Tuesday, June 25, 2024

    3 reasons that prevent you from starting your own business, and ways to overcome them

    Improve ideas that work, talk to smart people, and try to attract a business angel. 

    Reason one: “Can’t find a money idea.”

    There’s no way people can find a business niche. They have the energy, strength, and opportunity to become an entrepreneur, but they can’t find an original and profitable idea.

    How to overcome the problem

    • Focus not on finding the idea, but on finding the problem. If your business is making a product that no one wants, that is far-fetched, then such a business will not succeed. You need to find a problem that is specific to a certain group of people and offer a solution. And it is best if it concerns you.
    • Think about the future. It’s behind drones, smart gadgets, artificial intelligence. Look for ideas around those things.
    • Take a closer look at the business that you are already in. Certainly, you have experience and connections, which is the social capital that can make it very easy to enter the entrepreneurial world. You are also more visible and understandable the problems that your employing company or your clients have.
    • Optimize existing processes. If you can find areas where people are losing time or money, and then offer a solution to that problem, you are very likely to create a successful business.
    • Copy, but don’t do it outright. Improve on ideas that work-that’s the only way to poach customers to your startup.
    • Travel and network with smart people. These are the best ways to broaden your horizons and therefore see more problems and opportunities for solutions.

        Tip: Whatever business idea you decide to pursue, it should “ignite” you.

    Reason two: “No start-up capital.”

    People get bogged down in the most understandable situation that leaves most ideas gathering dust on the table – lack of money. Tax information and filing for 1099 misc form also stump people.  Yes, it’s true that most businesses require quite a bit of money to get started. And with living on “one paycheck,” not many people find the financial wherewithal to start their own business.

    How to overcome the problem

    • Saving up the right amount of money is the safest way. Unfortunately, it takes a long time, but in this case, you will risk only your own money and will not be left in debt if the business goes bankrupt. Sometimes, to save up to start a dream business, entrepreneurs do another interim project that can help raise money for a larger goal. Why don’t you give it a try, too?
    • Involve friends or family members. You can borrow money or make your loved one’s partners. Remember, however, that this scenario can lead to irretrievable damage to the relationship.
    • Find an investor or business angel. These are people or organizations that are constantly looking for promising ideas to invest in. Of course, they do it to increase their capital. So you must understand that in this case, you will need to give a large share of your business to a benefactor.

        Tip: carefully assess your options and make a realistic business plan. After all, every borrowed ruble you have to pay back… with interest!

    Reason Three: “No Guarantees”.

    People are afraid of losing their money. Such fears are typical for those who have been employed for a long time: they are afraid of losing stability.

    How to overcome the problem

    • Do not give up your current job. Many businesses can be started parallel to the main activity. True, in that case, you will have to forget about such words as “vacation”, “weekends”, “free time”. You will have only your work and your business, but this way you can keep a feeling of stability for some time.
    • Enlist the support of your loved ones. Sometimes we limit ourselves, thinking that we have to provide some level of stability and comfort for those around us. But if you dare to talk frankly with your family, you’ll be surprised how many limiting attitudes exist only in your head. And if you are supported and believe, there is no need for guarantees.
    • Set realistic goals for the year and break them down into steps. People are intimidated by big projects. For example, you want to create a second Facebook. Of course, such a goal would scare anyone. And you won’t have any guarantees that a business of this magnitude will come out of your endeavor. But if you break down your project into intermediate stages and understandable realistic goals – for example, finding and renting an office, setting up a sole proprietorship, collecting documents to get a subsidy – you will realize that you are quite capable of handling it all.

        Tip: Unfortunately, there are no guarantees anywhere. So if you find an interesting idea, and at the same time calculate all the risks and opportunities, then give yourself a chance.


    It should all be thought out in advance, schedule a plan, get support from loved ones, and most importantly, it’s faith in yourself. Then you are sure to succeed.

    Geekers Magazine
    Geekers Magazinehttps://www.geekersmagazine.com/
    GEEKERS Magazine is dedicated to Geeks who want to write and share great articles about the latest technology products, software and services or anything that they are passionate about.

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