- It’s Too Risky
- You don’t Have a Better Mousetrap
- You’re Lacking in Skills and Knowledge
- It’s Too Much Work
- You Don’t Have Time
- You aren’t ‘Connected”
- You Don’t Have Enough Money
Make no mistake, starting any new business venture definitely entails risk. However it doesn’t have to be incapacitating. Everything you do involves risk and whether you decide to start a business or continue on your current career path, you’ll be assuming risk. Like any risk, entrepreneurial risk can be managed and mitigated.
Start by identifying risk factors and determining the likelihood and severity of each. Many risks will be insurable and others will be unlikely and negligible. Get insurance for what you can and focus on the more probable and severe risks. When you’re ready to start, control growth at a manageable and financially sustainable pace and institute effective controls along the way. Starting a business can be risky but it isn’t at all too risky. When it comes down to it, entrepreneurial risk is just a lame excuse for not starting a business.
It’s a common misconception that you have to have a great new idea in order to start a business. The truth is, however, that you don’t have to reinvent the wheel to be a successful entrepreneur. Good business models are the ones that fulfill a need for their customers. There are many existing business models out there that already successfully do that and have room for you to enter the market. Additionally, there are many advantages to following a tried, true and proven business model.
New innovations require robust and often expensive sales and marketing efforts to educate consumers. Conversely, there is immense value in entering a market or industry where you can provide consumers with an essential good or service or even a commodity that has already become part of their daily life.
Existing models are also brimming with benchmarks to measure your progress against and best practices to learn from. With less unknown variables there is less risk. Keep in mind that financially, lenders prefer to lend to businesses that have proven business models.
Who isn’t? If you are missing critical skills go find the training you need. If you have knowledge gaps, fill them. With easy access to information being as ubiquitous as it is in today’s world, a lack of knowledge as a lame excuse for that just doesn’t cut it.
Starting a business does require some hard work. However, don’t let that intimidate you. There are many things in life that require hard work. When all is said and done, the grand majority of those things are incredibly worth the amount of effort you put in. From relationships to learning something new to starting a new business. There are plenty of things in life that can be intimidating at first but exceptionally worthwhile in the end.
Lame excuses can be found for not doing anything. The key is to take each challenge one step at a time, sometimes literally. The idea of climbing a mountain or running a marathon may terrorize you. This is especially true when you dwell on the magnitude of what you’re trying to accomplish. Instead, focus on the next step you want to take and before you know it, you’ll be miles ahead of where you started. In retrospect, those long journeys are the ones we tend to look back on with the most pride.
You may legitimately be a very busy person. However, chances are that there have been quite a number of people just as busy or worse who have successfully started a business. Don’t let business become a lame excuse. We all have the same number of hours in a day. Learn how to prioritize the best you can. Decide what you want most and if starting a business and being financially independent is high on that list then be prepared to set some other things aside.
Also, remember that we live in an age where, “there’s an app for that,” truly is prolific. There is a very good chance that there is at least one and probably many productivity tools that you could take advantage of. Make a list of the most urgent items in your priorities that will fail if you don’t perform them. Focus on those and see if you can automate, outsource or set aside everything else.
As cheesy as it sounds, we live in the land of opportunity. This is one of the few nations of the world where you can start anywhere and innovate and work your way to the top. Take it from someone born in a country that has a much more rigid class system: don’t take this opportunity for granted. It is true that having connections or knowing the right people can be beneficial but it is no where near necessary.
Not having a large enough network is even more of lame excuse today because of the way the world has become so digitally, ‘social.’ There is a myriad of ways that you can reach out and grow your network without having to even leave your office chair. What’s more is that you can easily see people’s interests and activities to see if you have something in common. You can identify the influencers in any area that is important to your business. There really are few limits to overcoming this lame excuse. Just remember good etiquette in networking. Have a good reason to connect, be upfront and try not to ask for something without delivering some kind of value first.
This isn’t just a lame excuse it’s a great reason why you need to get started ASAP! Access to capital is there for many Americans if you look in the right places. Surprisingly, however, there are a number of examples of businesses failing because they had too much capital to start with. Having excess in the beginning can stifle innovation and make decision makers complacent. On the other hand, when you are truly, ‘boot-strapping’ a business, you are much more likely to make wise financial decisions and to find ways to save money.
You might be surprised by how much you can accomplish with a small budget. Search engines, how to websites and you-tube videos contain a gold-mine of information that businesses used to have to pay quite a bit of money for. Additionally, SaaS or Software as a Service has made it possible for small businesses to have access to tools that would have been completely out of reach before. As just a small example; Adobe products used to cost hundreds for each piece of software. Now you can pay a $20 monthly subscription for their entire creative suite. SEO and Marketing tools abound that also follow a subscription model. In the end the companies make much more money this way but for a budding entrepreneur having available cash flow is vital. These subscription services enable you to have amazing tools without starving your business of the cash it needs to grow.