If you answered, “To make money,” it is very likely that your business is not a viable business, and won’t sustain long-term growth. Of course, every business wants to be profitable, but if that’s the only goal, most likely it is missing many of the necessary components to actually make money in a sustainable fashion.

Let’s examine some of the wrong reasons for starting a business, which will lead us to the right ones.

Why are you in your particular business?
If you answered, “Because I hated my last job so I decided to just leave it and start a business,” it’s very likely that the business you chose was not built with proper foresight, focus or thought. That’s a recipe for disaster.

Why are you in your particular business?
If you answered, “I didn’t like my boss so I decided to go on my own and compete with him,” it is quite likely that your copy-cat business will crash and burn. At best, you will just be copying what he was doing, albeit with less experience and without any real positive differences or improvements, and will not be providing any additional value to potential customers.

Why are you in your particular business?
If you answered, “Because I didn’t want to work so hard,” it is very likely that you will be in for a big surprise, as running your own business leads to working more, not less, especially in the first few years. When you are your own boss, you can’t clock out, and there will always be stuff to keep you busy, even after hours.

Why are you in your particular business?
If you answered, “Because I am tired of having to answer to someone else,” you may be in for a surprise, as when you own your own business, you may not be answerable to anyone … but you will ultimately be answerable to everyone! When “The Buck Stops Here” is referring to your desk, oh are you going to be answerable to anyone, and everyone, for anything and everything.

Why are you in your particular business?
If you answered, “Because a relative approached me and suggested we be partners and open this business,” it is very likely you will regret that decision down the road, or even very shortly. Mixing family and business is a very tricky situation that needs a lot of thought. Yes, it can sometimes work, but more often than not, more can go wrong than will go right, and it can lead to issues. Ever heard the Yiddish expression: “Mit Mishpacha est men Kugel”?

So, what IS a good reason to be in a particular business?
There are, of course, many good answers to this question.

The main reasons to keep in mind when considering starting a business – and at all times even once you start the business – is to start your business to solve a problem, to address a pain point, or to fill a void.

If your business solves a problem for consumers, they will flock to you for that solution.

If your business provides the antidote for their pain point, before long your business will be thriving.

If your business fills a void that other businesses are not filling, or that your competitors are falling short of addressing, BINGO, you’re in business for the right reason!

Focus your attention on learning about the problems, discovering the pain points and becoming educated about the voids, and then your business will make sense, make money, and make a long-term legacy for itself.