5 Biggest challenges to start your business and how to overcome them.

14-Nov-2019

Have you ever been through a meeting at work, listening to your co-workers talk about meaningless ideas and thought to yourself, “I’m done here! I can’t wait to leave this place and start my own business!” Chances are you might have. The truth is a large percentage of cubicle workers hate their jobs and secretly wish they could start a business.

If ever there was a better time to start your own business now would be it. Entrepreneurs today have better access to knowledge, a variety of support sources and enjoy benefits of reduced startup costs.

But it's not always that simple. There are scores of difficulties that come with the decision to start a business. The following are five major challenges that accompany most people planning to start a new business and tips on how to overcome them.

1. You lack enough finance

Lack of enough money to start a business is one of the biggest reasons many entrepreneurs give up their dreams of business ownership. But, by bootstrapping your company in the beginning, you can create a successful business. Forget the fancy office or the cool CEO chair. It doesn’t take big dollars to start a small business. In fact, most of today’s billion-dollar companies started with a few amount of money.

2. You don’t have time

It’s amazing how much time we’re wasting every day. From getting lost on social media to loafing in front of the TV, we could all think of a handful of times in the last week where we could have been more productive. Or whether you’re exhausted from full-time work or family commitments, there are still ways to find time for your dream business. It’s not about finding time to make your business successful, it is about managing the time you already have to be the most efficient.  While we may feel there isn’t enough time in a day, if you prioritize your tasks based on importance, then you can learn how to manage the time you have available.

3. You lack the required training and education

If you’re waiting until you know everything about running a business, you’ll never start anything. You don’t need a business degree to run your own business. But, you do need to spend some time thinking through what skill, service or product you can sell or offer. There’s an abundance of free information online about how to create a business plan and develop a marketing strategy and you can start there. Also, don’t forget that failure can be a great teacher. We don’t like to think about failure, but some of the most successful people used early failures to their advantage. Don’t be afraid to fail. Know it’s a possibility and try to avoid it, but don’t be scared if it happens because you never know where it will lead.

4. You lack support from your family

It’s difficult enough to give up the comforts of the corporate world to start a business. But the journey can be even more challenging without the support of your family and friends. To win the support of your family, take enough time to explain the business and build a solid business plan. If others can see how you have taken the time to think it through and minimize the risks, they will be more supportive and your success will be less challenging.

5. You lack enough courage

Dig deep enough and you will often find the reasons for not starting a business are excuses. The biggest barrier to overcome is yourself. Fear is present in all entrepreneurs, and it can also be a strong motivator. Fear can drive you daily to succeed. It’s a matter of learning to accept fear as a silent companion you can beat every day.

Departing from the corporate life takes dedication, guts and a little nerve. Millions of business owners have succeeded this way and you might be next.  And remember to take care of the above-mentioned challenges and you’ll be surprised at how far you can go as an entrepreneur.