So are you planning to start a new business? You might want to avoid your business car falling into the river. In the last year I spent a lot of time with the startup entrepreneurs on their business works and plans.
If you approach an entrepreneur and ask about his days when selling a business, he will most probably tell you it was an experience like none other.
In usual cases seen, an entrepreneur will take into account many offers from number of sources.
Each one has its own exclusive set of obstacles and opportunities.
When bearing in mind offering their business for sale, an entrepreneur will get to learn a lot of things in the selling procedure, specifically those matters that might stop the sale from terminating.
And yes, a number of roadblocks and problems blow up to existence in a new startup. But below I have the top 5 stop a startup entrepreneur out of life in his tracks:
1) Nil Startup Capital
On the list we have Numero Uno. Move on figure. Heard number of changes of this, it’s difficult to count.
You want to solve the riddle to overcome this one.It’s very simple. Tighten your shoe laces until you have real traction and real customer validation.
And only after that, you should take another step, looking out for startup capital and investors.
Now this may cause your heart to sink, but it should not.
Tightening your laces to validation does mainly to things: first, it compels you to run thin, plan strategies carefully and all in all be careful with the money you have.
It is known as being resourceful.
Secondly, getting validation and traction before looking for funds shows your seriousness to the investors; and it in fact gives you higher leverage when the times comes to lift the cash.
In simple words, you will be able to name healthy terms and have more and more opportunities.
So don’t worry if you don’t have gold plate to your name. Same was the case with me.
2) You Don’t Know Where To Start
According to me this happens when you have overload of information. So many perception out there, there are many ideas to start a business. Well, the secret being is, “just start somewhere”.
See, there is no right or wrong way to do it.
Although, there are deep principles involving which every entrepreneur must know: but the truth is that there are many ways to skin a dog. Same goes when starting a company.
If you have already started, you will figure it out as you go and I give you my words.
3) Scared of Failure
Let’s just get rid of this issue right away: yes, you will fail in your business at some point. But how does it matter? Everybody does, right?
Okay, you feel better now.Good, because now no one will stop you from starting your business. Now please do yourself a big favor – don’t permit the fear of failure stop you from even trying your idea.
One of my very close friends once told me. “False Feelings will become a reality one day”.
One day you are going to die anyway – so don’t be on the death bed.
Looking in your past and regretting on how you didn’t even gave a chance to yourself. That would be the saddest day my friend.
4) Plan Chaos
Firstly, let us understand the meaning of plan chaos! See the points below to find out if you are murmuring any of these:
- “my idea might be good or not”
- “I don’t have a clear vision of what I want to do”
- “There are so many plans in my mind and I don’t know which one to go for”
You want to know the right therapyfor thispain. Judge + Dump + Test = solution to your business idea
This is my promise that you will find it. Though, in the second point, the crucial thing is to just start somewhere.
One of my blogger friend Rose Watts narrated me a great story on this guy named Josh and how he established a whole company from blundering onto an easy idea of cutting down the trees.
Trust in yourself if not me, you have the capability of doing it too.
5) Relationship Abnormality
Yes, you can own an island, but for that you should not be as an entrepreneur. You always need a helping hand. You need to make team of other human beings.
Just like the captain of ship needs other officers too.
It maybe that you are suffering from a case of not having the right mentor, coach, advisers, employees, co-founders, investors, programmers, contractors and so on.
You may call it a “relationship abnormality” and look out for it. Why? Because if you have good relations with the above mentioned, then you can almost get your business killed. And dreams shattered.
The cure for this cursed obstacle. Focus on building, finding and nurturing relationships on everyday till your business is in existence. One more thing – it is not a matter of coincidence that the most popular entrepreneurs are the most linked entrepreneurs.
So when you wake up in the morning. Have your breakfast. Connect.
Most entrepreneurs I run into always mention the above mentioned points. They always want to play with things like marketing, innovation and strategy. But the truth is that you got to know your business numbers.
Without it, I challenge you are going to get some big chunks of profit.
So treat your money a good way. Better than that, treat it as if some closed relative has given you this precious gift.
Cherish it, understand it and be very inflexible about giving it a farewell.
If you have a friend who’s an entrepreneur, then talk to him and try to build an idea together.
You never know, you and you friend might end up with a killer idea.
Your Wisdom + Friend’s Wisdom = Double Success
So there you have it, my 5 roadblocks to entrepreneurship and ways to overcome them. Which one is your rival?