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5 wrong reasons for becoming an entrepreneur

31st Jul, 2017

Entrepreneurship is a path that is often fantasized about by a good number of us; we think about what it would be like to establish and run a business of our own. But are we getting into it for all the “wrong” reasons?

It takes the right kind of commitment to become a successful entrepreneur but if it embodies the wrong kind of motivation then it will likely result in job dissatisfaction,   burn outs, or failure. Below are 5 wrong reasons for becoming an entrepreneur:

Getting rich. There is a rampant fallacy that entrepreneurship accelerates your wealth. There is no guarantee that your business will succeed or be profitable. It is certainly possible to earn a living from your start-up but, being propelled only by monetary benefits will hinder your ability to make long term decisions for your business. Instead, let your passion drive you.

Fame. It is evident that there are high-profile entrepreneurs such as Bill Gates, Richard Branson or Mark Zuckerberg who have achieved fame due to their successes in entrepreneurship. Hard work gets you famous not just entering the entrepreneurship world… the aforementioned did not choose to start their respective businesses for the fame but their hard work and determination automatically translated into it.

It’s not all a vacay. It is true that an entrepreneur’s working hours are flexible and, can choose when to take a break from work. However, the success of the business is dependent on your efforts and hard work. In fact, entrepreneurs are expected to work even more hours as well as inject more money into their businesses in order for it to succeed. So yes, that holiday trip to the Coast has to wait.

Everyone is doing it! There is a fat chance that you have no concrete plan nor the basic knowledge of starting a business. You have the impression that anyone can be a business owner so you go right ahead and do it.

Helping Society. Don’t get us wrong doing work for social good is great, but you need to be aware of the financial implications it comes with. Entrepreneurs who start businesses based on creating positive change in the world end up making poor business decisions. So research and look for investors before you choose this route.

Now that you have learned what NOT to do when becoming an entrepreneur, find out more on how KCB can help you and your business grow here and experience how KCB Goal Account will help you achieve your entrepreneurial ambitions.

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