Major Factors That Can Hold You Back From Your Entrepreneurial Venture

Most people have fantasized about being their own boss and breaking away from the 9-5 grind at some point in time. It sounds like an amazing deal, right? So why doesn’t everyone do it? As it turns out, there are some pretty major factors that frequently hold people back from pursuing their entrepreneurial dreams.

Money

Starting a business can be expensive. Depending on the business you’re trying to start, you could easily be looking at tens of thousands of dollars that you need to put up to get going, sometimes even more. Because of the high cost of getting started, it can take a long time for a business to turn a profit, something that is partially responsible for the number of startups that fail within a few years of getting going. According to Franchise Gator, if you have trouble getting financing, you may be able to turn to the Small Business Administration or get a veterans’ loan if you’re a veteran. Crowdfunding can also be a useful alternative worth considering.

Fear

Fear is a huge hurdle that can keep people from starting their own business. It comes in many forms. You might be afraid of failing. There are risks involved in starting a business, and success is never guaranteed. Maybe you’re afraid of loss. Starting a new business can come at a substantial cost. If your business fails to be successful, you’ll probably end up eating the loss yourself. Coming up with a strong business plan can do a lot to help mitigate some of those fears and can help you identify things you can do to increase your chances of success.

Time

Not having enough time to start a business is another hurdle people experience when trying to get a startup going. It’s understandable, really, when you consider how much time is already devoted to current employment, family obligations, and personal care. If you look more closely at how you spend your time, however, you may notice that there are some things you could cut out. That isn’t to say that you should be all work and no play, but according to Zapier, reprioritizing your time may prove to be highly beneficial.

Being an entrepreneur can be incredibly rewarding, but it’s also pretty tough. Fear, lack of money, and time constraints can be major hurdles in the pursuit of entrepreneurial ventures. Fortunately, there are ways of getting around those obstacles. If you dream of being an entrepreneur, take action to eliminate those obstacles and turn that dream into your reality.

Need help making your entrepreneurial dreams a reality? Let us help you make a business plan! Contact us to get started.



Leave a Reply