- Everyone dreams of being the proud owner of a successful multimillion-dollar business someday
Why you haven’t started your business today is not because you do not have an idea worth selling. You probably haven’t started your business due to one of the reasons I will outline in this post.
When you’re through with this post and you still think your reason for not starting your business is justified, then you’re just not cut-out to be a business owner.
1. Lack of Funds
Most successful companies you know of today started with as little as just their laptop and a desire to change the world. Mark Zuckerberg wasn’t the richest kid in Harvard when he started The Facebook. But he knew he was up to something big and he didn’t allow financial obstacles to stop him.
Your own is not to worry about the money. Just focus on bringing that idea out there. All you need is a perfect combination of the right marketing skills and the drive to create something that the world needs. Soon investors will fall over themselves to become stakeholders in your business.
2. You Do Not Have a Co-founder
At start, people may not believe in your idea. Convincing someone to leave their comfortable and stable 9-5 job to join you on your risky adventure to success might seem too big a chance to take. But with the right offer, and a good reason to do so, you can get your dream co-founder to become your business partner. This goes back to honing your marketing skills.
And if you’re unable to convince anyone to become your partner, just focus on bringing your idea out to the world. As you go on running your business, you might discover you do not actually need a co-founder in the first place.
3. The Market is Too Crowded
If you’re in a business that has no competition, it probably means you’re in a business that makes no profit. If AirBnB was afraid of entering into a competitive or already crowded market, it would not have been the multibillion dollar company it is today.
When your business idea serves an already crowded market, eliminate the common solution to the problem and create an alternative to that solution. That way, you carve your own niche. That was what AirBnB did with the hotel and travel industry and it became one of the biggest name in the industry today.
Lyft and Uber entered an extremely saturated market as well. They both changed the face of the industry by using the one method I mentioned above.
4. No one believes in your dream
You do not need everyone to believe in your dream. You only need yourself to do. And if you do, then pursue your dream with all your strength. Stop looking for validation from others. Stop caring whether they believe in you or not.
If Steve Jobs was concerned with the number of naysayers he talked about being the number one computer manufacturer in the world to, the Apple we all know today wouldn’t have existed.
5. You Do Not Know What to Name Your Company
Your business name is how your customers will differentiate you from your competitors, but you should not burden yourself with that either. If you find it hard to come up with a brilliant name for your company, you can list for the help of others.
Margot Bushnaq, CEO of BrandBucket.com says: “Most entrepreneurs struggle to find the perfect name, and often feel it’s hard to start working on the business without naming it. Thinking “lean” can help you get over that hurdle. The faster you decide on a name, the sooner you can invest your time in what matter most, your business. But keep in mind that Lean Branding is not about shortcuts or settling, it’s about being smart, streamlined and speed. And most of all, it’s about starting. So limit your decision makers, pinpoint your overall brand feel and start brainstorming. Once you have found a few name you like, make the final decision and move on to other tasks”
6. You Want to Start Big
Wanting to start big is one other reason you haven’t started your business. When you’re waiting till you have one million dollars in cash before you start your business, you may wait forever. No big business started big. Start with what you have and take that very first step.
Don’t be afraid to start small. Starting small is a sign that you’re courageous and that is a vital entrepreneurial asset. By taking that very first step today, you are activating your subconscious to prepare for success.
7. You’re Afraid Of Failing
The fear of failure is the biggest reason most people do not pursue their dreams. Such a mindset will keep you from trying new things.
The fear that you’re going to fail is only an excuse to keep yourself from becoming a successful entrepreneur. You need to learn to embrace failure if you’re going to ever start a successful company. Think of the big companies of today. Even as big and successful as they are, yet they fail at many things.
It’s only by failing that we learn to improve our ideas. So if you’re not starting your business because you’re afraid of failing, you might be missing on the very opportunity to improve yourself.
8. People Have Always Mocked Your Ideas
It’s good if people have mocked your ideas before. It helps you develop a thick skin needed to play the role of a successful entrepreneur. Forget about the do-no-goods that hide their weakness by playing on that of others.
When you have new ideas and your friends or colleagues are always mocking them without giving you any constructive feedback, you know it’s time to change your friends. Don’t hold back from launching that great idea into the world for others to benefit from it.
9. You Don’t Know What to Charge
The area of putting a price on what you’ve invented is where most entrepreneurs are constantly ill-equipped. There are several philosophies on how to price your products and inventions, but I’d advice to let that be the least of your concerns.
Start it first. Put it in the market and you will have the opportunity to adjust your price to the weather of the market. But if you keep tinkering on how to price your idea, you might end up not bringing it into light.
10. You’re Not Fully Prepared to Start Your Business
You know what Mark Zuckerberg usually says about preparation? “It’s done is better than it’s perfect”. While you’re waiting for your idea to be perfect, several others have launched the same idea and have made a lot of reiterations to it.
Stop waiting to have the perfect ideas before you start. By the time you’re waiting to perfect it, others will have started and overtaken you significantly.
If it’s your dream to own a successful business one day, then today is the day you should start it. Don’t wait for the big money to come. Don’t wait till it’s perfect. Just start.