Some people will always be wantrepreneurs, others will become real entrepreneurs. If you thought about starting a business but haven’t started yet, this article if for you.
#1 Fear of losing hard-earned money
Many people worked hard for their money, and they’re afraid all their effort will go to waste if the business fails. It doesn’t even matter if we’re talking about $100,000 or $1,000. They just don’t want to wake up one day and realise they have wasted money on a bad idea, wrong timing, a bad hire, a lame product.
What to do about it: Plan ahead. Make a list with all the things you’re afraid will go wrong and train yourself to solve them. E.g., you’re afraid people won’t buy what you plan on selling – run test ads and see how many people click on them.
#2 No energy left after a full-time job
After the 8 to 10 hours spent at the office most people just want to unwind for a few moments, get something to eat and go to sleep. Our energy supplies are limited and working in a stressful environment doesn’t help. There’s also the issue of ego depletion. Even our willpower gets used up throughout the day.
What to do about it: Get up one hour earlier. Yes, it will be hard in the beginning, but after just one week your body will adapt. In a month’s time, you’ll wake up just before the alarm goes off. The trick to achieving this is to wake up as soon as your hear the alarm. If you push the snooze button, it will be harder and harder for you to wake up and you’ll feel very tired.
Dedicate that extra hour your day got to plan how to start your business. Draft proposals, send emails, order products, give and ask for feedback. In the morning our willpower, creativity, and concentration are optimal.
Give the best of you to your business and then go to work.
#3 Can’t raise enough capital
The people that don’t have the assets a bank is looking for to approve a loan often look for financing help among friends. When they can’t find the money there either, they lose hope.
What to do about it: Look for local business accelerators, they always end with a pitching session where entrepreneurs can meet investors and get the money they need. Hunt for investor events in your area and attend them every time you get the chance.
#4 No ground-breaking idea for a business
Some people have the financial means to start a business and the time, but they lack that one idea that would make the risk worth taking.
What to do about it: See what questions are people asking on Quora or various forums? Are there some problems nobody solved yet? Apply practices that are specific to one industry to another and see what you come up with in 10 minutes. E.g., What else could you wash in a car wash? Could you build one for yard furniture or bean bags? How many people would use it?
