Top 5 Reasons Why People Don’t Start Their Own Business
Top 5 Reasons Why People Don't Start Their Own Business
Many people spend 80% of their life building someone else business! There are plenty of people who want to work for themselves but they don't because of these top 5 reasons.
1. Lack of Money
Many people have spent their entire life working 30- 40+ hour work weeks building someone else business, but there's one thing that they forgot to do and that's pay themselves 10% or more of what they earn. The reality is that people should have started to pay themselves when they started their very first job. If you're over 25 and you still have not started saving and investing your hard-earned capital into your future then chances are that you will continue to work for someone else for the next 30 -40 years. If you want to get ahead then I suggest you try to pay yourself as much as you can afford.
It's said that the only way to make money is too spend money. Now, unless you are born into a family of wealth, or have done extremely well with saving your own income, then chances are that you need capital to finance your business. In this generation there are many ways to raise capital for your business such as crowdfunding, bank loans, personal loans from friends and family, donations, government grants, and more. Before you seek funds make sure that you have a completed business plan, marketing plan, and write out of all your expenses in a spreadsheet that includes salaries, equipment, marketing fees, overhead etc. The point is, if you can forecast your funds then it will put you in a better place when seeking financial assistance. If you’re just starting up then I highly recommend that you use freelancers on web sites like Fiverr to do common jobs tasks. Every bit of savings helps!
2. Lack of leadership
Let's face it, everyone in this world is not meant to be a leader or a boss, for example, there are queen bees and there are worker bees. If you can honestly identify yourself as someone with a leadership potential or someone who can be a great worker, then that's when you can decide on the type of business that you can run. If you are not a leader, a born natural leader, then hire someone in your business that can run it effectively, such as a CEO, Director, General Manager or Project Manager. The key is to outsource your weakness so that you can get the job done faster. Lacking leadership ability doesn’t mean that you can’t work for yourself and start your own business. The key is to be resourceful and to utilize and hire people who can do the work that you're not capable of doing.
3. Lack of Knowledge
As the saying goes, if you don't know something then ask. There is no such thing as a stupid question, the only thing that’s stupid is not being bold enough to ask someone something that you don't know. In other words, when it comes to business, you have to be willing to reach out to people who are more experienced in your field who can advise you and guide you in the right direction. You can use the Internet as your primary resource to find individuals and businesses in your niche that can provide you with answers to your questions. A great way to do this is to search google or bing for forums in your niche. You’ll find tons of people who share the same interest that are willing to help people.
4. Lack of Skill
Many people start businesses in industries that they have worked in before which can give you a competitive advantage because you know the ins and outs of how to run the business. Let’s face it, there are many job aspects that comes with owning and running in a business effectively. Whether it's a brick and mortar business or an online business, you need certain skills to make things run smoother. Every business needs to know about the best accounting practices, marketing tactics, sales lead generation, customer retention, technical support, graphic design, website development, and more. Yes, it can become overwhelming if you try to do it all yourself. Don't get discouraged, if you don't have the experience in any of these fields then the best thing to do is to write a check list to identify everything in your business that you can do yourself vs jobs that you have to outsource. Once you have that list it'll make your business thrive faster because now you can find people that can help you run your business.
5. Lack of Drive
It's one thing to be ambitious but being driven and determined is a must if you want to see your business succeed. Starting and owning a business means that you have to sacrifice certain things in your life so that one day you can be free, free in terms of having more time to spend with your family and friends, financially free, free to make decisions without having to ask someone else. You can only reach that point if you are driven. This means that you have to carry out whatever ideas and goals that you put in place for your business, you must see it through until the end. If you don't have the ability to do it yourself then build a team to help you reach your goals.
If you have run into road blocks and challenges in starting your own business then leave a comment and tell us about your biggest pitfalls.