A playbook for Generating Business Ideas

27 Reasons to Start a Business
1. Independence and flexible work schedule
Being an entrepreneur can provide some lifestyle flexibility. You don’t have a
boss telling you when, where, or how to work, or what to work on. If
independence is what you desire, you might start a lifestyle business or
consultancy. A venture-backed startup with bold ambitions won’t provide you
with much independence because you’ll be working so much and because you’ll
have accountability with co-founders and investors. Lifestyle businesses or
consultancies won’t grow to be huge, but they often don’t have to require much
time commitment, and provide flexibility.
2. Help people and society
Businesses can provide huge advances to society and the products and services
they provide can help people tremendously. Some people want to solve an
important problem, such as educating people, providing people with clean
drinking water, or providing more sustainable energy sources.
Some entrepreneurs may be motivated to help people by creating jobs.
According to Business Insider, Walmart employs about two million people. It
would be illegal for Walmart to force people to work; employees have chosen to
be employed by Walmart. The wages Walmart employees earn can be used to
raise their kids, or buy things that make them happy such as food, a home, or a
ticket to a concert.
Other entrepreneurs may be motivated to simply solve a problem, and help a
given customer or customer segment. Sticking with the Walmart example - the
company provides goods to its customers that they have demand for. Customers
buy the goods because they have value for them.
Furthermore, Walmart is able to supply many of these goods at lower prices than
other places people would be forced to buy these goods from if Walmart did not
exist. So not only is Walmart providing people with goods that they want; they

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are also able to save them money. The money people save can be used to buy
other goods and services that will make them happier and/or help them make
more money.
3. Make money
Some people start companies because they want to make a ton of money.
Starting a business can certainly be a great opportunity to make money. Your
business can help you make money by providing you with profits and/or a lump
sum if you sell the equity you have in the business.
4. Enjoy your work
Some people want to work on stuff they enjoy (e.g., customers, industry,
responsibility, etc.). The right business to start for this, of course, depends on the
kind of work you enjoy.
The same way an employee would choose a profession that they enjoy doing, an
entrepreneur could start a business that will entail work that they enjoy doing.
For example, if an employee enjoys teaching he could get a job at a school. If an
entrepreneur enjoyed sales, he or she could start a business that acquires
customers through sales.
5. You could lose your job
Jobs may not be as safe as you think. A few of the bad things about jobs are (as
provided by best selling author and entrepreneur James Altucher):
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“Your income has been going down versus inflation,
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The trend is that you are about to get fired and you are in denial about
that,
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You can’t build wealth at the job (expenses, taxes, exploitation, etc.),
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You’re trapped all day long with these people (your forced “friends”)
who are backstabbing you,
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You have to kiss ass to your boss,
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You aren’t allowed to build other income streams in most cases,

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●
And many more.”
Because of the risk of losing your job, you may want to start a business on the
side so that you are prepared if it happens, or so that you can quit your job and
escape the risk of losing your job.
6. Learn new skills
As an entrepreneur you have to wear many different hats – sales, recruiting,
accounting, etc. Inevitably you will end up learning more about random skills
such as SEO or furnishing an office than you would at a regular job.
7. Gain new life experiences
As an entrepreneur, you can experience new things such as being a leader,
getting rejected, working your ass off, success, uncertainty, risk, and more. New
experiences are fun and they help you develop as a person.
8. Getting rejected is good for you
Getting rejected sucks. But it makes you stronger and less afraid of it happening
again. As a result, you can push yourself and accomplish more in business and in
any aspect of life than you could have before. You can be better equipped to
handle any adversities that may come your way in the future.
9. Change the world
Solving a big problem and/or serving a large population can have a big impact
on the world. For example, Elon Musk’s company, Hyperloop, aims to change
transportation. Airbnb is changing real estate and hospitality.
10. Build something you want to use
As an entrepreneur you can solve a problem you have, or supply something you
have demand for. You may have experienced a problem you want solved so

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badly that you take action to solve it, like waiting in line at the DMV. You might
want a particular product so badly that you decide to start a company so that you
can supply it.
11. Lead
Leadership is a great skill to develop for both personal and professional reasons.
Some people find it fun to lead. In starting a business, you will have to display
some leadership, especially if you will be hiring people or working with