Owning a business is a dream many people have some from a young age, middle age or even old age, all looking to start a life where they will grow fast and start reaping benefits.
Three years ago, I was among those finishing college. Every graduate that year was happy to have finished college and eager to find their dream job with a good salary, but my friend Martin had greater ambitions of starting his own small business immediately. Well, most of us would love the same idea but the notion was that it was too early to start thinking about business immediately after college.
However, Martin claimed to have one big problem which was that he didn’t have enough capital to start the business venture despite having a great business plan. He was moving around asking for advice from friends and I am glad I was able to give my piece of advice before we left college. The last time I heard about him, he was sourcing for funds from banks which I am not sure if he succeeded.
We just met in a mall last week and I was eager to know how his business was performing. He told me he got a job and had to postpone his business plan for some time though he was still thinking about it. We talked for a few minutes then he left. I realized that his job had already given him enough capital to start his business but he was still reluctant to do it. After that I did some research on why people fear starting a business and to be honest lack of funds is not actually the most limiting factor. Continue reading below to find out what factors limit people from starting a business and how to overcome them.
1. Fear of Leaving the comfort zone
For most people, once they find a stable job, often fall into a comfort zone that they never want to risk leaving. They actually suffer from fear of losing what they already own and the idea of starting a business, which they don’t know what to expect, often scares them off. Some even suffer getting low income but can’t fathom the idea of starting a business. I realized Martin got into a comfort zone after getting a well-paying job and I have planned a meeting to talk to him about this. If you feel your business idea is great then there is no point for you not give it a try. Decide and start implementing. You don’t have to quit your current job immediately but you can try and multitask or hire a team to help you grow slowly. Once your business starts picking up you can decide if you want to dedicate your full time to it.
2. Fear of Failing
Many people who started a business have reported that starting a successful business is often risky and hard. This has raised fears in other people who want to become entrepreneurs. It is true that starting a business can be hard but if you want to be successful you need to be a risk taker and you should understand that every person has a different experience and has their own way of managing a business. So, never compare yourself with other. The only way you can prove this is by starting and being ready for anything.
The Founder of LinkedIn, Reid Hoffmann said, “An entrepreneur is someone who jumps off a cliff, and builds a plane on his way down.”
3. Being Criticized Negatively
It is normal for one to seek guidance and advice from many people before venturing into business. Most of these people will discourage you from your business idea. If you are one of those weak people who often listen and see negativity you will be scared off your idea and end up ditching it. My advice is to always avoid people or environments that always influence you negatively. Many successful businesses faced a lot of rejections and discouragements.
4. Lack of entrepreneurial skills/ Knowledge
Some people will not risk starting a business till they attend business classes to perfect their business management skills. However, they will find themselves procrastinating on when to start their venture and often end up giving up or getting overwhelmed by other things in their life. You don’t have to know everything about business when starting. You will usually learn as you go. All you need is just a basic idea and successful people to advise you and keep you motivated. You can always find an agency at a small fee to help your business grow faster by guiding you in making tough decisions and in meeting business requirements set by your state or country.
5. Lack of capital
In some way lack of capital and economy surge can affect your dream of starting a business. There are many ways you can try to raise money for your business. For example, asking for bank loans, crowdfunding or help from family members. You can also start small maybe just as an online business at first operating from home before establishing a physical location.
There many fears when it comes to establishing a startup, and these above are some of the major ones. However, to be successful you need to always have the power to believe in yourself and learn to overcome these fears and other obstacles.
‘You never fail until you stop trying. – Albert Einstein’
-Anthony, from the Online Growth Systems Team
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21 Year Old Entrepreneur