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One thing that is common among everyone around the world is that everyone dreams of being their own boss and have a business of their own. These dreams often become fantasies to many and remain like that due to various reasons and obstacles in the path of starting a business. Today, we are going to discuss these common obstacles that keep people at bay from starting a business and how to overcome these obstacles.
Being an entrepreneur seems like an easy thing to do when you have dreams of starting a business but it is not everybody’s cup of tea. People often dream of being an entrepreneur but could not able to gather enough courage to take the very first step and that leads to thinking that their business ideas are not worth investing in. If you want to start a business and worry about things to come or doubting your ideas then you need to consider these common obstacles and find the easiest ways to overcome these.
Here are some of the most common obstacles that prevent people from being an entrepreneur and starting their own business.
● Responsibilities
This is the first and most common type of obstacle that keeps a lot of people from following their business dreams. The responsibility of taking care of your family, being a parent, or taking care of your parents always act as a major roadblock from following one’s dreams. A person always has the burden of working to keep up with these responsibilities in the back of their mind and they often forget about their business ideas as those ideas bear risks.
Solution: - The best solution that can help with this obstacle will be an understanding partner who acknowledges and helps you with your venture. A person who is willing to take care of your family while you follow your dream might be the only thing you need to be an entrepreneur. Another thing one can consider is to assess how much these responsibilities are impacting them and how they can keep up with it while pursuing their dreams.
● Fear of Failure
One obstacle that always stops a person from starting their own business is the fear of failure. Fear of failure is the topmost killer of business dreams. Everybody knows that the chances of sustaining a new business in the market are very low with more than half of new businesses falling apart in the first five years. It is always fearful, thinking about investing all your savings or quitting your job for something which turns out a bust but one always needs to stay positive.
Solution: - This obstacle has a very common solution that one always hears, keeping a positive mind. One has to consider everything as a learning opportunity, even a failure should be a lesson to an entrepreneur. Think about the rewards before thinking about the risks. Reading the success stories of other people, learning from a mentor and other things that help to keep a positive mind are always beneficial to an entrepreneur.
● Procrastination or aversion to hard work
Procrastination is one of the biggest problems with the current generation. Our generation always thinks of doing everything later even when it comes to starting a business. Starting and running a business always turns out a challenge both physically and mentally. One always tries to avert this kind of stress or hard work. An entrepreneur has to keep everything else aside from their business and put all his focus on the business but the current generation is never ready to commit so much to anything. On top of all this, a new business will not provide instant profits and it will take a lot of time to achieve any kind of profits and that too takes a toll on one’s mental health.
Solution: - Again the only way around this obstacle is to change your state of mind and attitude towards problems. One should always remember that the first step towards anything rewarding is often risky. Once you are through that first step then everything will turn fun. Never think it is not the right time to do the right thing. Procrastinating things will never help as someone will be working on the same idea, the same time while you are delaying it.
● Inexperience
Experience is among the topmost requirements for any businessman to be successful. One needs to have some knowledge and experience in the field of their business to make it successful. The demand for experience is also another obstacle that people find difficult to come over. When you have less experience, you might hesitate to move forward with the plan.
Solution: - This obstacle might look very difficult to get around but it is pretty to get over this one. You just need to get a mentor or find someone whom you want to idolize, take inspiration from them and learn at every step. One can also do a part-time job and build leadership qualities from there. Anything to acquire some knowledge and experience in your business field is always good for you.
● Financial problems
One thing that always acts as a roadblock for an entrepreneur is financial stability. No entrepreneur in the world has the money required to start and build a business on their own. The money required in the process often puts entrepreneurs in loads of debt which later results in the failure of a business.
Solution: - There are various ways to counter this obstacle and if you have read our previous blogs, you might know the solution to this problem. Every entrepreneur comes across this obstacle at least once in their business times. For starters, saving from the beginning might turn out a good option to help you to start your own business. One can also secure funding through various channels such as bank loans, investments from venture capitalists, borrowing from friends and family. This obstacle might sound the easiest to get around but it only looks easy. Money is not something one can ever be sure of.
● Standout Idea
Last but never least, a business idea, nothing can help you if your business idea is not promising or standing out of crowd. Without a proper idea, you will not have any idea about where to begin. You won’t be able to attract any customers even if you find a way to start your business on a boring idea. No investors will show any interest and nobody will want to partner with an entrepreneur whose idea is not standing out and extraordinary.
Solution: - Take your time, there is no age for entrepreneurship but make sure your idea is unique and one of a kind that everybody likes. Read as much as you can from other successful entrepreneurs, focus on your ideas, talk to people that inspire you. These things always help you motivate and move forward.
These are the most common types of obstacles any entrepreneur will encounter.
Conclusion: - The road ahead may be full of blockades and the ride may be bumpy but the destination is much more pleasing than all those efforts. So, always keep in mind that your dreams are also important and it may seem unrealistic but all the extraordinary things start with being unrealistic.
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