The popularity of entrepreneurship is growing all over the globe. My opinion is that the benefits outweigh any cons. I have written this article to share my thoughts in the hopes of helping others. Many entrepreneurs are hampered by procrastination, which is the most damaging trait that can be overcome before they even begin their entrepreneurial journey.
To help budding entrepreneurs overcome the obstacles that can prevent them from succeeding, I have created my top six list.
Entrepreneurship Obstacle One: It’s Easy.
Human nature is to make assumptions. Entrepreneurs are no exception. They don’t always recognize the hard work and perseverance a person might have put in on their way to success. Let’s use the example of a restaurant to illustrate our point. When we see a successful business, we tend to assume the obvious. It may seem simple, but if there was a great chef and a busy restaurant, we would see instant success.
You must look at the opportunity from the simplest level. As an entrepreneur, you need to learn how to get more information about the operation and what makes it tick. If we continue with the same scenario, a great example would be to look at the skills required to hire great people. Then move on to marketing and how to get people through your front door.
Negotiating a lease for the commercial space, as well as the kitchen equipment. You can make your business successful by setting up payroll and employee benefits. Understanding the process and the behind-the scenes is what makes entrepreneurs stand out.
Obstacle 2: Entrepreneurship is hard.
You may be thinking of the word contradictive right now. But let me explain what I mean and give you my definition. Entrepreneurship is like architecture. It requires a lot of effort and the right building blocks in order to achieve great success. A well-structured business plan is worth the effort. Failure to plan is planning for failure so a business plan shouldn’t be ignored or overlooked.
Executing a plan is key to success. Pre-planned steps will help you get through tough times, and let you enjoy the good times. Many people will jump into the excitement of starting a business and then get overwhelmed by all the details.
It doesn’t matter how difficult you make it. Many successful entrepreneurs have succeeded, and you can join them if you are willing to learn and follow the correct steps.
Obstacle 3: Most New Businesses Fail
The majority of statistics will show that a large number of new businesses will fail within five years. True entrepreneurs don’t dwell on negative things. If they did, how many new businesses would attempt to succeed? Would you ever advise children not to try if they fail? You shouldn’t let the same narrow-sighted beliefs restrict you.
Both your successes and failures are learning experiences that will help you build your confidence to succeed. Your success is not determined by a statistic that has been used for decades in relation to new businesses.
Remember that success is always more than failure. Negativity travels four times faster than positivity, so negative news is often recalled first. This can lead to mental obstacles that must be overcome in order for you to succeed.
You should only be focused on your success in the top 1% of entrepreneurs.
Fourth Obstacle: The Risk Is High.
Risk can have many meanings, and each person will interpret it differently. Although starting your own business won’t kill you, how many people would be hesitant about getting in their car to drive when it is far more dangerous than if they were to label it? Entrepreneurs cannot eliminate the risk that comes with being entrepreneurs, but we can minimize it by doing proper research and developing a business plan that has the best chance of success.
Fear of the unknown can sometimes be confused with risk. If you know how to do something, there is no risk. However, if you don’t have the knowledge it can make it seem too risky. Knowledge is the best way to reduce risk. You will feel more confident in your ability to complete the task if you know more.
It doesn’t always have to be your responsibility. Sometimes, it is best to follow the example of someone who has achieved the same thing. It can be very rewarding to reach out to successful entrepreneurs to learn more about their journeys and how they got from point A to point B.
Problem Five: I need large amounts of capital to make it work
If you are considering a brick and mortar business model that requires staffing, inventory, warehouse, renovations, payroll, etc., this statement is true again. The internet has revolutionized the business world for many entrepreneurs. It allows them to reach the global market and be recognized without having to spend a lot of money.
This new generation of entrepreneur sees the potential in this medium and can use it to make huge profits. Brick and motor businesses would be proud to have such big profits. A new age entrepreneur can start cultivating ideas quickly by eliminating the major start-up costs. It is a powerful marketplace with over 2 billion people using it.
Sixth Obstacle: Entrepreneurs are born, not made.
This statement holds many people back, and it is very self-destructive even though it is not true. You can make a lot of excuses and blame other people’s successes. Anyone can learn the skills and succeed if they put forth enough effort.
It’s certainly easier to be in the family business or have wealth. However, I doubt that these people would ever be successful if they didn’t. One argument could be made that these individuals were able to learn and mimic entrepreneurship skills from an early age, instilling the belief they could do it.
If you want to succeed in any area of your life, believing that you can is essential. This is the lesson: Stop focusing on what’s not possible and instead, focus on what you can learn and nurture your belief that you can accomplish whatever you want in life.
Conclusion
It is possible to become an entrepreneur and have the success you want in your life. You can achieve this goal by creating a solid plan and getting quality advice from people who have been on the same journey as you. Don’t let lack of money stop you from trying your hand at entrepreneurship. You don’t want 20 years of regret that you didn’t try, and I believe that is worse than failure.
Your journey might not begin where you want it to. This is why I encourage you to look at the possibilities that are now available to you. You don’t have the 200k start-up capital you need to open the store or franchise that you want, so you should look at the many opportunities online as a way to get to your bigger goal.
