Lots of people dream of starting a business. There’s nothing more rewarding than being able to take an idea and turn it into a success. Unfortunately, only a small fraction of people with ideas see them come to fruition. The reason is that new entrepreneurs dream big but fail to understand how challenging accomplishing goals can be. As with achieving any goal, there are common obstacles in business to be aware of.
Taking The Risk
Not all ideas turn out to be successful businesses. In reality, most companies end up failing in the first five years. The thought that you could invest your time, money, energy, and resources into something only to fall apart is scary. Not to mention, if your idea doesn’t work out, you could be left with few resources to maintain a living.
There’s no denying that recovering from a business failure can be difficult, but nothing worth having is not without risk. If you’re going to accomplish your dreams, you have to start by believing in yourself. Surround yourself with like-minded people, find a mentor, join an online community, or attend networking events to gain the support you need to take a leap of faith.
While having faith in yourself is a large part of the equation, success is not accomplished without a plan. Ensure that you have conducted extensive research and developed a solid business plan to increase your chances of making it big.
Transforming your idea into a brand is all but impossible without money. From registering your company name and purchasing licenses and insurance to hiring personnel and marketing, founders need a lot of capital to accomplish their goals. While bootstrapping can be a useful financial solution, this concept typically only takes you so far.
There are funding solutions for entrepreneurs that you can take advantage of. The most common option would be to apply for a personal or business loan. This funding source will require you to have good credit, collateral, and a reliable income source to repay the loan. Getting approved for a new business is often challenging.
Another option would be to work with an investment firm like The Chernin Group (TCG). This is a group of investors that will provide capital and other resources to take your business from launch to success. Obtaining the support from investors, however, will require you to create a compelling pitch.
The Balancing Act
Likely the biggest issue new entrepreneurs struggle with is balancing their personal and professional life. In the beginning stages, they often have to dedicate a great deal of their time and energy to operating the business. This sacrifice limits the time they have for families, friends, enjoyable activities, or other jobs.
While being a successful founder is great, it shouldn’t come at the expense of those you love and other responsibilities. If you’re going to enjoy your accomplishments, you have to learn how to balance your business and personal life. Though it’s an ongoing challenge that no one has mastered completely, there are several things you can do to make it more manageable.
Hiring reputable professionals to assist on full or part-time bases, setting up systems and routines, streamlining processes, and making fun and relaxation time are all recommended. Not only is an all work, no play, mindset not ideal, but it can result in entrepreneur burnout which could ultimately lead to the destruction of your business.
If you’re ready to take a chance, make sacrifices, and invest in an idea you believe strongly in, then starting a business is worth it. All too often, people sit on great ideas out of fear of failing. While creating a business isn’t for the faint of heart, and the journey won’t be easy, you can make it more manageable by identifying common obstacles and devising solutions to overcome them.