Do you have business baggage that’s hurting your ambitions? If this is the case, there are steps you can take to address it, overcome it, and get closer to becoming an entrepreneur.
Humans are fantastic at making excuses—you don’t have enough time, you don’t have the necessary skills (yet), and you’re short on funds. These are all excellent reasons to be hesitant about starting a business, but they should be viewed as challenges to overcome rather than reasons to quit entirely.
If you want to start your own business, it will take a lot of hard work, sweat, tears, and money to make it happen, but if you give your excuses more weight than your desires, they may keep you from achieving your goals for good.
Here are a few:
1. You don’t want to leave your existing job’s stability
There’s a reason why so many entrepreneurs have entered the market in the last five years: many lost their jobs (and security) during the Great Recession. That was the kick in the pants they required. It’s normal to cling to stability and a stable salary, either putting off or working part-time on your own business.
Entrepreneurial interests are more than full-time occupations once you’ve done the work. You won’t be able to succeed if you have another job.
Prepare yourself, establish a strategy, and submit your notice. If you haven’t done this crucial step, most investors will not invest in you.
It’s frightening, but why should you believe in yourself if you don’t believe in yourself?
2. You do not have funds available.
Remember this: When you originally started your business, you didn’t have enough money, and only a few people got lucky and found angel investors. If you want to quit your current employment, you should establish a plan that includes scrounging and saving as much as possible.
You may need to downsize into a smaller location and focus on your budget. Remember that you must first invest your own money before expecting others to contribute theirs.
3. You’d like to hold off till (fill in the blank)
There are many things you may “wait for,” such as the kids starting college, your husband getting that promotion, or you finishing that degree. An excuse that never ends.
There is no such thing as a perfect time to start a business, just as there is no such thing as a great moment to start a family. The longer you wait, though, the fewer quality years you will have to create a profitable business.
Work entrepreneurship into your life (with all the sacrifices that come with it), not around it.
The first step in beginning a business is to come up with a viable idea.
You should also be well-versed in today’s economy, markets, and competitors. Then, among a slew of other things, you’ll need to write a company strategy. Along with that, secure finance, register for a name and a tax ID and obtain the necessary licenses and permits, to mention a few.
Fortunately, those precautions are rarely used as a deterrent. In the United States, the number of small enterprises has climbed by 49 percent.
Since 1982, nearly half of all Americans have been self-employed, according to some estimates. By 2020, nearly half of all Americans will be self-employed.
However, it is not enough to merely consider how to get started; a new firm must also consider how to expand. Businesses that start with a thorough growth plan and revisit it frequently are the most successful. They also identify possible impediments before they become issues.
4. Change fears
To thrive, both large and small businesses must change. Learn from companies like Xerox, which had to challenge traditional perceptions and express a new level of service.
Brands that are able to spot challenges, such as the rise of digital, are more likely to succeed.
Plan for change and obtain an outside view of your industry’s trends from industry professionals.
5. A scarcity of new ideas
Small firms, in particular, need to be receptive to new ideas. You should keep up with current trends and innovations by reading often.
There are a variety of tools available to help you listen to your clients and uncover new company ideas. The numerous social media platforms are excellent tools for engaging with customers and gaining new perspectives on existing and future products and services.
6. Geographical location
There was a time when being in a high-traffic area was enough for a small-to-medium-sized firm to succeed. Now, with competition from well outside the neighborhood, it’s more important than ever to look into online opportunities. Getting ready to tap the worldwide markets that were previously unattainable 20 years ago.
For those wishing to expand internationally, the Small Business Administration of the United States is a smart place to start.
7. The use of technology
A single thread runs through all of these factors: technology. Your firm can engage with customers online, source fresh ideas, and reach worldwide markets with the correct technology. Any SMB wishing to expand in today’s digital environment must look beyond gear such as smartphones and laptops and consider cloud and line-of-business solutions, which may help a company become more mobile, productive, and profitable.
Cloud computing services are more inexpensive than ever before, and they boost productivity. For example, instead of emailing coworkers to dig out a document’s location, the document can be stored in the cloud and modified and shared internally or externally across a variety of devices.
When it comes to growth, an organization’s elasticity and adaptability are critical. Cloud tools like Office 365 combined with Enterprise Mobility Suite (EMS) may assist manage the ebb and flow of anything from contract workers to seasonal demands, allowing employees to focus on new ideas and expanded products.
True, beginning your own business is a huge undertaking. However, having the correct tools will enable you to work more efficiently and effectively.