Millions of people dream about starting a business. However, it’s really surprising that most people never really get their business ideas off the ground.
Part of the problem is fear fueled by misinformation. Many aspiring entrepreneurs give in to their fears about dealing with business risks and the possibility of failure.
Most guides for entrepreneurs also contribute to the problem by focusing a little too much on the risks of launching a business as well as failure.
Of course, it’s not going to be easy to succeed in business. Yes, there will be lots of challenges, setbacks and failures along the way.
However, it’s really important to keep in mind that many entrepreneurs who have gone through this process have survived it and even managed to succeed.
You can’t avoid doing some research before starting your business. So, do yourself a favor before you start reading guides and tutorials: do not let these business guides scare you and keep you from pursuing your entrepreneurial dreams.
Some guides for new entrepreneurs can be so overwhelming. For example, the US Small Business Administration (SBA) offers the following resources to “help” you learn what it takes to start a business.
* One section offers to help you determine “if entrepreneurship is for you” — before you even start!
In fact, many entrepreneurs with various characteristics and skill sets have succeeded in business. In addition, you can acquire and improve your skills in the process of running a business.
What if you don’t have “all the right characteristics” for entrepreneurship? No worries!
Becoming an entrepreneur is like going through personal development — on steroids.
Many entrepreneurs who started out not having all the necessary characteristics for entrepreneurship when they launched their businesses worked on themselves and became successful anyway.
* What happens if you actually decide that entrepreneurship is for you after going through the SBA checklist? There’s another set of 20 questions you’re supposed to answer.
The sad thing is that most people thinking about starting a business will probably give up on their dreams after trying to answer these 20 questions. The reality is that even seasoned entrepreneurs can not answer most of these questions before starting a new business.
You will get more answers about entrepreneurship being right for you… in the process of running your business.
After you launch a business, you will learn new skills as well as improve your characteristics and ways of dealing with business-related issues. You will fine tune your strengths and figure out ways to get around your weaknesses.
You will learn by doing. You will learn by launching your business.
I have to warn before you click the SBA link provided above: if you’re not feeling overwhelmed, scared or discouraged about launching your business, you will be after reading these SBA guides.
7 Ways to Overcome Common Barriers for Starting a Business
1) Keep things simple and just start your business.
- You can get a domain name.
- You can get a free blog, if you prefer. However, it’s important to get your own domain name for your business blog and website. You site will look more professional and more trustworthy to your prospects.
- Instead of a getting free blog, you can start a cheap blog and website within minutes with your own domain name.
Check out this Special Offer for $1 per month Managed WordPress Hosting from GoDaddy. You can get a FREE domain with an annual plan.
2) Lack of startup capital keeps some entrepreneurs from starting a business. Here are my suggestions to get around this barrier:
- Do whatever it takes to save $50 to $100 to start your business. After you set aside this tiny startup capital, do not spend any money unless the expense is absolutely necessary for starting and growing your business.
- Use no-cost and low-cost ways to launch an online micro-business. Small scale business ideas can help you start a business with big profit potential but small financial risk.
- You can use free affiliate programs as well as free search engine optimization and free social media marketing strategies to generate sales online. You can also provide services online and generate income to grow your business.
- If you make any money, you can put that money back into your business to keep it growing. It’s possible that you may not make any or many sales when you’re just starting; so, focus on learning how to improve your sales skills. If you’re starting out with terrible sales skills (it’s okay we’ve all been there), keep working on it and keep improving. In the meantime, it’s probably a good idea to focus on providing services online to generate extra income.
3) Don’t fall in love with any business idea. Having a profitable business is not about what products and services you think should sell well. It’s about what your customers are willing to buy.
4) Do some research on your business ideas, but don’t over-analyze what business ideas you need to try. Test them all and get proof of concept.
Get validation that your business ideas are viable by letting your sales and profits guide you. Let the market tell you which business ideas have the best potential for success.
5) Some people try to get validation for their business ideas from their family and friends. Instead of getting encouragement, most people get a crushing blow to their entrepreneurial dreams.
Keep in mind that entrepreneurship is not for everyone. In spite of millions of employees experiencing layoffs, terminations and long-periods of unemployment during changes in the economy, many workers are still convinced that having a job offers financial security.
What makes matters worse for aspiring entrepreneurs is that people who are committed to working in a traditional job will work hard to “knock some sense” into anyone considering to pursue entrepreneurship to have a better financial future.
Although it would be nice to get validation from family and friends, the reality is that it’s more meaningful to get validation for your business ideas from your customers. Get proof of concept from the market based on your sales and profits. (See #4)
6) Don’t focus on money at first. Focus on learning about marketing. Your marketing knowledge as well as your choices regarding the marketing strategies you’re going to use can make or break your business.
So, educating yourself about marketing is the best thing you can do for your business. It can increase your chances of having a profitable and successful business.
7) Start learning how to make money and generate profits. You probably won’t make a lot of money or you may not even make any money at all when you’re a new entrepreneur. So, don’t focus on how much money you’re making (or not making) at first.
Focus on learning as much as you can about strategies for generating sales and profits. Your business income will grow as you become more proficient about marketing and money-making strategies.
There are many health and psychological benefits as well as financial rewards for becoming self-employed; so, it’s definitely worth it to deal with the challenges of becoming an entrepreneur.
Starting a business doesn’t have to be complicated and overwhelming. You can keep things super-simple. The more you know and the more experienced you become, the simpler things will be.
This is the biggest fear of most new entrepreneurs about launching a business: what if your business fails?
If your first business venture fails, you need to know that this has happened to millions of entrepreneurs — and you will survive it just like most of us. For many entrepreneurs, it can be a relief to finally experience their first business failure — they can get it out of the way instead of being so afraid of it.
It’s usually a big relief for most people to finally experience what they feared most and to realize that it wasn’t as bad as they thought. You, too, will be fine after experiencing a setback or failure.
Most successful entrepreneurs have had at least one business failure or more. It’s important to keep in mind that you can start a new business again with better skill sets and more knowledge about becoming successful.
Think of your early business attempt(s) as the best entrepreneurship training you can ever have. If you don’t give up and you do whatever it takes to bounce back from any setbacks, your failures will be your stepping stones for success.
Starting a Business: Advice and Tips
- 10 Tips for Transitioning to Self-Employment From a 9-to-5 Full-Time Job
- Want the Cheapest and Fastest Way to Start Your Own Business? Use the 3-Step Guide to Becoming Self-Employed and Making Money On the Side
- Turn Passion Into Profit: How to Get Paid Doing What You Love
- Becoming Self-Employed: 6 Benefits of Working From Home
- Aspiring Entrepreneur? 79% of Self-Employed Workers Are Happy
- Parents Making Money From Home Can Have Better Work-Life Balance
- Many Young Entrepreneurs Are Starting Businesses After College
- New Entrepreneur? Quick Ways to Make Money Online: A Beginner’s Guide
- Raising Money For Startup? How to Pitch Investors
- 4 Ways to Raise Money For Your Startup
- How to Start a Business From Home: 4 Steps You Need to Do
- Small Scale Business Ideas: 8 Advantages of a Micro-Business Online
- How to Start a Startup: Video and Infographic
- 50 Groundbreaking Startup Ideas
- Startup Ideas: 10 Rules for Great Startup Ideas and Traps to Avoid
- Self-Employment For People With Disabilities Can Offer More Financial Security