Most people are comfortable working for someone else. Not everyone wants to be captain of a ship. Letting others take the risks and reap the rewards is their preferred way to live.
If you are of that mindset, this piece is not for you. However, if you count yourself among those seeking alternatives to your current routine, this information is food for your thought and decision making process.
There are some common reasons why many folks who desire to strike out on their own end up never doing so. They are people with some entrepreneurial bent but they tend to be very cautious and somewhat risk averse. In other words, they are interested in being their own boss but they consistently hesitate to take the plunge.
What follows is a listing of a few of those normal obstacles to starting a business. These are reasons why not to do a start-up and how you might want to consider them in a different light.
1. Fear of failure. To any and all who feel this way, welcome to the club. Virtually everyone suffers from a fear of not knowing what may happen should they try to start their own business. That is completely normal. But it must be said that fear of failure is failure in it’s own right. Keep in mind that it is impossible to win a competition if you never enter into it. Solution: keep your current income producing job and start a business on the side. Grow it slowly and patiently. If it gets to the point of being self-sustaining, quit what your are doing otherwise and focus full time on your new operation. No doubt going this route will require lots of hours and extra work but the outcomes can be extremely rewarding.
2. Risk versus reward. This is an important consideration to be sure. At the heart of a business is the principal that reward needs to outweigh risk. People who do not have a lot of money to invest in a business start-up might feel left out. Others with the cash required might hesitate to invest in the unknown where there are no guarantees. Solution: start a business that requires very little up front investment but offers plenty of opportunity for income. Especially valuable is the chance to earn residual income so that tending to the necessary knitting is not a 24/7 imperative. This exists and you can find it.
3. Now is a bad time to do a start-up. After all, the economy is in the dumper and government seems to be making it harder to succeed as opposed to encouraging the marketplace. Loans are hard to get and consumers are spending less. Solution: the reality is there is not best time to start your own business. But the argument can be made that one of the most advantageous times to labor your way through the start-up process is when things are down. It means that your timing will pretty much coincide with economic recovery. A start-up requires patience. Success is normally not an overnight phenomenon. In other words, about the time you get finished slogging your way through the usual start-up challenges, the economy will be on the up tick and you will be perfectly positioned.
4. No experience running a business. Most people have not a clue what is required to start or run a business. Having worked for someone else from the jump, they have no experience or expertise in business management. It all seems so complicated. Solution: the place to begin is to understand that most small business owners started with little or no experience in running a business. Yet they made it work anyway. The wisest thing to do is to get engaged in something that has your interest and thereafter find the opportunity that supplies the required training and other resources to make it all work. That is easily doable when you know where to look.
This list could go on but you get the point. What seem like solid reasons to not get involved more often turn out to be excuses to avoid change. The fact is, only change will get you to the next level.
When done wisely, starting your own business can be the path that will get you to where you want to go. When done properly, there is little downside and immense upside. See you on the next level!