One of the major reasons many startups fail can be traced back to why they started the business in the first place. When your intention is wrong, your actions cannot be correct.
I will be sharing with you some common wrong reasons to start a business
WRONG REASON 1: BECAUSE I’M BROKE
Everyone needs money. Even the rich get broke sometimes. But because you are broke is defintly not a good reason to start a business. Here is why?
Businessmen are not money people. Money is not the purpose of business it is a consequence. Any business that is build on the sole foundation of making money will soon run out of market. The goal of any business should be to provide value and solve people’s real problem. Then people pay you for solving their problems. So if you are broke and you are not solving people’s problems, you can’t make money. Don’t get me wrong, you should make money from your business, but let that not be the only reason you are starting the business.
Another reason you should not start a business just because you are broke is that there is no guarantee that you are going to have your immediate financial needs met by that business. If however, you are lucky to make money, chances are that you will be spending the money when you ought to be multiplying it or growing your business.
So what should I do when I’m broke? look for a job. What if there are no jobs? that’s why you should look for it. There are really no Jobs.
However, if you have a solution to people’s problem and you are broke. That will be a perfect time to start a business because you have double motivation.
Disclaimer: These are my thoughts, they are not product of any research. You are entitled to your own opinion as well.