations, and let them fuel your determination and perseverance.
Entrepreneurship can be challenging, but a clear why will keep you on course and bring fulfillment to your journey.
Take your time with this exercise; be genuine and true to yourself. Embrace your why and let it illuminate your path as you embark on the exciting entrepreneurial adventure.
Why do you want to start your business? I want to read from you in the comments.
Every week, I teach practical business lessons that have helped thousands of entrepreneurs start and grow their businesses. If you want to benefit from my teachings, sign up for the business lesson here.
Some parts of this article was first published by Florence Chikezie on Forbes.com
I’m a member of the prestigious Forbes Coaches Council. I help aspiring entrepreneurs start and set up their business through my program- Start Your Business In 30 Days. And, I work with corporations to scale their impact and revenue. Reach me Florence@entrepreneurs.ng.