For Love or Money?

Don't start a business until you've answered this question.
Magazine Contributor
2 min read

This story appears in the April 2002 issue of HomeOfficeMag.com. Subscribe »

There are two different kinds of entrepreneurs in this world: those who start a business to do what they love, and those who start a business to make money. There is, of course, some overlap here--those who start a business based on their hobby or passion generally want to make a decent buck, and those who start a business based on profit potential want to enjoy what they're doing. But there's no doubt about it: The ones who base their businesses on their passion are generally not in this entrepreneurial game for the money.

This brings us to a key question you need to ask yourself as you prepare to start a business: Are you doing it for love or money? Your answer to this question will help you determine how to proceed with your business. If your answer is "love," and you know you'd like nothing more than to earn some extra cash doing the thing you do best, then starting your business will be slightly simpler than venturing into a business where you're hoping to make a million your first year.

And I don't mean "simpler" because you'll have less work to do--I mean "simpler" in the sense that you won't be hung up on a dollar figure. Instead, you'll be pouring your heart into something that you'd likely be doing with or without any monetary compensation involved. In my opinion, this is the best way to start a business. Think of it this way: On those days when you're at the end of your rope and you think there's no possible way you'll see the break of dawn before you keel over in exhaustion, what would you rather be doing--something you enjoy, or something you have to do to make ends meet?

I know there are plenty of people who start their businesses solely with the intention of making money and perhaps selling the business later. If that's what you want, go for it. But if your goal is to really sink your teeth into the idea of being an entrepreneur, do some soul-searching before you start a business.

loading...
More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Use code MARKET2021 through 4/24/21 to save on 12 marketing books for entrepreneurs that are recommended by entrepreneurs:
  • Digital Marketing Handbook
  • No B.S. Guide to Direct Response Social Media Marketing
  • Ultimate Guide to Youtube for Business
  • And more
Whether you want to learn something new, be more productive, or make more money, the Entrepreneur Store has something for everyone:
  • Software
  • Gadgets
  • Online Courses
  • Travel Essentials
  • Housewares
  • Fitness & Health Devices
  • And More

Latest on Entrepreneur