Every would-be entrepreneur has different reasons for not starting their own business. Writing for Gannett, Rhonda Abrams recently reported a new survey from Weebly and Wakefield Research that reveals the most common obstacles facing many professionals. Let’s take a look at why people don’t take the leap into ownership and what can be done to overcome these roadblocks.
1. Insufficient funding
A lack of startup capital is the most common reason why people don’t open enterprises. According to Abrams, 66 percent of respondents indicated that insufficient funding was holding them back. Obviously, it can be next to impossible to start businesses without money for basic expenses, such as staffing, production and hardware.
That said, there are numerous solutions to this problem. First, you can start saving up and working on your new business as a side project while employed at another firm. Though this requires a great deal of dedication, it is a popular strategy because people don’t want to cede control of their ideas in exchange for funding.
Alternatively, you could get capital from other sources. Banks and government agencies have loans available specifically to people looking to start new enterprises. If this isn’t the option for you, you could sell equity in your organization or seek out an angel investor. Finally, you could work with a venture capitalist to kickstart your business.
Regardless of how you go about it, you need to have a solid pitch ready. Anyone who’s going to fund your company wants to know what you’re offering, how you plan to break into the industry and your plans for marketing your business. Be sure to have these elements handled before talking to potential backers.
2. Not knowing the first step
The poll indicates that 49 percent of people don’t turn their dreams into reality because they don’t know the first step to take. This is mainly because most folks aren’t trained to be entrepreneurs.
You can overcome this problem by either learning or getting help. You can take courses, participate in seminars or read how-to guides so you’ll head down the right path to opening your own establishment.
You could also find a mentor or hire someone who has experience with launching new ventures. This approach may be the stronger of the two, especially if you have plans beyond a single company. Instead of learning on your own, you can watch an experienced professional in action and then replicate that when you’re ready to go out on your own and start another enterprise.
3. Lack of confidence
In the survey, 21 percent of respondents indicated that they thought their ideas weren’t solid enough to pursue. Potential entrepreneurs dream big, but they don’t think they can make their grand schemes work in the real world.
The key to thriving and operating a successful firm is to believe in your idea. Though you may worry about the practicality of your venture and how well it’d do, you need to be confident that it’s worth pursuing. In the end, believing in yourself is necessary.
4. No time
Days are short. Even if you burn the candle at both ends, you may feel there aren’t enough seconds to finish everything involved with your business. Weebly’s findings show that 21 percent of people agree with you on this.
Quite simply, you’re going to have to make time. Shift your responsibilities and prioritize important tasks to ensure that everything’s being handled without running over your deadlines or working long hours to finish up.
5. The prospect of failure
Finally, 20 percent of respondents stated that they haven’t started businesses because they’re scared of failing. No one wants to fall short of their dreams and have to start over, so they don’t bother trying in the first place.
This goes back to a lack of confidence. Entrepreneurs face failure every day, but the successful ones believe that they’ll succeed, and you should too. If you know that you’ll overcome any problems, you’ll likely make it to the promised land and open a strong business.