Want to Become a Successful Entrepreneur? Here’s Why You’re Not
By Jacob Inman, Revive Your Life Executive Editor
Photo by CR Artist
It’s official - you are sick and tired of your current career path and are ready for a change. You’ve dreamed of becoming an entrepreneur and have several great business ideas that would allow you to do something that you love and are passionate about. You lie awake at night thinking of what life would be like if you were in control of when you worked and the type of work you were doing. The problem is, there is something that is holding you back, or more likely, several things.
I could cut this article short by summarizing the “things” that are holding you back through the use of only one word - fear. That’s right, you’re afraid, and actually have every right to be. Starting a business is a huge commitment of your time and energy (and potentially, your money) that should not be taken lightly. Becoming an entrepreneur is not easy. You will find that you need the ability to overcome a number of huge obstacles, the first of which is fear; in particular, fear of the unknown.
Obviously, making the commitment to yourself is the first step in getting started as an entrepreneur. While getting to this step may be easy for some, it can be very challenging for those who are fearful of what lies ahead. Below you will find a list of the three most common fears of those who are looking to start a business, as well as advice on how to calm your nerves as it relates to each.
1) You have no confidence in your business idea and are worried about what others may think.
To start, stop worrying about what others may think of your idea. Most often, people laugh at your ideas because they are jealous that they didn’t think of them first. You must become an independent thinker as an entrepreneur because, along the way, there will be many people who will offer negative comments predicting your failure. How many people do you think laughed at the founder of Starbucks when he told them he planned charge an exorbitant amount of money for a global commodity - a cup of coffee?
But will your idea work? To alleviate this fear, you need to ask yourself two questions and answer them as honestly as possible. First, is the product or service that you plan to offer useful, helpful, and desired by my potential customers? Second, is there a way for me to effectively reach these potential customers regarding the product or service I intend to sell? If you can answer “yes!!” to both of these questions, then you can check this fear off of your list. In fact, if you plan to create a website for your business (which is a must-have), I can already answer the second question for you with a resounding “yes!!”.
2) You are worried that taking this risk will ruin you financially and that you will not be able to provide for yourself or your family.
The ability to provide for your family is extremely important as we always want what’s best for our loved ones. Keep in mind, though, that financial security and starting your own business are not mutually exclusive. It is very plausible to start a viable business without giving up your current paycheck and standard of living. I know of many successful entrepreneurs who were forced to start in their own homes, plugging away in front of a computer screen for an hour or two each evening before bed. There is no need to rush out an find Class-A office space before you even get your idea off of the ground.
Sure, this may limit the business opportunities which you can take full advantage of, but who says it has to be an all-or-nothing financial risk that has to provide a return overnight? You will be pleasantly surprised at the amount of business progress that can be made in only one or two focused hours per day. Before you know it, you’ll be at a point where your business income outpaces the standard paycheck you are accustom to.
3) You have zero (or very little) business/financial/sales/marketing experience.
You have every right to be afraid of this one. If you do not have the expertise to write a comprehensive business plan, market your product or service, obtain financing through various sources, or properly account for the profits your business generates, it makes sense that you would be fearful. Lack of necessary business skills is the number one reason that new ventures fail.
But who ever said you have to do this alone? This point cannot be stressed enough - if you do not have the skills or experience needed to run a business, find someone that does and get help. Entrepreneurs who lack the required business experience increase their chances of success immensely by working with small business consultants who can get them started down the right path. Often times, the business planning expertise that these consultants provide is an invaluable resource that contributes significantly to the success of new businesses. Amounts used to acquire consulting resources are often money well spent.
The bottom line is this - now is the time to overcome the fears that may be holding you back from embarking upon your dream of becoming an entrepreneur. Take the necessary time up front to think rationally about each concern listed above and surround yourself with talented individuals who can provide you with useful knowledge. Determination and hard work should get you the rest of the way there. Good luck!
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If you are a determined and focused individual this message is to help you maintain your current course. Don’t let anything stand in your way with your motivation to get in shape. Either make the decision to do it or not to do it. Just don’t violate the biggest rule and say that you are serious when the truth is that you are NOT!