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The No. 1 Reason Most Entrepreneurs Start Businesses

Business News Daily Editor
Business News Daily Editor

Entrepreneurs are not motivated by what you may think when starting their own business.

  • The No. 1 reason most people want to become their own boss is the freedom, satisfaction and flexibility it offers them.
  • Entrepreneurs need to embrace new technology and use it to their benefit to continue growing their startup
  • Every new business needs quality employees, but it can be challenging to attract the right talent to a startup. Having a step-by-step plan in place can ensure a smooth onboarding process.

Nothing beats the freedom of being the boss, at least when it comes to the entrepreneurial efforts of small business owners. With freedom comes flexibility to make your own schedule and not have to answer to anyone. This also means getting the satisfaction of making your own decisions. Starting your own business can be risky, but with that risk comes reward. It can be attractive to new entrepreneurs that they can build something big from scratch, at least something bigger than what they could as a salaried employee.

Some entrepreneurs develop their reason for starting a business at an early age, while some endure years of salaried corporate life before moving on to entrepreneurship. In any case, the number No. 1 reason why they want to start their own business is to become their own boss.

New research from Cox Business has found that more than half of small business owners start their own business in order to be their own boss. The researchers found that people were also motivated by the idea of creating something from the ground up. Overall, nearly two-thirds of respondents said they had started their own business for one of those reasons. Money, on the other hand, is not a motivating factor for many small business owners: Just 8% of respondents said that was their main motivation

Small business owners are also very dedicated to building those businesses; the research revealed that 43% of business owners said they have never considered closing their business, even as new technologies create challenges they may not have anticipated when starting their businesses. As technology advances, there will also be products and companies that will challenge the existing companies. Despite those challenges, small business owners are looking at the rise of new technologies as more of an opportunity than a detriment for their businesses. Unless new entrepreneurs embrace new technology, they will not be able to keep up with upcoming competitors. Rather than viewing the technology as a challenge, the entrepreneurs should consider looking for a way they can use the technology to further their business and personal outcomes.

More than half of the business owners in the Cox Business Small Business Week survey said that new technologies like apps, mobile marketing and others were helpful to their businesses. Additionally, 37% said they were happy with the way they have incorporated technology into their businesses. Just 32% of respondents said they are having trouble keeping up with new technologies. Those responses speak to the idea of "digital Darwinism,” which refers to companies trying to keep up with constant technology changes.

Business owners still rely on email for daily communication, with 40% of respondents saying email is the most important communication tool for their business: Small business owners chose email over cell phones and social media for their daily communication needs. Social media was not only less important to small businesses' daily communication but also to other aspects of running a business. In fact, only 33% of small business owners said they utilize social media in their marketing efforts. According to this study, email remains the main platform for communication, but this might not be the case as technology evolves.

Even though technology was not a high priority for many of the small business owners surveyed, they rated a tech superstar as their entrepreneurial idol: 21% of business owners said Steve Jobs was the entrepreneur they most want to emulate. Jobs was followed by Ben Franklin and Walt Disney. The research was based on 605 responses from small business owners and managers at Cox Business.

How to get motivation to start your own business

There is no motivation better than the one that comes naturally. Most people who start their own business have a built-in desire to be their own boss, make their own schedule and not have to not answer to anyone. Some might have the desire to make a lot of money, which might not be as much when they work as a salaried employee. What was your original reason for wanting to be an entrepreneur? Keep that in mind and let it guide you.

There are some additional things you can do to further motivate yourself to start a business. For example, finding a role model or mentor can be extremely helpful. Let their struggles and success inspire you. Similarly, reading books or case studies that apply to your goals can be motivating and also give ideas on how to actually achieve what you want. Support of friends and family can keep you on the right track as well. This support can be achieved by communicating to them about what you desire, the challenges you are facing and your plan to combat these challenges. 

Successful onboarding process

Although a new entrepreneur wants to be their own boss, usually their startup does need to hire new employees to perform various tasks for the business. One of the challenges for a startup is to attract new employees, as some would view joining the start up as a risky move for their careers. Keep in mind that most startups don't end up being successful.

There is also the pressure of funds, which can be very limited for a startup. Therefore, it's challenging for any new business to hire the right people. In order to combat these challenges, the startup should have a plan in place on how to onboard new employees in the most smooth and efficient process possible.

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