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56 6 SECRETS TO STARTUP SUCCESS

strengthen their venture foundation. These questions will help you
better understand your passion and your skills and how these relate
to your chosen venture. In the final section of this chapter, Purifying
Your Entrepreneurial Passion, I’ll revisit the principle of understand-
ing passion and provide three additional principles for making the
most of your passion: connect it, strengthen it, and direct it.

CLARIFY YOUR REASONS AND YOUR GOALS

Whenever I meet someone who wants to start a business, the first
question on my mind is: Why? Why are you doing this? Why now? What
are your reasons, and what outcomes are you hoping to achieve? The answers
to these questions will drive both the direction of the venture and
how effective the founder will be in getting it off the ground.

All reasons are not created equal. Each comes with benefits and
tradeoffs. What follows are nine common reasons for plunging down
the startup path, along with a few important considerations for each.

INDEPENDENCE/SELF-RELIANCE – If the freedom to call your own shots
appeals to you—if you want to set your own priorities, work at your
own pace, and be your own boss—you are in league with most aspir-
ing business owners. The more autonomy-driven you are, the more
you might prefer to operate as a sole proprietor or freelancer, rather
than as part of a founding team.

“Being your own boss” is more myth than reality for most entre-
preneurs. Every successful business owner must consistently answer
to others: customers, creditors, suppliers, and investors. Understand
how your independent streak might constrain your bottom line and
limit your growth prospects. Research confirms that businesses started
by two or more co-founders succeed at higher rates than those run by
sole proprietors.3 And if you are interested in growing the value of
your business over time, you will, most likely, need to complement
your strengths with those of others and relinquish some control of
your business to funders or other business partners.

ACHIEVEMENT – If you are motivated by challenge, driven to be the
best in a particular field, want to prove to yourself that “you can do

American Management Association • www.amanet.org