What is holding you back from starting your own business? Let’s look at some things people tell themselves about starting a business. Perhaps this will give you the courage to take that first step.
“Starting a business takes a lot of money.”
No, it doesn’t always. Many businesses have started with a good idea and a small support system. If this is your first business, it’s essential to choose a business that requires little initial investment. Your first business will give you the experience and track record to raise capital for future growth.
“I’m not clever enough to start a business.”
Not true! Anyone can start a business if they are willing to learn and grow, dare to take action, and have the energy to keep pushing forward (and you will need lots of energy). You can learn business skills from books, the internet, peers, and experience.
“I can’t start a business without a business plan.”
Also not true! Many successful businesses started without a formal business plan. The most important thing is to take action and get started. Once you’ve tested your concept, you can develop a business plan to focus your strategy, share your vision with others, and build a compelling case for financing or partnerships.
“I am too young to start a business.”
You’re never too young to start a business. There are many examples of successful young entrepreneurs who started their businesses while still in school. Starting young can give you a valuable head start in your entrepreneurial journey.
“I am too old to start a business.”
Really? OK, if you’re over 75, your health is failing, and you have zero energy, maybe I’ll let it go (although you could recruit young people to do the heavy lifting). The truth is many successful entrepreneurs started their businesses later in life, and being older gives you the advantage of life experience and wisdom.
“I don’t have any specialist skills.”
Yeah, so? You don’t need specialist skills to start a business. Many successful entrepreneurs started their businesses without any prior business experience. Of course, there are businesses that do require specialist skills, like being a doctor, so of course you can’t just go and start a medical practice, but there are many, many businesses that start from passion rather than skill. You can learn skills. The most important thing is to have a product or service that meets a want in the market. Wait, what? A want, not a need? Yes. A want.
“I don’t have an original idea.”
Hey! Wait a minute! How many successful businesses do you know of that are based on a completely new, original idea? Yeah, not many. While having a good idea is important, it’s not enough to guarantee business success. The key to success is putting your idea (that meets a want in the market) into action and making a profit from it, even if it isn’t an original idea.
“I think there is too much competition.”
Actually, having competitors is good news! Firstly, they validate that there is a market for what you are selling. They also help you to educate the market so you don’t have to do it all by yourself. Keep a keen eye on how they are marketing and what experiments they are running – you’ll learn a lot without having to spend all that money on getting things wrong.
“I don’t live in a big town.”
While it’s true that a bigger town means a bigger market, you can start a business anywhere, as long as you identify a market want and build a business around it. Even small towns can offer great business opportunities. In some cases, the very fact that you live in a small town (where not everything is readily available) is your greatest opportunity.
“I’m not ruthless enough to make money.”
Well, that’s awesome news! The world doesn’t need more ruthless business people. What the world does need, however, is creative business people who know how to craft great win-win deals while understanding market demands and people. Know the value of your offering, deliver that value to the best of your ability and don’t sell yourself short for the sake of the deal. Nothing ruthless about that!
Can you see that all these reasons not to start your own business are not reasons at all? They are just fears. Face your fears and take action. Start small and learn as you go, but most importantly, just start!