If you’re reading this, I’m pretty sure you’ve already thought about starting your own business. Or maybe you’re thinking about it now. Or maybe you’re not sure if it’s a good idea and you’re doing some research to find out. In any case, learning from someone’s experience is always great idea. Let me share my experience then and I’ll be happy to read your comment if you find it useful. Or if you disagree.
Going to the point, the only correct answer to question in post title is:
No? Why not? I can assure you, there will be always many reasons to postpone this decision. Find below 10 most common excuses and how to deal with them.
1. I have no money.
Or too little money. Not enough. The true is, that money is just one of factors needed to run business and there are a few ways to get funds for your business:
- Private savings
- Personal / Business Loan
- Crowd funding
And finally, re-think your business model to start with small projects (less money needed) and then move to bigger investments.
2. I have no idea for business.
Sit down and think. Still nothing? Get ideas from friends, family, Internet. Or go other route – business is not always about new inventions. You can improve existing ideas, make them different, add some extra value – it works for many businesses.
3. I have no idea about running business.
This is skill like any other and can be learnt as any other. Sign up for course, go to university, read and watch professional materials. Find other entrepreneur to be your mentor and adviser. That’s theory. But you will never learn anything properly without practice – that’s actually good reason to start business, not to avoid it.
4. I’m afraid of financial instability.
This is unavoidable. There will be ups an downs for sure, important skill to gain is how to manage that. At the beginning, this risk can be limited by running business part time only with full time job. Or full time business with part time job.
5. I’m afraid of failure.
According to statistics, 90% startups fail. But also according to statistics, most successful entrepreneurs experienced failures during their careers. They succeeded because they didn’t give up and started over. Remember Edison’s quote: “I have not failed. I’ve just found 10,000 ways that won’t work.”
6. I’m not sure if my product / service is good.
Make research and find out. Ask family and friends for opinion or ask for independent review. Bloggers are good choice if you’re looking for professional review, check this one (about my shop) as example:
Make adjustments and improvements if necessary. Your product doesn’t need to be perfect. It needs to be good enough to make your customer happy. So don’t focus just on product but also on customer needs, maybe you can actually have what they want.
7. I can’t compete with big corporations.
No you can’t. Don’t even try to. Fortunately, you don’t have to. Surprising? Some customers are looking for different experience, which can be provided only by small businesses. This can be through customised or unique products, special deals and the most important – exceptional customer service.
8. I have no time for it.
Improve your time management. This article can be helpful:
9. I’m too young / too old for that.
Some people start businesses on retirement, some as early as secondary school (I bet there are some exception starting even earlier). I don’t buy this as excuse then. Go on.
10. I think I should wait until I’m ready.
That’s called procrastinating. Change it into planning instead. Getting ideas and making business plan will make you ready. If you’re aware of any activities required before starting your business – you’re ready. You know what to do step by step. So go and do it. Now.
As extra, one old song about problem with important decision: