Entrepreneurs always look for the positives as signs they should go it alone. Being passionate and having contacts are two things which may make or break a startup. Not to be cynical, but it’s important to look at the flip side of the coin too. The signals that you’re not ready to be a business owner are just as imperative in a decision. And, they don’t necessarily imply that becoming an owner isn’t on the cards. Yes, they are problems but some solutions can transform your fortunes.
With that in mind, here are four warning signs as well as the solutions. Hopefully, life as an entrepreneur will go swimmingly from now on.
Low BudgetLet’s get one thing straight – there’s no reason to have an account full of cash. The majority of successful men and women in the industry borrow money to start with and pay it back. However, you will need to apply for a loan and get accepted if there isn’t a big budget. People with bad credit are often rejected and this means there is a rather large finance issue. Fair credit cards are the answer, as are poor credit loans. Be careful because there are stipulations, but remember that they don’t discriminate either. A credit union is another fantastic alternative.
Business AcumenSadly, you don’t have any! Although Gates and Zuckerberg were on the same page, they did have an understanding of how the industry worked. Without any insight whatsoever, the startup will suffer and will be at a disadvantage from the beginning. Proactive entrepreneurs can spruce up their knowledge gaps with seminars and training courses. Of course, this tactic won’t provide you with all the info, which is why a partner is a great idea. Ideally, you need to choose the one you can trust.
Personal LifeThere isn’t a perfect time to start a business. Still, there are periods when investing time and energy into a new project isn’t conducive to success. Consider major milestones such as getting married or having a baby. In these scenarios, you need to spend time and money on your family rather than a business venture. Please don’t take this as an excuse to postpone your dreams indefinitely. Waiting a year or two should help move things along and make the process less stressful. The trick is to consider your priorities at present before making a big life decision.
FOFIt stands for fear of failure, and it’s the main reason half of all startups fail within the first year. Fear is restrictive as it encourages panic, which forces you into making rash decisions. Plus, FOF also makes it easier to give in when things don’t work out as intended. And, there’s a good chance the business won’t go in the right direction in the beginning. Remaining optimistic and positive is the best way to react and adapt to changes in the industry. So, if an idea is a dud, a positive mental attitude will take you down a new route.
Do you see these signs in your life? Can you now tackle them head on without fear of failure?