3 reasons that prevent you from starting your own business and ways to overcome them

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Improve working ideas, connect with smart people and try to attract a business angel.

2,372 Lifehacker readers answered the question what prevents them from starting their own business. We analyzed the results, selected the three most common reasons and want to offer you ways to help you cope with them.

Reason one: "I can't find a money idea"

38% of those who voted cannot find a niche for business in any way. They have the energy, strength and capabilities to become an entrepreneur, but they cannot find an original and profitable idea.

How to overcome the problem

• Focus not on finding an idea, but on finding problems. If your company makes a product that no one needs, it will not be successful. It is necessary to find a problem that is inherent in a certain group of people and propose a solution. And it will be best of all if it concerns you.
• Think about the future. It is behind unmanned devices, smart gadgets, artificial intelligence. Look for ideas around these things.
• Take a closer look at the business in which you are already working. Of course, you have experience and connections - and this is the social capital that can greatly facilitate entry into the world of entrepreneurship. Also, you know and understand better the problems that the employing company or your clients have.
• Optimize existing processes. If you can find areas where people are wasting time or money, and then offer a solution to this problem, then you are most likely to create a successful business.
• Copy. Just don't do it head-on. Improving working ideas is the only way to lure customers into your startup.
• Travel and chat with smart people. These are the best ways to broaden your horizons, and therefore see more problems and opportunities for solving them.

Advice: no matter what business idea you decide to implement, it should "ignite" you.

Reason two: "There is no start-up capital"

34% of those who voted run into the most understandable situation, which leaves most of the ideas gathering dust on the table - lack of money. Yes, indeed, most types of business require a considerable amount of money to start. And in the conditions of living on "one salary", not many find financial opportunities to start their own business.

How to overcome the problem

• Accumulate the required amount - this is the safest way. Unfortunately, this is a long time, but in this case you will only risk your own money and will not remain in debt if the business goes out of business. Sometimes, in order to save up to start a dream business, entrepreneurs do another bridging project that can help raise money for a larger goal. Why don't you try it too?
• Bring in friends or family. You can borrow money or make your loved ones partners. However, remember that this scenario can lead to irreversible damage to the relationship.
• Find an investor or business angel. These are people or organizations that are constantly looking for promising investment ideas. Of course, they do this to increase their capital. Therefore, you should understand that in this case you will need to give a large share of your business to a benefactor.
• Ask the state for help. There are regional and federal programs to help entrepreneurs. Most often, you do not need to return the funds, but you must understand that this money will not become the basis of your start-up capital either due to its very modest size.
• Take out a bank loan. Business start-up loans are secured only, so double-check your options. And if you still decide on a loan, then take a look at loans with a fixed rate in rubles.

Tip: Assess your options carefully and come up with a realistic business plan. After all, you will have to return each borrowed ruble … with interest!

Reason three: "No guarantees"

13% of those who voted are frightened by the possibility of being left behind. Such fears are more common in those who have been employed for a long time: they are afraid of losing stability.

How to overcome the problem

• Don't quit your current job. Many types of business can be started in parallel with the main activity. However, in this case, you will have to forget about such words as "vacation", "weekend", "free time". You will only have your job and your business, but this way you can maintain a sense of stability for a while.
• Get the support of loved ones. Sometimes we limit ourselves, thinking that we must provide a certain level of stability and comfort for those who are around. But if you decide to have a frank conversation with your family, you will be surprised how many attitudes that limit you exist only in your head. And if you are supported and trusted, then guarantees are no longer needed.
• Be clear about realistic goals for the year and break them down into milestones. Big projects scare people. For example, let's say you want to create a second Facebook. Of course, such a goal will scare anyone. And you will not have any guarantees that a business of this scale will come out of your undertaking. But if you cut your project into intermediate stages and understandable realistic goals - for example, finding and renting an office, registering an individual entrepreneur, collecting documents for receiving a subsidy - you will understand that you are quite capable of coping with all this.

Advice: unfortunately, there are no guarantees anywhere. Therefore, if you found an interesting idea and at the same time calculated all the risks and opportunities, then give yourself a chance.

Out of rating: "I'm too lazy"

Our editorial office was captivated by the honest comment of a Lifehacker reader: "I'm too lazy." Unfortunately, not everyone can admit this to themselves.