5 common excuses for not starting a business and how to overcome them
Starting a business can seem daunting, especially when you have a great idea but don't know how to put it into action. However, often the excuses we give ourselves are just that - excuses. Here are five common excuses for not starting a business and how you can overcome them.
"I don't know where to start"
You have a great idea and the necessary money, but you don't know how to make it happen. This is not an excuse. What you need is the courage to take the first step. If you want to feel more confident, seek knowledge. Research everything you need to know about starting a business online and in books and move forward.
Tip: The Small Business Administration (SBA) provides free online courses on starting and growing a business. Additionally, there are many books available that can help you get started.
"I'm too old for this"
If you approach life with this mindset, it will always be too late for everything. So forget that thought, stop wasting time, and follow your dreams. Remember the expression "better late than never". This is exactly what people who are not afraid to venture into entrepreneurship at any age think.
Tip: A study by the Kauffman Foundation showed that in 2019, individuals aged 55-64 were the fastest-growing group of entrepreneurs in the United States. In fact, 26.8% of new entrepreneurs in that year were in that age range.
"The economy is in crisis"
It's a fact that we are not living in the best economic times in many parts of the world, but this cannot be a reason to postpone your initiative. Although consumption may decrease during an economic recession, the scenario can be more favorable for a new business due to lower competition.
Tip: In the e-commerce sector, for example, the crisis seems to be ignored by entrepreneurs. According to a recent study by Statista, global e-commerce sales are expected to reach $4.9 trillion in 2021, up from $3.5 trillion in 2019. This represents a growth rate of over 40%.
Perhaps for those looking to start a business this year, the online option may be the best. Identify opportunities that no one else is exploring yet, focusing on the needs of consumers.
"Failure is too risky"
The fear of failure can paralyze us, but it shouldn't be a reason to not start a business. Failure is an essential part of the learning process and can help you become a better entrepreneur.
Tip: Many successful entrepreneurs have experienced failure at some point in their careers. For example, Walt Disney was fired from a newspaper for lacking imagination and having no good ideas. He went on to create the beloved Disney franchise.
"I don't have enough money"
Starting a business can require a significant amount of money, but it's not the only way to get started. There are many resources available to entrepreneurs, such as loans, grants, and crowdfunding.
Tip: In addition to traditional funding sources, there are now many online platforms that allow entrepreneurs to raise money through crowdfunding. For example, Kickstarter and Indiegogo have helped entrepreneurs raise billions of dollars to bring their ideas to life."
Please note that due to the constantly changing economic landscape, the information provided here may still become outdated in the future.
