What would our economic landscape be like, if all aspiring entrepreneurs successfully launched their start-ups? Put another way, what if every aspiring entrepreneur lived out their dream?
The fact of the matter is that owning a business rosy as it is, has got its own hassles. I believe it can be of help to some, to look briefly into some of the obstacles to launching a business. But just before that, why do most people decide not to launch? I mean why have you, as an individual, decided against launching your business up to now?
Many things can be used to explain these observations. Believe me. But for now let’s consider the following. What underlies the desire to own a business? Put another way, why do you want to have your own business?
Could it be: to serve customers; to create and capitalize on opportunity; to make room for creativity in and passion for your work; to generate revenue; to add value to your community by creating jobs; to gain freedom (eventually); to create something of value; or even to build personal wealth?
Then if people are driven by amazingly noble desires such as this, what stops their pursuits? Or rather what diminishes such desires. At least for those who end up stopping.
According to The TriStart Matrix on Mastering the three distinct phases of successfully launching a business:
- You may decide there is not an opportunity: my personal take on this is that, people after some thinking may think the idea isn’t going to work. People may realize that the need isn’t as right for a sustainable business. After all people want lasting businesses.
- You may change your mind and decide the risk is too high: after calculating or weighing the costs and benefits people often choose to stop pursuits. Especially, if costs seem to outweigh the benefits. You definitely wouldn’t want to lose your money. Business is meant to give money to owners not get it from them.
- You may not want to work that hard: for success in business hard work is a non-negotiable. So thinking of those sleepless nights may discourage may aspiring entrepreneurs. People really like sleep. Ain’t that right?
- You may not be able to secure the capital necessary to launch: this continues to threaten many new business pursuits. Most people don’t have immediate access to cash. So frustrations with money have crippled may business ideas.
- You may be stopped by fear of failure: business environment is infected as it were, with risks. Failure is inevitable at times. But because many are paralyzed by the fear of failure, business start-ups fail to launch. Entrepreneurs are risk-takers period.
These and many other reasons hinder pursuits of our dream businesses. So I believe rethinking them over may help. And may result in our renewed zeal to pursue our world-class ideas. Those game-changing innovations should come out. I believe this piece will be helpful for some young businessmen and women out there.