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Why do people start their own business?

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It is interesting to observe and determine the key reasons why people decide to start a certain business. Starting your own business requires money, many hours of hard work, persistence, steel will, a lot of patience, as well as the understanding that if you do not have sufficient and regular business income already in the first or second year of operation, your entrepreneurial adventure could soon be over.

Research shows that only 50% of started business ventures remain in business after 18 months, and only 20% after 5 years. When it comes to business ideas, on average only one out of 50 business ideas is technically and economically feasible and justified. However, despite all of the above, people start their own businesses almost every day. What motivates them to take such a step? There are several key factors that influence would-be entrepreneurs to take this path.

Passion for a business idea

One of the most common factors of almost every new business is a business idea. It often happens that someone gets an idea for a new product or service, and there is no way to take that idea to the market, except to start a new business. In these cases, the passion for the business idea is determined by how attractive and feasible the idea itself is. Many would-be businessmen become very passionate about their ideas, especially if they believe the end result will improve their circumstances and positively impact other people’s lives.

An important result of that passion is that it often triggers the efforts of young businessmen, entrepreneurs or owners of their own businesses to start their businesses from scratch and run them successfully. People from this group of potential entrepreneurs start their businesses out of love for what they do and wholeheartedly believe that the passion that guides them is a key prerequisite for success, while running their own business in this way gives them a sense of fulfillment and pride.

Martial arts figure prominently in many Asian cultures, and the first known traces.

Financial need

Some entrepreneurs decide to start their own business out of the need for a better financial situation. If classic employment does not provide enough income to meet and fulfill certain aspirations that appear in people in the form of ambitions, goals and desires, a potential solution appears in the form of starting a business that would initially generate additional income, and later perhaps grow into a business with full time and full commitment. Although starting a business is no easier than traditional employment, business owners typically have more control over their finances and career path. Such control helps them better balance their professional, family and other aspects and aspirations.

Business engagement

Starting a business is sometimes motivated by the entrepreneur’s desire to be involved in all aspects of a business process. In other words, an entrepreneur wants to be a part of designing, manufacturing, marketing and selling a particular product or service. This simultaneously determines the direction the company will take, makes key decisions on development and assumes responsibility for all aspects of business operations that are carried out. Entrepreneurs usually have a specific idea of ​​how these processes should look, so the very motivation to first execute them themselves in the best possible way, and then achieve success as a direct consequence of the decisions made, is a decisive factor in starting their own business.

Greater freedom

Many businesses are started from the need to make business decisions without the approval of a superior, as well as to completely independently manage the business strategy, the visual identity of the company, the appearance of the work environment, working hours and money generated by one’s own effort and work. This is an especially important driving factor for those individuals who simply don’t like to be admonished or ordered around and long to make their own rules or build a better company than the one they’ve worked for.

By setting working hours and a schedule that best suits the owner and a workplace that could even be from the living room of the house where he lives, previous problems such as being late for work or traffic jams when going to work would no longer exist. With the spread of wireless Internet, there is also the possibility of doing work from any place where the Internet is available, of course if the nature of the work allows it. Also, one of the key factors is freedom in choosing the closest collaborators, who would contribute to the development of the newly opened company.

Starting a business is an exciting adventure. It is almost certain that you will have a lot of difficult moments, as well as those moments that will motivate you to overcome all obstacles. The ultimate profit will be realized only by you and not by someone else, but at the same time only you will be responsible for all the good and bad decisions you make. The more dedicated and prepared you are, the more you will achieve. At the end of the day, you will be able to measure your efforts, get to know yourself and your abilities that you may never have known you had.