Has the thought of starting your own business ever crossed your mind? If it has, did you take any steps to act on that thought? Well, the truth is, if you didn’t act on that thought, you’re not alone in that aspect. According to various studies, over 30% of Americans considered starting their own businesses but the vast majority of that percentage never put their ideas into motion.
As common as procrastination is in starting a business, the real question is why are people having these bright ideas and not acting on them? What is it exactly that’s stopping them? Everything from not having enough money and fear of failure to having no clue where to start is all reasons why business ideas never get put into motion.
According to entrepreneur.com, one of the biggest reasons why people never make it past the idea phase is because they’re constantly going back and forth in their heads on if it’s the right time to start their business. The article further states that there’s never a bad time to start… not starting is stemming from other underlying reasons.
In knowing that, there’s never a bad time to start a business, let’s take a look at other reasons why people fail to get their businesses off the ground. Some of the reasons are understandable and some are absolutely not good enough reasons to deter you from accomplishing your goal of entrepreneurship. Have you not started your business for any of these reasons?
Reason 1: Not Having Enough Money
As the saying goes, “it takes money to make money”… That statement couldn’t be any truer but it’s also not a reason to start your own business. Sure, you might not have thousands and thousands of dollars saved up in your account to start a business but neither did some of the world’s most successful entrepreneurs either.
If you really want to start your own business, there are ways around not having enough money. You have the ability to apply for an SBA loan or even a non-SBA loan. Don’t forget about asking family and selling items you’re no longer using to put towards your business.
Just remember to put together a solid business plan so that when approaching people and financial institutions about borrowing money, they’ll have a clear picture as to where their money is going. In putting together your business plan, you need to be very detailed about the budget section.
In the budget section, it needs to show everything from expenses and estimated revenue to the cost of business insurance. Your lender or lenders are going to want to see that you plan to insure your business to give them peace of mind in knowing that they won’t lose money if something were to happen with the business.
Reason 2: Fear of Failure
It’s human nature to be afraid of failure but it’s also common knowledge that you can’t escape failure. In the world of entrepreneurship, you’re going to experience failure but that doesn’t mean that you’re a failure.
All too often, people let the fear of failure dictate their success and it’s the very thing that’s kept people from giving themselves the opportunity of success all by operating out of fear… you have to think forward to achieve business success. Fear will be the very thing that holds you back from a lot more than starting your own business.
If you simply can't get passed fear, whether it's of failure, or starting your business in the first place, find a less intimidating solution that will still allow you to be successful. One solution you may be overlooking is acquiring a franchise. Training, a proven business model, and brand recognition are some of the many benefits of franchising vs. starting a business from scratch. For example, if you want to create a flooring company but don't want inherent risk, you can search for flooring companies for sale. Purchasing a franchise will help you gain expertise in running a business, so you can thrive when you decide you are ready.
Reason 3: Think They’re Too Old
There are lots of things in life that prove to be age-inappropriate but starting a business isn’t one of them. But to be fair, there are other factors that go along with age that make people feel like age plays a role in starting a business. Things like energy levels and the ability to comprehend certain technologies all play a role.
To successfully run a business, it’s definitely going to require a significant amount of time and energy as well as a decent understanding of certain technological processes but that’s not saying that someone of an older generation can’t start a business… it’s all dependent on the time and energy you’re willing to put forth, not how old you are.
Reason 4: They Think They’re Not Cut Out to Be an Entrepreneur
This particular reason stems from your personal level of confidence in yourself. People with low self-esteem are people who think they’re not cut out for entrepreneurship without having even given it a try.
Now, to be an entrepreneur, there are certain qualities and characteristics that make leaders stand out from followers but before canceling yourself out as a potential business owner, consider sitting yourself down and jotting down some positive and negative things about yourself as it would pertain to running a business.
Of course, everything isn’t for everybody, as the saying goes, and entrepreneurship isn’t for everyone as well. But you can’t make that assumption until you know why and what it is about yourself that makes you a less favorable candidate for entrepreneurship.
According to Neil Patel, if you’re a procrastinator and don’t like getting out of your comfort zone, then entrepreneurship may not be the best route for you. Nonetheless, if you’re seriously considering entrepreneurship, take the time out to do a self-evaluation of yourself first before ruling yourself out.