Four Reasons to Start a New Business
If you're thinking about taking the leap to start a new business, there are lots of things to consider. You'll need to set a budget for yourself and your family, you may need to find office space, you'll need to get all the legal stuff in order. But I believe you must also consider the "Why?" behind starting a business. Your heart, soul, attention, and time will be poured into this endeavor. Therefore, you need a compelling reason to do it.
For me, when I'm asked to co-found a company, be the lead entrepreneur on something, or join a founding team, I have to have all of the following elements in place to jump in:
The right people
Who else is a part of this? Do I like working with them? Do they work hard? Will it be enjoyable to work with them? Do I admire what they've done so far? Will I learn something from them? Do we have similar values? Do we have different skill sets?
A big idea
I'm not interested in opening a coffee shop; I want to open 100 of them. Does this idea get me excited because it's a big, bold idea? Is it a disruptive idea? Is it innovative? Does it have the potential to reach lots of people? Will it change the way people think or interact?
A meaningful idea
Does this idea have social meaning? Could it change the world? Does it help people in some way? Does it meet a need that is currently being overlooked? Will I feel good or proud when I work on this?
A valuable idea
Will this make money? Could it possibly make a lot of money? What are the revenue streams? What are our costs? Would someone want to buy this one day? How big could this get?
All four of these qualities must be in place for me to consider launching something or helping to start something new. If they're not, then I pass. And if they're not in place for your business idea, I'd suggest you move on to the next idea on your list.
Starting something you don't care about with people you hate might still make you rich, but it won't make you happy. And if you can't be happy starting something, then stay where you are.