5 Things Preventing You From Starting Your Own Business

2013-10-28 18:27

Most people have a dream of having financial freedom. One way to achieve that financial freedom is to start a business and grow it into a huge success. To do that is, of course, extremely difficult. The difficulty is compounded by the fact that many people hold themselves back. In this article, I will cover some of the common reasons that cause people to never even start their businesses. And for each of the reasons, I’ll add actionable suggestions for how to overcome those hurdles.

No business idea

It may sound rudimentary, but without a business idea, it is impossible to start a business.  Quite often, not having a business idea that a person believes in, causes them to wait around, hoping to one day come up with a great great business idea. Here are some resources that may help. First, here is a blog post on how to get up with business ideas. And here is a video with tips on how to come up with business ideas.

http://youtu.be/rsQBryny_RE

Lack of money preventing people from starting a business

Once people have a business idea that they like, it is time to turn that business into reality, right? Sometimes yes, and sometimes certain types of businesses require substantial amounts of capital to get started. Almost all entrepreneurs, at one point or another, need to raise money. The money is needed to pay their own rent just as much as buying equipment, hiring staff, or paying for marketing.

Quite often, when entrepreneurs can’t get the money, they simply do not start the business. But that is not correct. I want to introduce the concept of bootstrapping a business which is the process of starting a business with no money. It is as much a process, as an adoption of a can-do attitude.

And here is a video on ways to raise money just to make sure you have tried everything possible to raise the money you need to get started.

http://youtu.be/0lGgUtF4JjU

If this video was helpful, please feel welcome to subscribe to my YouTube business channel where I post many more tips on how to start and grow a business.

Not sure how to tell if an idea is worth the risk

It is often difficult to determine if an idea is worth going after fully. In fact, quite often, the idea itself plays a small role. There are other factors that control the outcome of a business such as competition, market trends, consumer consumption trends, and the health of the greater national or global economy.

That means that it is impossible to predict whether any business will be a success or not because there are so many outside factors that can play a part in the outcome of the overall business. That means there is  and always will be an absolutely inevitable risk to starting any business.

The risk can be any combination of your time, your money, your effort, and whatever you may be sacrificing by taking attention away from that thing, and giving that attention to your business.  So try to think about how much risk you are realistically willing to take.  Ideally, you can begin small, without taking on too much risk. And if you start small, but indeed start, then little by little, you can test out the waters and see whether there is any chance for this business to succeed. And if those initial tests look positive, that can warrant taking on more risk and devoting yourself to that business more fully.

No mentors and no support network

Sometimes what holds people back is that they just don’t have anyone to give them good advice or be a sounding board to them. This is actually a very real need and it is great when people realize that they have this need instead of pridefully going into business on their own. Business is very difficult and we all need as much help as we can get. Many first-time entrepreneurs do not realize just how important it is to get quality guidance. Guidance can come in form of mentors, advisors, investors, or experienced co-founders.  So try to get experienced people to help you. One piece of good advice can sometimes save you thousands of dollars and months of effort that may have been wasted by pursuing an ineffective business strategy.

Not sure what the steps are to start

Many people are often not certain about what to do after they get their business idea. If you are not certain of what steps you need to take once you have an idea, I would like to suggest the lean startup methodology that has been worked out by Steve Blank and Eric Ries.  Steve Blank is a Stanford professor and a very successful entrepreneur. And Eric Ries is his protege and also a very successful entrepreneur. Here is the Wikipedia pages for the Lean Startup methodology.

Conclusion

If I missed any reason that may be preventing you from starting your business, please comment about it below and I will be sure to address that in my upcoming articles. Also, if you liked the videos in this article, please subscribe to my YouTube business channel.

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