It was my good friend and now business pattern Bharat Bhise who gave me the best advice back when I was procrastinating about starting a business, and it was that advice that really kicked me into gear. I had been talking about some of my concerns with Bharat about starting my own business and he simply said to me ‘what is the worst that could happen?’ and he was absolutely right.
There are hundreds of thousands of people around the world who would love to launch their own business or who have an idea which they think could make for a fantastic product.
Unfortunately, however, the ratio of those with a great idea and those who actually go ahead and do it is worryingly low, and that is because of the wide range of obstacles that we put up as to why we shouldn’t launch a business.
The truth is that in almost all cases, those who do set up businesses have the same concerns, the same fears, and the same worries, but they take the bull by the horns and they go ahead and do it, and so can you. Let’s take a look at the concerns that most have, and why they should be ignored.
Fear of Failure
The biggest concern of all here is that people are scared that they will fall flat on their face and fail, that they won’t be able to make it as an owner and that everything will come down around them. The first thing to mention here is that yes, you may very well fail, but that should be seen in a positive light.
If you ask any successful owner they will be able to tell you very quickly of all the times that they have made mistakes or failed, but they will also be able to tell you what they learned from it and how it made them a better business owner going forward. The second thing to mention about this is that you will never, ever know whether you will fail or not unless you give it a try.
Another fear which many have, especially those who are currently in full-time work, is that they will run out of money or face complete financial ruin. First of all, this can be addressed before you even start a venture and any advisor worth their salt will tell you that you should never put every cent that you have into a business, always ensure that you keep something to the side in case bad things do happen.
The best way to look at this is through the eyes of worst-case scenario, you may have to get a part-time job to bring some money in, you may have to sell your home, you may have to downsize your car, perhaps you may have to go get a job that you hate for a short while as you get yourself back on your feet.
This is a calculated risk that you are taking and with smart money management before launching the company, you can completely avoid the possibility that you will be financially ruined.
One of my biggest problems before getting the business started was something that we call paralysis through analysis. I would spend hours investigating market trends, customer patterns and locations for my company in order to launch at exactly the right time and in the right way.
All I was doing here was waiting for a perfect moment, without realizing that the perfect moment just doesn’t exist. There are of course bad times to start a company, but there is never a perfect time to launch, the key here is just to get your prep work done, ensure that you are in a good spot and then launch.
Any small mistakes that are made will be ironed out as you go, and you will become a stronger business as a result.
If you have an idea that someone is already doing then you should never let this hold you back, there is more than enough room in the market for multiple businesses that do a similar thing. Would it be better if the other company didn’t exist?
Of course, it would, but that has never stopped Pepsi from entering the same market as Coca Cola, or Heineken battling against Budweiser. There will always be competition and the key for you is to establish yourself in the market and then look to see what happens in the future.
Just becasue someone is doing something that your company wishes to do, does not mean that you shouldn’t launch your business.
Ignore the doubts and the obstacles, go after that company idea and you will flourish.