Study shows almost half of workers in their 20s and 30s want to own their own business. So what’s stopping you from starting your own business? Here are three common excuses people give for not pursuing their own business.
You lack funds.
You have a great idea, but no moola. What should you do? START!
Dan Miller of 48 Days recently shared the following stats:
According to the most recent Bureau of Census data, these are the figures for money needed for new businesses:
- 1% needed $1,000,000 or more
- 14% needed $25,000 — $999,999
- 10% needed $10,000 — $24,999
- 9% needed $5,000 — $9,999
- 34% needed less than $5,000
- 26% did not require any money at all!
This shows us that 69% of all new businesses need less than $10,000 to get started. 70% of the people on the street say they would like to start their own business. So why don’t they?
Great question, Dan. Since most businesses can be started by bootstrapping, through angel investors such as friends and family, or via crowdfunding sites like Kickstarter, it’s time to stop using money as an excuse. Go ahead and start!
You lack knowledge.
Lots of entrepreneurs don’t have business degrees, and I’m one of them. I took one business class in college. It was basic business math. I passed…ON A CURVE. What I, along with many other entrepreneurs, have discovered is a business degree is not a prerequisite to starting a successful business.
Don’t get me wrong. Education is vital when starting your own business, but don’t make the mistake of thinking the only way to get an education is in the classroom. Classroom learning is great. But so is being a voracious reader, joining a mastermind, hiring a coach, and attending conferences that focus on starting your own business. Commit to ongoing, continuous learning and you’ll definitely gain the knowledge you need to start your own business.
You lack time.
Do you track your time? If you don’t, try it. You’ll be shocked at how much time you probably waste! As Stephen Covey said, many people are stuck in the “thick of thin things.” But the truth is we make time for what we value. So ask yourself, is staring your own business important enough to carve out time for it?
It was for me! I bootstrapped my business for three years while having three children in elementary school and traveling 100 nights a year for my full-time job. How did I find the time to be a good husband, a good father, a good employee, and start a business? I cut out a ton of fluff. I basically committed to personal development, investing in my family, doing my full-time job, and bootstrapping my business. That’s was it for three years. But three years later, I had launched my own business without sacrificing what mattered most to me. You can do the same!
Bottom line, you’ll find the time if it’s important to you.
Question: Which of these common excuses keeps you from starting your own business? What can you do this week to overcome this excuse?