The entrepreneurial prostitution witnessed amongst young people in this present day is alarming. There are several entrepreneurs all over the place who are barely 40 years old and have delved into businesses too numerous to count. It will be safe to conclude that they seem to have decided to do a new business every year. On a closer look, the reason for this is not farfetched. Business for them is not about a purpose. It is about the profit.
To build a lasting business, business owners should build businesses on purpose and not only on profit. That simply means there should be a driving force that is greater than the money to be generated from the business. Businesses that have the driving force can weather the storm. They are able to spontaneously create solutions to problems and even generate more profit than they set out to look for. Sometimes, such businesses are honestly not even looking for profit because they profit from following the driving force that’s higher than just making money.
Business should clearly make profits and if a business is not making profits, the strategy of that business needs to be revisited. In some other cases, the person handling the business will need to be changed. Having said that, entrepreneurs should realize that there will be times in business when expectations will be far from reality. In those times, usually the hardest for people in business, the profit will not be able to sustain the business. In fact, the profit may not be coming at all. So entrepreneurs who have gone into that business just because of the profit expected from it will be able to take the easy way out. A few others, who have bigger reasons than profit, will hang on, learn their most crucial lessons as entrepreneurs and harness the opportunities that usually hide in hard times.
Many don’t seem to understand why they are getting into the business that they are running in the first place. Some think it will be a nice idea to do a business just because so many other people are getting into that same business. For others, that’s what is in vogue right now so it is okay to do it. A few others just need something to keep them busy since they have nothing serious to do.
You can tell that too many young entrepreneurs do not have a clear vision as to why they are running the business they are running. When there is no clear vision for running a business that any entrepreneur wants to run, the smallest of challenges can make the person give up. Little oppositions will stir the thoughts of abandoning the business for something that seems more profitable at the time.
Bill Gates is usually a major reference point when talking about those who started businesses in a small way and were able to grow the business. People like him have really inspiring stories but you should take a look at him after he has made all the money he could possibly make. His life style reveals that he wanted something more than profit from business – it was about impacting lives positively.
If entrepreneurs will keep their eyes on something beyond profit, their businesses will become generational businesses. Recessions will come and go but a business with a focus that’s higher than profit will still be standing. This is necessary because there must be some motivation to remain in any business when anticipated profit is nowhere to be found.
Young entrepreneurs who really want to build businesses that will last should answer one important question. The question is, ‘what will keep the business going in the most difficult times?