You’ve always wanted to be an entrepreneur, and you finally have your business idea. It’s a great idea that solves a huge problem in an elegant way. This idea can scale, and go global. You think about this idea day and night, and you dream about starting the company and making it real. But, for some reason you just can’t do it. It just seems too risky…plus you have a great job.
Here are the most common reasons we hear from people about why they can’t start a business, and some advice on how to get past the issue:
- “It’s not the right time.”
There are people who became entrepreneurs as teenagers, and others who started their first company in their 60s. Here’s a secret that anyone that has started a business knows: there is NEVER a right time. It just does not exist. You can always convince yourself that you need more money, experience, time, connections, confidence, skills, business acumen…the list goes on and on. Have faith that now is actually the perfect time.
- “What if it fails?”
Entrepreneurs tend to be people who are filled with such confidence that they don’t focus on any chance of failure. But the tough fact is that 80 percent of businesses fail within the first 18 months, and it can be paralyzing to face those odds. My recommendation is to embrace the possibility of failure. Why? Because if you fail, you will learn something tremendously valuable about yourself, about business, and about life. You may start another business, or you might realize that entrepreneurship isn’t for you. But if you don’t try, you will simply never know.
- “I haven’t saved enough money.”
Many people who aspire to start businesses are the primary breadwinner in their family, and they cannot afford to live without a salary coming in. I recommend that anyone who starts a business save enough money to live for 18 months without income coming in. If your business hasn’t gotten enough traction within 18 months to produce income, and you don’t see a light at the end of the tunnel, then you can shut the business down and get a job with the satisfaction of having given entrepreneurship a shot.
- “People don’t see me as an entrepreneur.”
As a budding entrepreneur you have to ignore what others think of you because there will always be doubters in your life. Avoid those people if you can. If you take the leap and start your business, you will be stunned at how fast people who were originally naysayers will see you as a born entrepreneur.
- “It just seems so hard.”
Starting a business is very hard. It might be the hardest thing you’ll ever do in your life. The easy decision is to keep working for that secure paycheck, and that’s exactly why most people don’t start companies. My advice is to be very honest with yourself, and if you know deep down that you can make it work, then take that leap of faith and make it work.