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5 Scary Excuses That Are Keeping You from Starting a Business (But Shouldn't)

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5 Scary Excuses That Are Keeping You from Starting a Business (But Shouldn't)

By smallbiztrends, Guest Blogger
Published: October 23, 2014

Are you thinking about starting a business?

If you’re like many people, starting a business is a cherished dream. Sure, you can see yourself doing what you love and creating something for yourself and your family. 

But maybe the actual step forward eludes you.

What’s stopping you is fear. It’s understandable to be apprehensive about such a large investment of time and money with no guaranteed success, but these fears must be overcome so you can at least give it a try.

Here are five fears or excuses that shouldn’t keep you from realizing your dreams.

1.  “I Don’t Know Anything About Starting a Business.”

At one point in your life, you didn’t know how to tie a shoe, but you didn’t let that stop you. Knowledge can be attained. There are books, blogs, magazines, continuing education courses, webinars, workshops...a whole world of knowledge out there for the taking. But you have to take initiative and decide you want to sharpen your skills and expand your knowledge of running a business.

And here’s a little secret: many entrepreneurs don’t have experience or knowledge running a business when they first start. You’ll learn through experience. 

The key is to harness your fears and turn them toward action.  Start educating yourself, and take action so you can learn more by doing.

2.  “What if I Don’t Make Enough Money to Pay My Bills?”

This is an understandable fear. You want your business endeavor to be successful, or at the very least, not put you in a hole you can’t dig out of. If you’re looking for a guarantee that you will make a profit and be successful, no one can provide that. 

But here are a few options that other entrepreneurs have taken to mitigate the financial risk.

  • Set aside 6-12 months’ worth of living expenses first in a separate “start my business” bank account. In addition to the money you’ll need to launch and run your business, you need to cover your personal expenses. Since you’re not guaranteed income, this will help fill in the gap until profits come in. This gives you breathing room to build your business.
  • Another option is to continue working your steady job while you launch your company. When you’re making enough money to pay your bills, you can quit and run the business full time.

3.  “I Can’t Compete with Existing Businesses.”

Well, with that attitude, you won’t succeed! It’s like that saying, “If you think you’re wrong, you’re probably right.” Success in any facet of your life is about having the right attitude.

Find a unique angle your competitors are overlooking. Study their sites, their shops, their products, their marketing, and figure out what they’re overlooking. Then own that niche. Every industry has lots of players. Usually there’s more than enough business to go around, if you can spot an underserved niche or do something better. 

Small businesses are uniquely positioned to go after narrow niches, because larger businesses might find them too small to be attractive.

4.  “I Fear Failure.”

Running a small business is a risky venture. There’s no guarantee you’ll succeed, let alone make it through the year. Knowing this, you’ve already uncovered your worst fear. Now itemize what you fear could go wrong. You could run out of money. Lose all your customers. Not be able to find good employees. Once you shed light on the specifics of your fears, they’re easier to conquer.

5.  “This Isn’t the Right Time.”

Life will always get in the way of you starting a business. So don’t let it. Realize there is no ideal time, so just pick a date, plan ahead, and go for it. You’ll be bound to make a few mistakes along the way, so pick yourself up and learn from them, then move forward.

Starting a business isn’t for everyone, but unless you really examine your reasons for hesitation, you can’t know if you’re well suited for it or not.

About the Author:

smallbiztrends
Anita Campbell

Guest Blogger

My name is Anita Campbell. I run online communities and information websites reaching over 6 million small business owners, stakeholders and entrepreneurs annually, including Small Business Trends, a daily publication about small business issues, and BizSugar.com, a small business social media site.

Comments:

These are the main obstacles that come to mind when people thinking of starting a new business.
I really needed to see this article today. I've been on the sidelines for so long, but all it takes is some initiative to get my business started!!
Excuses are dream killers. If we had made excuses instead of pursuing our dreams, I wouldn't be where I am today...
Oh Iam scared crapless! But this little article weighed in big with me and gave me little more assurance that it's okay...the fear I have comes along with the waters Im treading. Thanks for the extra boost
I obtained an EIN in 2009 but never did business using that number. I am now remarried and living in a different state than the one where I obtained my EIN and I am considering working as an independent contractor. Should I obtain a new EIN or is the one I have still valid?
thank you for your business information led light bulbs
Yes above information shared is genuine in every circumstances, where I believe determination to make it big in life helps a person to clear all unnecessary obstacles from mind.
These are the main obstacles that come to mind when people thinking of starting a new business. Doubts, confusions and lack of confidence are lagging people behind. We should overcome these obstacles in order to get succeeded.

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