As humans, we’re typically great at coming up with excuses. But, what if those excuses are keeping you from reaching your true potential and seeing your dream come true? If you want to become a successful entrepreneur and work for yourself, you need to take action. Check out this article for a list of the most common things we tell ourselves when we put our entrepreneurial ambitions on hold.
Every time someone tells me they would start a business but lack the knowledge or money to do so, I can’t help but cringe. In this day and age, it’s easier than ever to fulfill your entrepreneurial dreams. We can work from virtually anywhere, with only a phone and a laptop. We have thousands of resources at our disposal to learn everything there is about the field we’re looking to conquer. We can keep startup costs low and advertise on the cheap using social media. So, why aren’t more people starting businesses and pursuing their goals? Probably because it’s easier not to.
I remember chatting with one of my buddies about his lifelong dream of opening a bed and breakfast right outside the city. When I asked him what’s holding him back, he answered honestly: “I’m scared I won’t be successful.” This, coupled with the sheer laziness of doing some research on establishing your business, is the biggest reason more people don’t become entrepreneurs. However, we like to disguise them in excuses that seem acceptable to the other members of society.
1. I Don’t Have Enough Startup Funds
Here’s the ugly truth: no one had enough capital when they started their business. If you really want to put your idea into action, though, you will find a way. Maybe you can save like crazy until you can finally afford to quit your day job and dedicate to your enterprise full-time. Maybe you can downsize into a smaller place. Maybe you can take out a business loan or find some investors. You just need to be willing to be a bit more frugal for a while.
2. You Know Nothing About Managing a Business
Learn. Go online and read all the articles you can find about how to set up your business, how to hire the right people, and how to send out an invoice. The SBA has a great guide about how to get started. Alternatively, you could take a class about business management online or at a local college. Or, you can find a mentor to show you the ropes.
3. You Don’t Want to Lose the Stability
Your current job may not be too glamorous, but at least it comes with a paycheck that covers your living costs. You tell yourself that giving it up to follow your dreams seems foolish and risky. Well, that’s kind of the point. If it were easy, everyone would be doing it. Make a plan and put in your notice. If you don’t believe in yourself, who will?
4. There’s Too Much Risk Involved
Some pursuits are more risky than others, but you will never manage to completely remove risk from the equation. You just need to take the plunge. However, there are several ways to minimize risk when starting a business. You can get proper insurance, perform solid market research to make sure there’s high demand for your product/service, and spend your startup money wisely. Even better, you can come up with a risk management plan and include contingency strategies to apply when things go wrong. WolfPAC Solutions has a few tips that may help in this department. You can download a white paper on the subject here.
5. You Want to Wait Until… [Insert Excuse Here]
Until the kids grow up. Until you pay up your student loans. Until you gain more experience. This is generally called procrastination. There’s no perfect time to start a business. However, the more you wait, the fewer quality years you will have to build your company. You shouldn’t try to change your life to make room for entrepreneurship. Instead, find a way to work entrepreneurship into your life.
6. You Don’t Have the Time
I advise a lot of people who want to build a business to start by working on their dream in their spare time without quitting their day jobs. Of course, most of them say they’re too busy for that. While it can be exhausting to devote your evenings and weekend to a personal project, I haven’t heard any success stories that didn’t include a few sacrifices the entrepreneur had to make along the way. If starting a business is really important to you, you will find the time. Otherwise, it might be best to stick with your day job, anyway.
Each person has different fears that keep them from their greatness. If you truly want to become a successful entrepreneur, you will have to identify yours and overcome them. No one said it was easy, but the majority of business owners say it’s worth it. Something to think about.