It’s estimated 25% of Americans have thought about starting a business, but due to a variety of reasons, decide not to. The results of a study conducted by Gallup, in which potential entrepreneurs were asked which of seven barriers was their main reason for not starting a business, indicates money is the top concern, with basic knowlegde and ability worries following. While we understand each of these concerns, we also love to answer them with ways potential entrepreneurs can overcome them to pursue their dreams. Here are the top seven reasons, and why we think you should reconsider letting them keep you from starting your own business:
- You like the security that comes with a steady income … 84%.
Starting your own business comes with the added pressure of being solely responsible for making money, but in reality, many successful entreprenuers make more from their own ventures than they would have if they had kept working for another company. Even the ones who aren’t as successful as they hoped typically can re-enter the workforce smoothly.
- You can’t cover the start up costs … 68%.
If you can’t afford to start your busines on your own, there are plenty of other resources and programs that provide funding for new businesses. Accelorator programs and local startup organizations are great places to begin looking for the startup capital you need.
- You’re afraid the success rate of startups are too low … 66%.
It’s true that startups fail, but you can avoid many of the pitfalls other new businesses fall into by doing ample research and preparation on the front end. You have to also ask yourself which is worse, giving your dream a try and failing or wondering for the rest of your life what could’ve been?
- You have no clue where to begin … 49%.
When looking forward to an daunting venture like starting a business, it’s easy to become so overwhelmed you simply never start at all. Instead of letting that feeling take you out of the game, take a small step toward your goal by reaching out to local startup organizations and any entrepreneurs you already know that may be able to give you some guidance.
- You’re afraid the business will take over your life, leaving little time for family and hobbies … 47%.
Starting a business will definitely eat up most of your time, but the beauty of being a business owner is that you get to set your own schedule. If there’s something really important you want to do, you can work your schedule around it.
- You know nothing about running a business … 29%.
Like we said in #4, seeking out valuable resources such as local startup organizations and successful entrepreneurs is huge in helping you know the right steps to take and how to run your future company. If you feel you are truly and helplessly clueless about running the business side of your endeavour, consider seeking out a partner to take over the duties you don’t feel confident you can do. It may take awhile to find the right one, but the end result of doing something you’re passionate about is worth it.
- You’re not sure you have a chance against the competition … 28%.
Again, seek counsel from other entrepreneurs and startup organizations. Show them your business model compared to your competition, and get an honest opinion on whether your idea has a real shot. You may get some feedback to make your business even better.