Lies, Fears and Excuses Preventing You From Starting a Business
You aren’t the best you can possibly be—but that doesn’t mean you can’t follow your entrepreneurial dreams. Few entrepreneurs wait until their peak to start a business; rather, they have found the truth, set aside their fears and ended the excuses preventing them from being successful as business owners.
You, too, can improve your life and open a business, but first, you need to recognize what is holding you back. Here are some of the most common lies, fears and excuses that would-be entrepreneurs use to hold themselves back—and how you can avoid them to follow your destiny in entrepreneurship.
Lie: The Economy Is Too Risky
All economic indicators – the GDP growth rate, unemployment, inflation and deflation – point to a healthy economy, ideal for starting a business. However, even if the economy takes a nasty turn in the coming years, being employed is hardly safer than starting your own business. Layoffs always increase during times of economic uncertainty, so isn’t it better to be in a critical position of authority rather than subject to the whims of your current bosses?
Fear: Your Business Will Fail
This is a legitimate fear. Though estimates vary – largely dependent on the qualifications of “failure” – anywhere between 20 and 80 percent of small businesses fail in their first year. What is certain is that only about 30 percent of business owners are still in control of their ventures by their 10th anniversary. Still, fear of failure should never hold you back; if you had 100 keys and an unknown one of them unlocked a chest filled with $1 million, would you be afraid of trying any key?
Excuse: You Aren’t Good Enough
No entrepreneur knows everything about running a business because there is no such thing as running a business perfectly. The skills and knowledge necessary to run a business fluctuate every few months as new technologies emerge, new trends take hold and new brands arise. Instead of fretting about whether you are good enough, you can equip yourself with the best possible entrepreneurial training by enrolling in an online MBA program. These programs produce business leaders, so you can’t claim you don’t know how to run a business after you earn your degree.
Lie: You Don’t Have Enough Time
What are you doing the 128 hours per week that you aren’t devoting to employment? Odds are, you are spending much of that time on Instagram – or worse, watching meaningless YouTube videos. If you cut your free time in half and devote that to building your business idea into a concrete business plan, you could become an entrepreneur in a matter of weeks.
Fear: Your Lifestyle Will Change
Humans are creatures of habit. You feel comfortable knowing that nothing new or different is going to face you in the days and weeks ahead. However, change is what makes you stronger, gives you power and helps you feel alive. You better believe that your lifestyle will change when you start a business – but it should change for the better.
Excuse: You Can’t Quit Your Job
The popular depiction of an entrepreneur is someone who spends night and day devoted to their business – but that isn’t what most entrepreneurs look like for the first year or so. You can start a business and maintain your day job as long as you have an organized schedule. In fact, you should continue working your regular job until you have at least six months of expenses saved, you have a budget for your business and personal life and your business is big enough to require most of your time
You’ll start your business when . . .
You’ve always said that you’ll start a business when your kids have graduated high school. Or maybe you plan to start your business when you retire. In truth, the longer you wait to start your business, the less likely you are to do it. It sounds reasonable to wait until you have fewer responsibilities or financial liabilities, but more often this allows you to daydream about a future that will never happen. If you want to start a business, you can’t wait for the right circumstances – you have to act now.
About the Author
Jason is a freelance writer with a bachelor’s degree in Business Administration. He who blogs about health, fitness, finance, law and business management in his free time.