Dear reader, we dedicated the month of October to providing information on the management of small businesses. Well, the month is coming to an end, and so is the year.

Some of you have reached out to us on the need to start a business. This is commendable because through entrepreneurship, poverty, unemployment, high imports, and a low tax base that Africa is struggling with will be improved.

Human Capital International is willing to walk this entrepreneurship journey with you because it is the reason why we exist.

Unfortunately, we have realized with concern that some of the reasons some people are advancing to start businesses will not stand the entrepreneurial test of time.

Here are some of the wrong reasons for which our team of seasoned businessmen and managers would suggest never to start a business.

I Want to Make Millions

Whenever our clients consult us, we usually ask them about their motivation for wanting to start a business. We must admit that most of the answers sound like this-: “I want to make money and become rich.”

Recommended article: 5 Essentials for Start-ups’ success in the Digital Economy.

Sadly, although this answer is prevalent, it is one of the biggest reasons that lead to the collapse of many businesses.

Some people are even convinced that the moment they open the door of their business, they will become rich within a short period of time. Some people who aren’t endowed with entrepreneurial abilities, nor have a previous experience, abandon their full-time jobs in pursuit of this “want to be rich wish”.

But the truth is, running a business is more of hard work than reaping quick and juicy results. The sacrifices are enormous. It is true entrepreneurship is rewarding, but it only rewards those who solve problems. Start a business to solve a problem, and the financial reward will follow.

I want to have time for family and friends

Every now and then, many professionals are bitten by the entrepreneurial bug. The corporate world becomes tiresome with a defined routine and often the thanklessness of working for someone else.

Recommended article: Walk the Entrepreneurship journey with these ideas

The option for many tired employees is entrepreneurship, thinking it will free them up to spend more time with their families. They find the routine of 8-5 jobs too demanding, and therefore depriving them of valuable family time.

But the reality is, the moment you dive into entrepreneurship, the line between work and life is erased. The long tasks and sacrifices of the business follow you even to your most private moments. You will wake up with unhappy customers. You will work long hours to mentor staff, innovate a service or a product, and spend even more time to market it. To think that you are running away from your employment to save time is an illusion.

I want to become my own boss.

Many professionals dream of becoming their own bosses.

Among the many professionals we have interacted with, most of them think becoming their own boss will give them the liberty to dodge deadlines, wake up anytime they want, show up at will, earn their dream income and spend at their pleasure.

However, entrepreneurship is very unforgiving if you enter there with such mentality. For instance, customers want consistency in delivery time and quality, and they want a dependable business, not one where business hours aren’t consistent.

If you should start a business with the wrong reason, you would wake up one morning to discover that your hard-earned investment sank into the business has all gone waste.

Therefore, before you think of starting your own business, first check your motive and be sure that your idea has a problem to solve. Never go into business for any of the reasons above.

Good luck.

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