Everyday, new business ventures are started all over the world. Everyday, I come across entrepreneurs basking with enthusiasm and passion over their new startup. While I am not against the launching of new startups, my main concern is the primary aim for which these businesses were started.
“Aim for the highest.” – Andrew Carnegie
What is your primary aim for building a business? I bet the answer to this question will vary from entrepreneur to entrepreneur. No matter what your answer may be, I want to let you know that the chance of success or failure in business hinges firmly on your primary aim. The “why” of starting that business of yours.
Being an active player in the game of entrepreneurship, I can confidently point out eight primary motives why people start their own businesses. I am writing this with respect to entrepreneurs in general so feel relaxed and grab the lessons I am about to share.
Four of the Primary Motives Why People Build Businesses
1. Money
I am sorry to say but when it comes to starting and building businesses, those with money as a primary aim are majority. Everybody wants to be the next Bill Gates or John D. Rockefeller. Whenever I ask a budding entrepreneur the question, “Why do you want to start your own business? The usual answer I get is, “I want to be my own boss and make a lot of money.”
Please, I want to clearly state that there is nothing wrong with making money alongside building your business, but the wrong comes when making money becomes your primary aim. I say this because I regularly come across forum posts with questions such as:
- How do I make $1 million a year?
- Can somebody teach me how to make money online?
- I need a business idea that can make me a lot of money?
“Build wealth as a byproduct of your business success. If wealth is your only objective in business, you will probably fail.“ – J. Paul Getty
I sincerely advise against starting a business primarily for the money because money may not provide the drive or enthusiasm needed to emerge as a business success. Take a look at successful entrepreneurs such as Henry Ford, Anita Roddick, and Oprah Winfrey, and you will see they were not driven by the quest for money. Rather, they were on a mission to provide value and quality service.
“I don’t make deals for the money. I’ve got enough – much more than I’ll ever need. I do it to do it.“ – Donald Trump
“Being first is more important to me. I have so much money. Whatever money is, it’s just a method of keeping score now. I mean, I certainly don’t need more money.” – Larry Ellison
2. Fame
The next motive why people build businesses is to acquire fame. Along with a successful business comes fame, and many entrepreneurs desire this fame. They see building a business as a leverage to achieve this dream and be in the limelight. That’s why many entrepreneurs have Steve Jobs and Warren Buffett as their role models.
“If you come to fame not understanding who you are, it will define who you are.“ – Oprah Winfrey
3. Investment purposes
Most people build businesses simply for investment purposes. I think I became an entrepreneur because I saw building a business as an investment for myself and my future. From personal experience, I can say that those who see their business as an investment vehicle are usually long-term thinkers and they are the ones who build businesses that stand the test of time. I think entrepreneurs such as Henry Ford, Warren Buffett, John D. Rockefeller, and Thomas Edison fall into this category.
“Of all investments I know, building a business is probably the best because your returns may be infinite.” - Rich Dad
4. Power
“Fortunately, we are not a public company. We are a private group of companies and I can do what I want.” – Richard Branson
Another primary aim why people start their own business is power. Most people fancy the power wielded by successful entrepreneurs – power to bend the law, power to influence political policies, power to crush competitors and control price.
“Bill Gates is the pope of the personal computer industry. He decides who is going to build.” – Larry Ellison
The danger of building a business for the power attached to it is that you might end up engaging in illegal vices just to achieve that dream. Don’t build a business just for the power but if power comes, grab it with both hands.
These are all I can share for now. Join me in a forthcoming article as I share with you four more motives why people start businesses and how you can balance your act to emerge successful. Till then, keep the entrepreneurial flag flying.
Ajaero Tony Martins is a serial entrepreneur, investor and a prolific blogger. Read more about Ajaero here.
Matthew Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Adam. Matthew is co-author of the newly released book:Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
Extremely interesting topic you’ve tapped into here Ajaero! I can recall reflecting on this same question not to long ago. It was such a powerful realization that I even wrote about it.
Money,fame, power all great ‘superficial’ motivators, but as you said won’t ultimately drive you in the long run.
These things won’t drive you to continue to move forward when sales are down or things are not going as planned. They won’t motivate you to get up early or go to bed late and finish your projects.
I won’t get into what motivates me, but I am sure looking forward to what you have to say next on this! =)
Thanks for sharing this great article!
Dear Michele Welch, thanks for your compliment but i would have loved to know what motivates you in your quest to build a successful business. Who knows, your stance might make me have a rethink. Anyway, thanks for dropping a comment.
Acceptance – Community –Responsibilty – Accomplishment – Fulfilling a lifelong dream.
I think about when I was 12 and I first realized my dream of being an entrepreneur and owning my own business one day. I didn’t think of money or power or fame. Those were just words to me with little meaning.
I just wanted to create something of my own. I saw myself as a top CEO running an amazing, successful company with lots of happy people. =) Of course as a young girl, I didn’t understand the magnitude of this desire.
However, as an adult coming to the realization that fulfilling my lifelong passion of being accepted into the business community was a powerful moment. And with this acceptance, my desire to create and the passion that I bring to the table would come the money, power and all the other “things”.
Don’t get me wrong, I still want money, fame and fortune =) that success can give you, but for me it’s just the icing on the cake.
Having these things may initially drive you, but eventually you will reach a road block and there has to be something beyond the desire for money, fame and fortune. There has to be a sense of responsibility to yourself and your community to help continue to move you forward.
You did ask =)
Michele, i can sense the fire in you just by reading your words. I strongly advocate against the act of making power, money and fame your primary source of motivation. Instead, they should be a by product of your business success; they should be a reward for sticking to the entrepreneurial process. Thanks for sharing your thoughts Michele, You’re simply awesome.
You’re amazing Michele!
Thanks so much for sharing.
And thanks to Ajaero for the great post and continued conversation!
I do believe all the ideas you’ve presented for your post. They’re quite convincing and can certainly work. Still, the posts are really quick for novices. Could you please lengthen them a little from next time? Thank you for the post.
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