What’s the Motivation to Start a Startup?
Starting a company is hard. Even uber-successful entrepreneurs like Marc Andreessen will tell you so. And no matter what you think you know about starting a business, you’ll be proven wrong time and time again.
Austin Hill beat me to my own post on the rollercoaster ride of startups, but his point is a key one: emotionally, be prepared for one hell of a topsy-turvy experience.
When starting a company, expect to face financial and personal uncertainty. Your own money may be at risk. You may be bootstrapping; watching the pennies disappear from your account is frightening. Troubles with partners are bound to happen. If they get too severe, you may have to get rid of them. Your family life will suffer - too many hours and too much brainpower invested in your startup…
The whole process of starting a business can get really, really ugly.
So what’s the motivation? Why do it?
Ask any entrepreneur and they’ll openly tell you all the reasons not to start a business. All the frustrations, difficulties and painful times. But then they’ll launch into all the reasons why you absolutely must start a company, and do it right away. Most entrepreneurs are like late night informercial maniacs when it comes to promoting the startup life to others. Here’s what they’ll be pitching:
- Passion. The passion you feel as an entrepreneur - for the startup life, for your company, for your vision - is all-encompassing. You’re driven to succeed, to experience everything a startup has to offer, and to make things happen. Passion is a prerequisite to starting a business, and it’s also a huge motivator, because through your startup you fuel your passion.
- Creating Value. Entrepreneurs are builders. Creators. We need to produce “stuff” in order to succeed. And that “stuff” needs to create value. It’s extremely motivating to know that something you’ve started has created value for others. And part of creating value is contributing to the entrepreneurial community on a whole. For me, this is a particularly motivating factor; I’m able to build a company, blog about it and communicate to others about my experiences.
- Changing the World. Not every business has the potential to change the world, but many entrepreneurs take this mantra to heart. Lots of entrepreneurs believe their businesses will change the world. It’s part of creating value. Starting a business and tossing yourself into it with unequivocal passion, gives you the chance.
- Being in Control. Entrepreneurs are control freaks. We believe we can do things better than others, and off we go! Having that opportunity is on one hand motivating and on the other hand scary - you’re in control, you’re the boss, you better get out there and make things happen. Luckily, being in control feeds many of the other motivating factors, so it all comes together.
- Money. There’s no question that money is a motivating factor, although it belongs at the bottom of the list. The truth is that you can probably earn more money at a fairly high paying job, over enough years, than you can starting a business because of the likelihood of failure. But the only way to hit a financial home run is with a startup. You get to take your swing at the plate and aim for the fences.
Very few entrepreneurs start one business and stop. Whether they succeed the first time or not, many entrepreneurs are “repeat offenders” because the motivation for starting a business is so strong. The emotional rollercoaster that so many people describe borders on an addictive rush. Entrepreneurs crave the feeling of starting something new, disrupting the status quo, changing the world, creating value, generating wealth. It’s what entrepreneurs do. Few working opportunities will give you the same possibilities as starting a business. And few jobs, if any, give you the same motivations and rewards.
I agree with you about the description of entrepreneurs, but you did it all wrong. Here - move and let me do it…
Maybe we are a *little* control freaky…
I agree especially with the “Money” factor. I’ve seen more people planning a startup and they’re only comment is about how much money they’re going to make.
If that’s all there is to it, they are certain to fail. Guaranteed.
There’s got to be something more there internally (passion driving us through the endless problems) and for the market (something different that they’ll care about).
Dan
Money can be a motivational factor but it definitely can’t be the sole motivation. I am currently in my business for the passion. If it wasn’t for that I would have quit a long time ago.
I am a little bit of a control freak but I try to let go a little and allow others to work freely. It is a tough thing to delegate because I want to do it all myself, even knowing full well I can’t.
I agree with Ben in everything, the real entrepreneurs start a startup because the passion, for giving something to the world.
Of course the money is a motivator, but I think that money is a way to evaluate your performance.
Yes…much of what you say reflects on the vision of the entrepreneur. One other area that I think an entrepreneur needs to understand. In many cases, they are just the “Starter” and not the “finisher”. So someone starting a company, may decide they are good at the first 18 months when there are mulitple jobs and lots of “control”…when the staff grows and the entrepreneur turns into a manager, then that may be the time for the entrepreneur to relinquish his helm and start again. For me, I like to juggle a few business ideas at a time until one gets some momentum.
Andrew Kaplan
http://www.mediamensch.com
http://www.ewarrior.com
http://www.linktocharlotte.com
Andrew - That’s a very good point. Most founders don’t live to see the complete existence of their companies. In fact, that goes very much to my point that entrepreneurs are creators. They’re not often considered “managers.”
I cant agree more Ben, and I would never think of doing anything other than being an entrepreneur and creating companies.
I also agree with andrews comments in that I once a company or “project” as i call them reaches a certain level and you begin to move more into a management role then it is definately time to move on.
An adviser who helped me kick off my business was motivated by his desire to “never wear a tie again.” He started his own business 20 years ago, when ties were de rigeur in his setting.
But I think Passion is a big key. The next question: how do they stay in it?
Jack - How do they stay passionate? Is that your question?
It’s a good one. I think most of that comes from within. You’ve either got the fire or you don’t.
You forget to put in the learning experience. By starting up a company, you learn more in a few months than a lifetime in a career. Managing your own start up, there’s a lot more than just wearing multiple hats.
Every one should do it once regardless if the new business fails or succeeds.
Billy - Without a doubt you’ll learn an absolute ton when you start a business. I’m not sure that’s a motivation or a result though.
I look at learning this way: If you think you know everything when you start a business, you’re in trouble. If you’re not open to learning a ton, you’re in trouble.
I’m sure for some it’s a motivation, but I think for most it’s probably a well-appreciated by-product.
Hi Ben
i agree with all you points and also agree that money should not be the sole motivating factor. what i believe is the greatest factor in respect to starting ones own business, is your ability to create value and contribute in some sort of way. Making an impact on society, or serving a community are great ways to perpetuate profits as well as manifesting emotions of passion and love.
These things i believe create the drive to pull through the hard times and lift off the initial launching pad of your business.
i have some interesting articles on motivation in my personal blog over here if your interested.
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