What Stops People From Starting Their Own Business?

December 8, 2016

4:30 pm

Today’s employee often dream of being their own boss. But bringing their ideas to fruition, and starting a business of their own are often discouraged by a few hurdles that seem insurmountable. This notable doubt stops even the brightest of minds from pursuing the startup goal before its even begun.

Doubt, however, is a natural reaction, especially for a possibly untested idea with little funding to back it up. So how does one overcome doubt, and what are some other mental hurdles to being your own boss.

No Financial Resources

Probably the biggest hurdle is the access to financial means to see your idea to completion. Most on-the-fence entrepreneurs have planned and thought out their ideas over numerous sleepless nights, but always hit a dead stop at how to finance this project. Small business loans are often hard to come by, and they involve a healthy financial portfolio in order to be approved. Ironically, if you had a healthy financial portfolio, you probably wouldn’t be in need of a small business loan.

The good news is that with the rise of crowdfunding platforms, you have access to other people’s money. While it’s not that much, that may just be enough to get started. Another avenue of funding your business is through the “pitching” of your ideas to friends and family. More often then not, family and friends will help just to spare your feelings. Hey, all is fair in business, and you can pay them back with interest when you succeed.

Lack of Education

The truth is that most successful entrepreneurs have no formal education in the area of their startup. Their expertise goes beyond education. Their experience goes beyond schooling. Entrepreneurs are driven by leadership skills, confidence, and good ideas. All you have to do is become an expert through experience and you’ll do a lot better than you might think.

No Free Time

You can’t make time appear, so you have to restructure your current schedule to work more efficiently in all areas of your life. Prioritize, discover, and discard activities that don’t benefit your company. Never sacrifice family life for your business, but rather find ways to fit them into your current day. This will do wonders for your mental health and will ultimately lead to a better working atmosphere, while still keeping your family happy.

 

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I enjoy writing on a myriad of interesting topics. I have had my successes and failures as an entrepreneur and in life, and I am a firm believer that it has helped shape the person whom my wife loves, my parents adore, and my sister respects. If you don’t like your situation, make moves to change it.

Spirituality first, everything else follows….

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