A thousand questions may trouble you once you decide to start your entrepreneurial journey. Some of these questions may pop up in your mind during the initiation phase of the idea. All these questions (or doubts, as some may say) are hindrance. The hindrance of hesitation.
Why do we hesitate to start a business? What holds us back from achieving what we dream for? There are multiple reasons to why we may second-guess our own self. Some reasons are a result of our own mind, while some doubts are imposed upon us. Nonetheless, they result in the same – causing a hesitation to us pursuing our plans.
Let us begin with exploring a few reasons which stems from our own mind.
Setting High Goals
There are many moments in our lives when we put ourselves under immense pressure of over-achievement. Start-ups are no less. We want so much in such little time, that the thought alone, begins to create a layer of doubt in our mind. We wish to reach the upper tier, as soon as we enter, purely because we believe our product/service is amazing.
Even if your product/service is truly amazing, it is unlikely that you will have instant success and start competing with the biggest names in your market. That is purely because it takes a while for any product/service to be accepted by the consumers on the large and hence, it is unreasonable to put ourselves through the pressure by setting such high goals.
The simplest solution to this problem is, to set small (yet achievable), short term goals. The more immediate they are, the better. Do it on a regular basis. Monthly, weekly, daily (if needed). This sets you on a path of consistency. Once you start reaching the smaller goals, the larger, longer-term goals will follow.
Also, remember to celebrate the small victories. They go a very long way in determining your longevity of your business.
Fear of Failure
This fear is among the most common, which has looked everyone in the face, at least once. I have come across so many people (young and experienced, alike) who told me at a conference that they were about to launch their own start-up. You may now wonder what was wrong with that. Just one thing – they told me this THREE years in a row! Finally, when I asked them what had been causing the delay, “Fear of Failure” was a reason that popped up quite often.
Fear isn’t all bad. In the right amounts, it is good for growth. It allows you to take calculated risks to move forward. But when it starts consuming your decisions, it turns into a hindrance. And that is what happens with many, who keep putting off crucial tasks that could define the launch of their business.
The solution is simple – just start. Really, it is that simple. Once you start, you have no option but to face your fear and it will compel you to perform each duty necessary to get to the next stage in your business. If you think that the fear of failure is scary, you do not want to face the regret of not having tried.
Fear of Competition
Facing competition in any market, for any product or service, is inevitable. Whether you are a new entrant or a seasoned player in the market, competition is what keeps you challenged.
With that said, it is highly probable that you have asked yourself where you stand as compared to the competition (Is your product as good as theirs? Is their service doing better than you? Will they beat you?) It is alright to ask yourself these questions, as long as these questions do not hamper your business.
If you do not launch your start-up because you are worried of being crushed by the competition, then let me tell you that YOU ARE NOT ALONE.
This hesitation might spring up at various times over your duration as a business owner, and each time, the solution remains the same – conduct a thorough market research and stick to what your product’s/service’s USP is.
Think, just like you don’t know what’s cooking behind your competition’s doors, they are wondering the same about you.
Next, come a couple of hesitations that make their way into our minds through the environment around us. Let us look at what they are.
Societal Pressure
This could a topic in itself, but it does happen to be a reason for hesitation on our list, so we shall discuss it here.
It is no surprise that the society we live in, makes a large impact on our decisions. Due to that, we begin fearing what might happen if our business doesn’t work well. Or what people would think of us if we didn’t make it. We start envisioning scenarios where even our close ones begin telling us “I told you so”.
Most societies around the world celebrate debt, but only according to pre-set norms. College tuition loans are fine, though it is a large burden on the student. Home loans are a large debt for a huge chunk of most of our lives, yet we hear “congratulations on buying a house”. But the moment you decide to take a loan to start a business, you do not hear the end of it from everyone around you. Some warn you about how risky it is. Others tell you that your idea isn’t pathbreaking. But it’s alright. They don’t know what you know.
