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There are plenty of people out there with good business ideas who never do anything with them. While some people — especially the sons and daughters of business people — have an inherent business confidence that allows them to throw their hats in the business ring, others don’t take action because they perceive, for one reason or another, that they can’t.
Those perceptions aren’t always correct, however, and even in cases where they are correct, there’s often a way to overcome them. In this post, we’ll run through some of the common factors that prevent people from starting a business, as well as some handy tips on what to do about them.
Skill Shortages
Most people need or have to start their business on their own, and that can bring a lot of pressure for people who don’t have experience in running an enterprise. Some people avoid setting up a business because they don’t believe they have the skills required to take care of all the related tasks to a high standard.
But here’s the thing: you often don’t need to do the tasks yourself. That’s what outsourcing and friends are for. Plus, it’s often possible to quickly learn how to do many tasks, too. You might not know how to create a business website or market yourself now, but it’s one of those things that you can learn through doing.
Personal Debt
It’s normally OK to start a business when you’re carrying small amounts of personal debt, but large debt levels can be a little problematic. Not only does it make it more difficult to invest cash into your business, but it can also increase stress levels. It’s not easy starting a business at the best of times; it’s even more challenging when you’re drowning in debt. The solution? Tackle debt head-on. Large debt levels can seem insurmountable, but as National Debt Relief CEO Alex Kleyner explains, it’s possible to not only pay off debt, but “stay out of debt for good.” You don’t necessarily need to wait until your debt has been fully eliminated, either. If you can see the light at the end of the tunnel, then you can get your business underway.
Fear of Failure
There are no guarantees in business. The sheer number of businesses that close within five years will tell you that.
Some people avoid setting up a business because they’re afraid that they’ll fail. If that sounds familiar, then look at reframing how you view risk. Isn’t it better to try, “fail,” and learn along the way, rather than never step up to the plate? Plus, there is a long list of successful entrepreneurs who had businesses that failed before they hit the big leagues. In fact, you could argue that business failure is an essential step towards eventual success.
Time Issues
Finally, many people perceive that they don’t have enough time. While that may be broadly true, it’s possible to start a business even if you can only dedicate an hour of work each day. That’ll provide enough time to lay the groundwork for your business.
With inputs from agencies
Image Source: Multiple agencies
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