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No one likes to encourage people to start their own business more than me; I am the head cheerleader for Team Small Business. That said, I also am a realist. I know not everyone is cut out to be an entrepreneur. Some people are artists, some are athletes, and some people like earning a regular payroll check as an employee .
And similarly, even if entrepreneurship is in your blood, timing is critical. Many factors have to line up just so for a new venture to launch and then become a successful, profitable venture.
Obstacles are real. Here's a look at some of the most common hurdles that may be holding you back and, more importantly, how to overcome them.
1. Lack of money
Perhaps the biggest barrier to starting a business is money, or the lack thereof (in any case, it is usually perceived to be the Big Problem). It takes money to launch a business. Start-up funding is essential, as is operating capital. As a result, many people feel they simply do not have enough to launch.
But the fact is, there are many ways to fund a business, including small business loans , crowdfunding, and microfinance options. Additionally, if your business idea is strong, a business partner could help with initial financing.
Beyond that, starting on a shoestring is also doable; entrepreneurs start businesses literally every day, while lacking the ideal amount of funding. Estimates are that the average business spends about $12,000 the first year to get up and running. But you can consider starting small and scaling up as the business grows, rather than waiting for everything to be perfect before beginning.
2. Lack of time
In my experience, the two things that challenge small business people the most are lack of money, and lack of time. Given that, if time constraints are your bugaboo, welcome to the life of the entrepreneur. You are in good company!
Between a full-time job, family commitments, and personal obligations, it can seem impossible to carve out the time needed to launch something new. And that can be true. But it's also the price of admission to get to play in this fun playground.
Successful startup entrepreneurs find ways to fit business development into their hectic schedules because they know their priorities; the startup has to be No. 1. If it is for you, then begin by setting aside a few hours each week to focus on your business idea. Building gradually allows you to test your concept without giving up your current job.
3. Lack of confidence
Fear of failure can be paralyzing. Many potential entrepreneurs doubt whether they have the chops or knowledge to really start a business, or they are afraid the business will fail. And here's the truth:
No, you don't know everything you would like to know. It's not going to be perfect, and neither are you.
And that's just fine.
OK, with that out of the way, by acknowledging your fears, you can take the next step.
Since confidence comes from preparation, start preparing. Research your industry, connect with mentors, and draft a solid business plan. As you begin to put up the framework for your nascent business, and as you better understand your market, you will begin to see your path to success. Your confidence will come.
4. Lack of support
Entrepreneurship can be a lonely path if your family and friends are not fully behind you. So you have to get your team on board, whether that be your partner and kids, your friends, your parents, your extended family, or whomever.
Next, join local or business groups, online entrepreneur forums, or find a mentor to offer guidance and encouragement. If you surround yourself with like-minded individuals, you get the emotional support and practical advice you need to stay on track.
5. Fear of competition
Some people hesitate to start because they feel the market is already saturated. While competition in a capitalist system is real, consider that this fear just may be a good sign; after all, competition means that there is demand for your product or service.
The key is to stand out. Make your business different, special, better, essential. Offer something unique -- whether that is superior customer service, innovative products, or targeting an underserved niche audience -- and you will find your place in the market.
Once that happens, it is you who will be the competition.
Life is full of obstacles and challenges, and that includes starting a business. But by starting small, surrounding yourself with supportive people, and cultivating the right attitude, you just may find that those perceived and real obstacles will fall away.
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