Solution? Nobody knows your business idea, product or service, better than you. and that’s the only opinion that should really matter to the conception of your business. Listen to what people have to say, and then do what YOU think is best for YOUR business.
Security of a Job
While some decide to quit their jobs to pursue their dreams, having a source of income while you work to build your business, is a move that many of us make. Though both decisions have their pros and cons, it is up to you to determine what suits your needs the best.
If you decide to leave your job, because your business needs more attention, then it is a conversation you need to have with yourself – have you saved enough to survive till your business picks up, do you have a backup plan, do you have your strategies in place? If the answer to the above questions is Yes, then you’re on the right track. But if the answer is No, then probably you should hold off a little longer.
But, I say, ‘a little longer’. Figure out why you made that decision. Set yourself a deadline.
Having a job means getting a paycheck at the end of every month. If this gets too comforting to you, then probably your business has taken a backseat.
You can overcome this hesitation to leave the security of your job, by setting a deadline for yourself. Save till you reach that deadline. Invest if you can. And do not extend the deadline. Sometimes, a leap of faith is just what we need to step out of the comfort zone. So, do it!
The next couple of reasons why some entrepreneurs hesitate to start a business, are due to certain limitations faced by them, which leads them to prolong the launch of their venture. Let’s dive into them.
Limited Funds
One of the most common reasons for delaying the start of their business, is, when the entrepreneur states a lack of sufficient funds. Funding is an integral part of any business, new or established. And it is equally important to know how to manage finances.
When someone tells me that they are waiting to save up enough to start their own business, but don’t know how much is “enough”, it tells me two things about them:
- They haven’t created a budget yet
- They are going to make business decisions purely on emotions, rather than facts
I state the first point because, forming a budget will tell you what amount of funds you need at each stage of your business, including the very beginning. And if you don’t know what amount you need to kickstart, then you need to go back to the drawing board and figure it out.
The second points out their willingness to play this very close to their chest. When you pump your own savings into a business, you are heavily vested in it and hence, would try to play everything safe.
A fact that entrepreneurs need to understand is, that, funds are always going to be limited (irrespective of which phase you are in). Other resources are also going to be limited in the beginning, and you must find a way to make it work with limited resources.
The solution is to keep a track of funding schemes available to businesses like yours from the government. Governments aid businesses because they help economies grow and create jobs. Next, research other businesses similar to yours and find out their investors. It will give you a fair idea of the type of investors you could pitch to.
Keep a close eye on both above, so you never have to postpone the launch of a great idea.
Limited Knowledge
Skills. Expertise. Knowledge. Dedication.
These are the elements that drive excellence at any job. Being a businessman is also a job, wherein you are an employee to your own idea. And it is your responsibility to fulfil your duties towards achieving its goals.
If you think you do not have enough knowledge or skills in the field that you wish to start a business in, there is only one solution – upgrade your skills.
Though it is generally advised to start-up in a field that you have a thorough understanding of, sometimes people like to go with the existing flow and launch in a field that is on the rise around them. From a supply-demand point of view, it makes complete sense. But to do so efficiently, you must learn new skills and upgrade your existing ones, to match the new field.
Hesitation is quite natural when you are faced with such a scenario, and in those times, you should invest in yourself. Take up courses, get a mentor, attend workshops to fine-tune your ideas, read books and relevant material, and speak with others in the same field. When you start investing in yourself, the returns will always be beneficial – to you, and to your business.
In conclusion, there are many reasons why people hesitate or postpone the start of their business. But there is always a solution.
One of the best advices I ever received, was, “Start small, do it quick, get results, move on.”
Indeed, start small and test your idea. Give yourself room for failure, and if you do fail, refine your strategy, and come back stronger. Starting small has one major benefit – you can start over again.
But, to get there, you need to start. So why not start now?
If you have an idea, drop us a comment and we shall discuss it with you, and help you take it forward, turning it into a beautiful creation.