Today, it seems that almost everyone is interested in creating something. There’s an increased desire to carve our own path. In this situation, it is important to study innovative approaches to entrepreneurship. A modern view of the business world can bring results since things are always rapidly changing.
Get acquainted with the new reality of business, continue improving, and find ways out of negative situations. Otherwise, fears will destroy your business and you will not even be able to start, let alone continue. Entrepreneurship is surely not for the weak minded. So, here are five common startup fears and instructions on how to fight them.
1. I’M TOO SMALL IN A BIG CITY!
Everyone in the big city is fussing and seem busier than the average. It’s difficult to avoid joining the powerful stream which eventually will sink you or lose you in the crowd. To exist in this environment, self-realization is crucial. It is necessary to learn and develop a unique set of skills, ones that will allow you to separate from the noise.
Eventually though, knowledge is not enough when you want to start your own project. Even with all of the skills in the world, you’ll eventually have to take the plunge and start. Don’t look back on fears and reservations, don’t think about your opportunity cost of what you could be doing instead. You just have to start and the market itself will throw up options for development over time.
2. IS MY IDEA ORIGINAL ENOUGH?
Creating a business requires the active participation of an entrepreneur. Write a business plan, create a financial model, invest your finances or attract external ones. Doing all this will still put you at risk. Many aspiring entrepreneurs think about it, decide that it is the responsibility is too great and then settle by working for someone else. The average customer will never appreciate the creativity, honesty, quality and creativity of the entrepreneur. It is surely a thankless job and difficult to build a loyal customer base. Sometimes huge efforts and desire to make the most amazing product or service leads only to negative consequences.
How can you know that you just came up with a killer side project? What if you drop out of college, become the fourth Pinterest employee, then quit your job to bring the idea to life? This is what happened to Saheel Lavinha. While working as a designer at Pinterest, he realized that selling digital products online was unnecessarily difficult. He tweeted his idea to get approval, and then created his own side-project, Gumroad. Now everyone in the West, from Eminem to Tim Ferris, is using the platform to sell digital products.
3. I CAN’T DO 30 THINGS AT A TIME
A lot of good ideas die on takeoff – and not because novice businessmen haven’t found the money or filled the first version of the product. The most common cause of failure is the inability to handle the load. You’ll have to be a cleaner, accountant, strategist, programmer, saleswoman and recruiter at the same time. This change of roles deprives you of a sense of control. You must become, in some sense, a jack of all trades and execute each at a high level. The entrepreneur’s activity has absorbed all sorts of stresses, and the fear of giving up too soon is the most common one.
The first step is taken by many people: look at how many startups there are around. Most simply do not reach the stage when the value of the product to the client becomes clear. They face issues they’ve never encountered and burn out, because nobody instructed them on how to cope with this pressure.
4. WHO DO I DO BUSINESS WITH?
The question “How to launch a startup” is equivalent to the question “Who should I share this experience with?» Experts can betray and advise you on the wrong thing but attempting to squeeze out the business. A friend can stop being a friend because of disagreements in a partnership. It is not surprising that it is difficult to find a business partner, because the challenges are enormous. Many entrepreneurs opt to take the plunge alone.
But do not be afraid. You need to find a team you can trust and work with. You will simply not be able to handle everything all the time. A team is a means of optimizing functions, resources and even costs.
5. NOW ISN’T THE RIGHT TIME
What’s great about side projects is that there’s usually no outside pressure. They can be run at any convenient time. But that doesn’t mean you can just sit back and wait for the “right time”.
Secondary projects are a chance to explore the future. It’s a chance to use modern tools to create applications and products in a way that no one has thought about. Instagram was created only because of the noise around such geolocation services as Foursquare. Later Instagram became the most popular social network for photos.
Or even Oculus. Taking advantage of advances in technology and people’s imagination, they restarted the entire industry. All this happened because the founders were looking to the future. At the same time, they did not forget to follow the proper course of events. It was important for them to know that they were directing their energy to the right side project, that it would not be wasted.
So, what does all this mean?
Third-party projects are an incredible source of inspiration, a way to experiment. Often business ideas at the heart of side projects are better and more interesting than your current occupation. Why not try it?
INSTEAD OF AN AFTERWORD.
A startup can be launched under any circumstances, anywhere. If you have a desire and are adaptable, the rest will fall into place. Everything can find its niche and its client with persistence.
A little motivation: On the Ponte Vecchio bridge, located in Florence, there are 38 jewelry stores! And they all work successfully even though it’s a competitive niche in the area.
ABOUT THE AUTHOR:
Frank Hamilton is a blogger and translator from Manchester. He is a professional writing expert in such topics as blogging, digital marketing and self-education. He also loves traveling and speaks Spanish, French, German and English.