When I talk to budding entrepreneurs, and I ask them why they want to have a business in the first place, they’ll often bring up topics like “freedom” and “flexibility.”
While those are awesome reasons to want to go into business for yourself, they aren’t enough of a why - at least not enough to sustain you for the long run.
Just about every self-employed person will tell you that it takes a while to reach that point of time and money freedom. In the short-run, especially when you’re getting things up and running, you’re going to pour a lot of blood, sweat, tears - and yes, time - into making your business a success. It’s not all glitz and glamour, lifestyle and travel. It’s really freaking hard on a day-to-day basis.
So, if you’re starting a business only to have freedom and flexibility… that’s not enough. You need a bigger reason, or else your business is going to fold.
Instead, (1) identify your true purpose and (2) verify that your purpose adds value to the marketplace. In other words, you need to solve a problem that exists for a target audience - and the solution you provide needs to be one that you deeply care about.
Because here’s the reality: About 95% of business owners are going to get to a crossroads, at some point. They’re going to pause, look around, and ask themselves, “Is this really worth it? Do I want to keep going?”
Those who have a deeper purpose, that they’re connected to with their heart and soul, will say YES and keep pushing through. Those who have lost their purpose or never had one to begin with will say NO and close up shop.
Your purpose is what will sustain you. Your “why” is what keeps you going when the going gets rough. Your connection to your solution gives meaning and life to your business.
This blog was adapted from a conversation I had with Andrew Biggs on our podcast, “The Better Than Rich Show,” episode 131. Check it out, here!
About the author
Mike Abramowitz, CEO of the Bay Area Game Changers, earned over $150,000 while getting his Engineering degree from the University of South Florida. No only did he pay for his education, but he also built residual income through three investment properties while still a college student. Post-graduation, Mike launched five profitable businesses, started a podcast, released nine books (three of which are bestsellers), and founded a local Tampa charity.