What Drives People To Start A Business?
And what keeps them going?
People choose to start a business for a variety of reasons. For some people, it's about making more money, for others, it's frustration in their current role or a lack of job opportunities ...
Getting the right advice and mentoring when you start a business is hugely important!
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Maybe a person has had a fantastic idea, wants or control of their own destiny, wants to leave a legacy or build something for their own community.
"There are so many compelling reasons to start a business!"
There are great stories of Mumpreneurs who have started something on their kitchen table and gone on to be successful or people who have escaped the corporate lifestyle for something entirely different, seeking freedom or a different work/life balance.
Those who thought their boss was an idiot and they had the passion to work for themselves, or those who were made redundant and seized an entrepreneurial opportunity.
"And, guess what? Anytime is a great time for people to be thinking about making a change and breaking that mould!"
As you would expect somebody has done research into this, and according to a poll taken by Hiscox insurance, the majority of responses said they went into business to be their own boss!
If you are feeling the need to take the plunge and start a business, then what is important is that you consider the disadvantages as much as you do the advantages.
Undoubtedly you will know, or know of, someone who has successfully started their own business. But the statistics show that it's not all roses around the door and lots of time for yourself - statistically 30% of business starts ups don't last two years and 50% don't last 5 years.
"What makes the difference between a great start up and a flop?"
I think it is firstly, having a clear idea and doing enough planning and, secondly, the advice and help and support you get; most importantly getting a Mentor.
At JVCA, we deal with quite a lot of start-ups and it is clear that having a mentor makes a big difference, so much so that some lenders insist that you have a mentor as part of their loan conditions.
If you've got an idea and want to start a business, then it may be a good idea to call me on 0333 335 0422 and let's arrange a chat to see if your idea is sound. I'm pretty sure I could find you a good mentor too!
Until next time ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.