The Importance of “KNOWING MY WHY” in Building a Successful Business

The Importance of Knowing Your “Why” in Building a Successful Business

Entrepreneurship has never been given this much attention and we know that so many of you out there are aware that this can be your way into a fulfilled life. That is why on our next blogs in Businessmentals, we will be talking about the important questions that aspiring entrepreneurs should ask themselves and the critical decisions that you should make. These will guide you into building solid foundations of your business.

THE BIG QUESTION: Why Am I Doing This?

Why do I want to be an entrepreneur?

Why do I want to start my own business?

Why should I leave the secured employee life?

As you may have heard from inspirational speakers or read from quotes, “entrepreneurship is hard and lonely”. These terms may vary from person to person, but it is true that IT IS DEFINITELY NOT EASY. This pathway is a trail of trials and triumphs, challenges and victories. It is a long journey of ups and downs. And during the down times, your answers on the above questions – your REASONS for choosing this path – are what you’ll be holding on to and remind you of why you started in the first place.

Ask yourself WHY you want to start a business

It can be because you hate the 9-5 job. It can be because you want more autonomy; or you have that great idea you really believe will really sell. It can also be for money, or freedom to manage your own time. Some entrepreneurs take the path because they have a very unique idea that they want to give a shot, and some are in it because they’ve seen other people succeed in it and see no reason why they shouldn’t do the same.

The first step in getting this step right is to be HONEST with yourself. Be honest in what your reason really is and if it is worth it. Going for the entrepreneurship life takes not only courage to execute but the willingness to risk money, time, and effort.

If you are looking at building a business and sustaining it long term, your reasons have got to be something that makes you happy and fulfilled.

At times when you have to sacrifice your weekends, family time, sleep, and resources, knowing that you’ve really thought about this and that this is what you best be doing now – your journey already becomes your return of investment.

There are 2 categories where an entrepreneur’s reason for starting a business fall into – an ‘AWAY FROM’ and a ‘TOWARDS’ strategy.

  • An “away from” strategy is to get out or get away from a bad situation.

Reasons such as ‘I don’t want to be in the same job forever’ or ‘I do not want to be like him’ fall into this category.

  • A “toward” strategy is knowing that there is something in it that you want to get such as ‘I want to start a business because I know that this product will sell’ or ‘I want to live a life with freedom to manage my time’

If you’re at the stage of visualizing your business, it is the right time to be thinking about your answers to this WHY. You may not figure out everything else just yet but knowing WHY you’re going to start will help you greatly along this journey.

There are quite a few other things to think about before you commit to starting a business. You’ll find them in our FREE Business Start-Up Checklist which you can download HERE.

Stay tuned for our next blog where we will talk about “4 Big Questions to Ask Yourself When Choosing the Right Business Type”.

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