People are very good at coming up with reasons not to do things, such as “I don’t have the time,” “I lack the skills,” or “I lack the money.” These are all excellent reasons to hesitate before embarking on the journey to becoming an entrepreneur; however, rather than being seen as factors to give up entirely, they should be regarded as challenges to be overcome. It is going to require a great deal of work, sweat, tears, and money to make your vision of owning your own company a reality, but if you give more weight to your justifications than your dreams, they could perhaps hold you back permanently.
Are you dragging around entrepreneurial burdens that are preventing you from achieving your goals? If this is the case, there are methods to deal with it, get past it, and move closer to achieving your goal of becoming an entrepreneur. The following is a list of a few of the primary barriers that future owners of small companies face:
You Are Concerned About the Security of Your Employment
During the Great Recession, a lot of people lost their jobs, which meant they also lost their sense of security. This is one reason why there have been so many people starting their businesses in the past five years. That served as the proverbial kick in the bum that they required. It’s human nature to prioritize stability and a reliable income, even if it means delaying the launch of your own company or only giving it (very) limited attention. Once the groundwork has been laid, entrepreneurial endeavors are more than just full-time jobs in their own right. Having another job on the side will prevent you from being successful.
Prepare yourself, formulate a game plan, and hand in your resignation. If you’ve not taken this crucial step yet, most venture capitalists won’t be interested in investing in you. It can be nerve-wracking, but if you don’t start believing in yourself, why should someone else?
You Lack Sufficient Funds
Keep in mind: When they initially began their company, no one had enough funds, and only a small select few had the good fortune to find venture capital. When you are formulating a strategy to leave your present job, it is important to include making sacrifices and putting away as much money as you can. You may need to relocate to a more compact space, make significant progress on your financial plan, and keep in mind that you must first invest your funds before you can expect others to invest their own money.
When you have that in motion, you can then begin to get creative by looking into financing, crowdsourcing, asking friends and relatives for loans, or trying to apply for grant funding. If you are determined to find it, there is money waiting for you somewhere in the world. Even though I am aware that I do not have enough capital to build my free hosting startup into a successful enterprise, that does not mean that I will not launch it and work as diligently as I can to promote it. Nothing can stop a genuine entrepreneurs from achieving their goals.
You Are Going to Want to Hold Off Until a “Specific Event”
This is a justification that can be used indefinitely because there are an infinite number of things that one can “wait for,” such as when one’s children go off to college when one’s partner gets promoted, and when one completes one’s education. There is no such thing as the ideal time to begin a company, just as there is no such thing as the ideal time to begin a family. Nevertheless, the more time you wait, the fewer years of high-quality life you have left to devote to constructing a prosperous business. Instead of trying to live your life around your entrepreneurial endeavors, integrate them fully into your life.
Failure is a Big Fear for You
The failure rate for new businesses is well over 90%. If you are still reading this, then you have what it requires to face the fear of failing and keep moving forward regardless of the consequences. You should not expect to be successful in your first endeavor, but you have a better chance of doing so in your second (or fifth). Make sure you have a fallback plan in place, reflect on the failures you’ve made, and never be frightened of the learning curve.
I’m Not Ready to Launch a Company at This Time
Even though you might not be prepared to work for yourself full-time just yet, you are probably prepared to launch a side business. This provides you with the opportunity to assess the market and the opportunity to make errors without the risk of experiencing significant repercussions. You can start by devoting just a few hours and then gradually increase that amount over some time. When you have developed a successful practice, you will be able to observe how it will expand and how much additional money it will allow you to earn.
I Do Not Have Sufficient Prior Experience to Get Started
This is a logical fallacy because there is no such thing as gaining experience in a company that does not exist. The ability to gain experience is one of the qualities that will be useful to you in the process of building a brand, which is another benefit you will receive from launching your own company. As time passes and the company becomes more established, you will gain experience as a result, which will make you a better business owner.
I Don’t Have the Necessary Qualifications to Launch a Company
This is merely an excuse unless you are required to have a particular license or credential. If you are employed by someone else, the odds are very good that you have detected errors before they have even had the opportunity to manifest themselves. It’s likely that you’ve given the proposition a great deal of thought and considered it from every conceivable perspective. That is more than sufficient to meet the requirements and qualify.
The Concept Has Potential, but It’s Not Quite There Yet
The fact of the matter is that there is no such thing as a “fully prepared” idea. That, in essence, is what you mean when you say that it isn’t “finished.” Even if it is a project that is already being worked on by others, it is still possible that it will not be perfected for many years.