Many people at least once in their life thought about starting their own business. It could be small, but you would work for yourself. No angry bosses, grumpy colleagues and hated Mondays. However, many are hesitant to take such a bold step. Let’s see why.
Warning: this post is not intended for those who are fully satisfied with their wage work and do not want anything more. This post is for those whose situation is the opposite ?
Scared that it will not work
The most common reason for refusing to start a business is the fear of failure. But if we think about it, what is so frightening about it?
First of all, self-esteem and general attitude towards oneself can suffer. People prone to a negative view of life are more likely to surrender quickly, after the very first failures.
The truth is that few people manage to do something new well on the first try. And even on the second or the third. Mistakes are inevitable. The main thing is to learn from them and take into account the acquired experience in the future.
Even if your business goes down, this is no reason to despair. Perhaps now is not the right time. Or maybe it’s something else. You should try to understand the reasons and accept this experience with appreciation. If it did not make you successful, it certainly taught you something. And knowledge is power.
No start-up capital
What is meant by a start-up capital?
Very often I hear from other people that to start a business you need a lot of money. In fact, this is not always the case.
Start-up capital is certainly crucial. However, I would not associate it directly with money, and even more so with its amount.
Capital can be knowledge, skills, experience, a network of contacts, a good imagination and even just free time. Much depends on the field of activity, but in general, money rather play a secondary role.
Experience “in the field”
Any business can start with something small. I am convinced that a good manager knows the whole working process from A to Z not by hearsay, but because s/he went through all the stages him/herself.
Even if s/he is talented only in management, it is necessary to know the details of the “field work” to better understand employees and make better decisions. Often a situation in the company gets complicated because of a simple misunderstanding between management and workforce.
Knowledge of the work processes in the field will help you to better and faster understand problems and find more efficient solutions. Therefore, if you, for example, want to produce something, you should first try to make this product yourself in a very limited amount.
For instance, if your idea is about textiles, then it makes sense to try to first make the product yourself. Everything: from design to tailoring. Many pitfalls will become apparent already at this preparatory stage.
Knowledge and skills
On the one hand, the situation with services is simpler. In many cases, you do not need big cash investments, large premises and staff. You may well try to start providing services you are interested in yourself from time to time.
On the other hand, you should keep in mind that the key factor in the success of your company will be your own knowledge and skills. Quality work in most cases does not need to be promoted. Word of mouth has always been one of the most effective means of advertising.
If you really need large investments, and you believe in your idea and are ready to take a risk, you can always try to take on investors.
Depending on where you live, many countries have programs to encourage small ventures. Do some research and you can discover interesting opportunities.
People who have already earned their fortune are likely to recognize a promising idea. They love to invest their money, and for you it could be a great opportunity to bring your ideas to life.
Fear of instability
Illusion of reliability
Many people hold onto jobs they don’t like just because it gives them a steady income in the form of wages. In fact, this stability is quite illusory. This is especially true in our time, when technology is developing at an incredible speed. Many professions in the near future may disappear completely, even if before they were considered the most stable jobs in the world.
Take, for example, cashiers in supermarkets. By itself, the business of selling food and necessary household items has been and remains one of the most attractive ones, because people will always want to eat, drink and take care of themselves and their home. At one time, this segment had developed so much that small private shops were replaced by larger stores, and those were replaced by super- and hypermarkets.
This was a good thing because it gave a lot of jobs in excellent transport accessibility, and the work itself is quite feasible for most people. However, with the development of technologies, there are ways to automate the process of paying for purchases.
Technology development threatens jobs
I recently came across this innovation in our local supermarket. When you enter it, you can take a manual scanner, with which you need to read the barcodes of all products that you put in your cart, at the output you transmit this information to an automatic cash register with a QR code and pay. That’s all.
Banks, which are also a global player in the labor market, are also trying to automate their processes as much as possible, which will inevitably lead to a reduction in jobs and destruction of this seemingly unshakable stability.
Position of freelancers
I think that in the current economic situation, people engaged in freelancing, are safer, because they often work for several employers. If one of them is gone, they will still have other sources of income.
At the same time, people who are employed in one main job are much more dependent on that employer. In difficult times, they often have to put up with a situation that they don’t like only in order to maintain this single source of income. However, they have no guarantee that tomorrow there will be no job cuts. So, this stability is not so reliable.
Of course, when a person has a family, loans, mortgages, health problems – all this creates certain circumstances in which s/he is forced to do what will help him / her solve his / her main problems here and now.
However, there are many examples when such forced living conditions pushed people to develop existing and acquire new skills, abilities, knowledge, to top up their qualifications. Quite often such people open their own business, because under the pressure of circumstances, the will to financial freedom and control over their own lives they have significantly increases.
I believe that starting a business is a much better alternative to living passively in the conditions that we are given. Start is scary, and it is natural. But everything can be learned. Yeah, it will take a while. Of course, this will require effort and attention. But the advantages of this choice are obvious.
First, you feel that you are in control of your life. This is better than the uncertainty of waiting for possible changes at work. Like “I will stay here until the end of the year and then we’ll see how things go”.
Starting your own business you take control over your future. However, you take responsibility for it as well. This can play into your hands many years later, when you yourself accumulate your fortune for a well-deserved retirement. Will there be enough pension contributions from your current job? Perhaps, yes. But they will definitely have a certain limit. Working for yourself, you set this limit yourself.
Secondly, you develop, make new contacts and broaden your horizons. Even if in the end it won’t work, you will definitely become a more competent specialist in the chosen field and thereby increase your value in the labor market.
And thirdly, perhaps you will see new opportunities in your life that you never noticed before. Perhaps you have a hidden potential that you didn’t even know about. It is worth giving it a chance to open up and express completely.
Slowly, but surely
The most important is to approach the issue wisely, with no rush, but still without delay either. You can move to your goal a little bit every day. Today you can study possible options of organizational and legal forms. Tomorrow you can read about the tax system. Then you can study the market, decide on a product or service, identify the main competitors and think about how you will differ them, and so on.
Of course, you can come up with a million reasons why this business should not be started. The most common of these, we have already considered. You can still drink coffee in the kitchen with colleagues and discuss stupid bosses, inept colleagues, the way you were unfairly underestimated, and that peacock was undeservedly promoted …
Or you can take small steps to something bigger every day, enrich yourself with new knowledge and gain invaluable experience. Isn’t that great? ?