Why people take to starting a business

The number of people starting their business has increased significantly in the last few years. The most common reason for starting a business is identification of a business opportunity. There are also a range of other factors which may encourage an individual to set up their own business

  • Financial reward for entrepreneurship
  • The opportunity to work for oneself
  • The Freedom to pursue a personal motivation
  • Need for recognition

However not all entrepreneurs are positively motivated into becoming their own boss. There are also a group of so called ‘necessity entrepreneurs ‘who are forced to start their own ventures due to lack of other alternatives or because of negative factors such as lack of job satisfaction with current employers, limitation of financial rewards from conventional jobs and job insecurity.

Whether individuals start their business through opportunity identification or necessity, what seems to drive people to entrepreneurship is mainly independence i.e., not wanting to work for anyone else.

Entrepreneurs will have to demonstrate a great amount of determination, effort and commitment to get to the point where they manage to start their own firms.

Starting a business often requires taking financial risks and gambling a secure career often at the cost of a stable income and prior commitments including mortgage/loans etc.

Despite these challenges, hundreds of thousands of individuals take the plunge into entrepreneurship every year. However, this is a step which can result not only in financial rewards but, more importantly ,personal fulfilment of a dream to work for themselves, create jobs and make a difference.

#startingbusiness  #entrepreneurship #startup

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