Business continues to be one of the most widely discussed topics in everyday conversation. But how does it all get started? Where do business ideas come from? Why would someone decide to start running a business, especially with the risk and uncertainty that’s involved? Here are 3 of the common reasons we’ve come up with:
Having a passion for something can be the starting point for any business. The founder may have a passion for food, travelling, music, fashion, sports or whatever else they’re engrossed in, and then decide to turn it into a business. Most of the famous YouTubers today developed their business organically from just pursuing their passion. A great example of this is the famous video gamer Tyler Bevins who has built a global following around his YouTube channel which has trickled over into merchandise sales, sponsorships and brand partnerships.
Some people are purely inspired by the prospect of becoming wealthy. Business generally doesn’t have a pay cap, which means that if a business idea is successful enough, the financial rewards are incomparable to any 9 to 5 salary. Bill Gates, Warren Buffett and Jeff Bezos are some of the most familiar business moguls who have earned tens of billions of dollars from their business efforts.
Desire to Solve a Problem
Problem solving is one of the key attributes that business owners have. Some business ideas come from a pressing need to fix a problem. Someone may notice a problem either that they are experiencing or other people are experiencing, and consequently build a business to solve it. One of our most recent articles on young entrepreneur Sasha Tan covers this exact point.