Tuesday, April 17, 2007

Reasons for becoming an Entrepreneur

Ever since I started my venture, I had more chances to meet people from all walks of life. I realized quite a lot of people were sick of their jobs and wanted to be their own boss. And I also started to gather the different reasons they gave for wanting to be an entrepreneur. Below is a list of the reasons I gathered (some added by myself):

1. Want to earn more money
2. Frustrated with boss/company
3. Feel un-appreciated / under-recognized by company
4. Have a brilliant idea and want to implement it
5. Want to pursue your own dreams and passions
6. Want to be in control of your own destiny
7. Like the title “entrepreneur”
8. Want to try out your own idea of how a company should be run/managed
9. Want to change the world
10. Saw a business opportunity or a potential market
11. Want to experience being a boss
12. Want to seek new challenge
13. Feel stagnated or disillusioned in present job

Whether you are contemplating about becoming an entrepreneur, or you had already gotten your feet wet, it is always good to review why you wanted or had decided to become an entrepreneur. This is because when you are experiencing bad times, those same reasons can either keep you going or make you quit. My ex-partner K ventured out because of reason (1). After going through almost 1 year without salary, it was quite natural that K wanted to quit.

Another ex-colleague SL ventured out because of reasons (2) and (10). But soon after he quit the company, the business opportunity he saw disappeared and he was left with only reason (2). He didn’t manage to survive more than 5 months.

Another friend H also ventured out because of reasons (10) and (12). He saw a potential market in a particular sector, and he felt it was time to seek new challenge. From what I heard of, he doesn’t seem to be doing very well but he is still trying.

As for me, it’s a combination of (1), (3), (5), (8), (9) and (12). Out of those six reasons, I would say reason (5) is the main reason. And it is the same reason that keeps me going when I am experiencing bad times.

I will write about “Reasons stopping you from becoming an Entrepreneur” in my next post.