Estimates vary, but generally more than 625,000 businesses are started each year in the United States. Yet for every American who actually starts a business, there are likely many more who intend to start a business, but don’t. There are many explanations why people don’t take that step into entrepreneurship, but in my experience, there are three common reasons.
Everyone has his own roadblock, something that prevents him from taking that crucial first step. But generally, most people are simply afraid to start; they may fear the unknown, failure, or even success. Others are overwhelmed in the false belief they have to start completely from scratch. They believe they need a product that no one has ever done before—the next big invention or unique service.
Entrepreneurship is scary and it’s not for the timid. But I don’t define timid as fearful. It’s not that it takes tremendous amounts of courage, but you do need a certain tenacity to hit the ground running every morning, and to get back up when you’ve been knocked to the ground.
Secondly, people wonder if it’s good time to start their business idea. Honestly, there’s really never a bad time to launch a business. Clearly it is smart to launch in strong economic times because people have money and are looking for ways to spend it. However, launching in uncertain economic times can be just as smart. Presumably there’s a need for the business you’re starting, and because many people are reluctant to launch in tough times, your new business has a better chance of getting noticed.
Finally, there’s the belief that starting a business is a mysterious process. Entrepreneurs know they want to start a business, but they don’t know the first steps to take. That’s where our office can help – we have the tools that can help you figure out what it is you want to do and then how to take action on it.