Almost a third of people quitting their jobs since the pandemic are starting businesses. Why? Four of the top five reasons focus on purpose and one is primarily profit. Even if you focus on purpose, you need to run the profit numbers.
It’s called the Great Resignation. Massive amounts of people have resigned from their jobs since the pandemic.
Where are they going? According to a survey by Digital.com, 32% are starting their own business.
Why are they starting businesses? Here are the top 5 reasons (people could select more than one answer):
- To be my own boss
- Pursue an idea I’m passionate about
- Fill a need in my community
- To build wealth
- Create jobs in my community
Notice how purpose drives most of these and profit is mentioned directly only in #4. Dennis Consorte, a startup consultant, said in an article on the survey, “by pursuing a passion, work won’t feel like work, but will instead give you purpose, which is far more valuable than the dollars earned.”
Even startups driven by purpose still must consider profit. Consorte later advises, “Think through your idea and build a financial model on paper that is both profitable and sustainable before you make a significant cash investment.”
I wish you the profit and passion that sustains your purpose. I wish you well.
- Rob Stephens
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