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Business is an interesting journey, but it is full of ups and downs. In business, people face good and bad time. They fail and they succeed. But in spite of all these people take up the risk and start business.
Question comes why?
I have noted here main reason for people starting business:
1. Idea of new product / service: Before starting any business, a person incubates the idea of a new product or a new service in his or her mind. The execution of this idea comes out in form of business. The urge to make a new product or service is irresistible. This urge paves the way for new business. This is more of a mental exercise than something on ground. Mental game is the fist game to take up in business. Here the journey is planned and made inside brain
2. Venture of own: The urge of start a venture of own drags the person towards business. Own venture is generally a dream of every person at some point of time or other. People who do so have an appetite for risk. Generally younger geeration is of notion that investing same amount of time – as invested in office – in own venture can reap more income than the salary.
3. Sense of security: In present time, unlike older time, younger generation has a sense of security prevailing. This is because a greater support from the parents or family. Their physiological needs – as per Maslow’s Hierarchy of Needs – are well taken care by their parents. This make them bit secure to take risk – unlike their earlier generations. This sense of security gives them the appetite to take risk. In order other to start business.
4. Encouragement by startup schemes: Government all across globe is encouraging business and startups. This is because these ventures generate employment and contribute to economy. This step is done to increase the numbers of employment givers than increasing number of employments. This has an exponential impact.
5. Being own boss: Whenever one start business, he or she becomes own boss. This I an appealing factor. However, once the company grows and more stakeholders come, the reporting patters changes. Even owner of company becomes answerable to the stakeholders. But, even after that, this is an appealing factor.
6. Service to society: Urge to serve the society – by solving a persisting problem – drags a person to start a business. This is more of an inspirational factor. This factor dragged many entrepreneurs to start up new ventures. Srikant Bolla is a living example who started his venture to provide employment to specially abled people.
These factors make a person to start a business. This not only starts a business but makes world a better place to live.
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