Many people know deep down that they would be happiest as an entrepreneur, but then fear stops them. Are you one of those people? Are you afraid to start a business?
It is such a shame that fear so often deprives the world of the businesses that could be meeting the needs of clients and customers with innovative products and services.
Are you longing to start a business but fearful that you don’t have enough money, that the economy is too challenging, that you don’t know enough, or that your business will fail? Here are some facts to consider:
1. It doesn’t take as much start-up capital to launch a business as you might think. In one Inc survey, 41% of the Inc 500 CEOs launched their businesses with $10,000 or less. More than a third started with less than $1,000!
2. A Kaufmann Foundation study, “The Economic Future Just Happened,” reported that more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc. list of America’s fastest-growing companies. The data also suggest a broader economic trend, with job creation from start-up companies proving to be less volatile and sensitive to downturns when compared to the overall economy.
3. If your expectation is that you should have a perfect business plan with all aspects of your business strategy evaluated and fine-tuned before you start your business, think again. The reason so many entrepreneur coaches advise to “fail fast, fail often, and fail cheaply” is that you can’t possibly know in advance how the market will react to your business until you invite customers to provide feedback. Author Doug Hall advises to develop your business idea about 50% of the way, then launch and let customers tell you where you have made mistakes and how to improve what you offer.
4. In some situations, it can be a lot easier to find customers or clients than to find a job. Also, if your revenue comes from a variety of sources as is the case with many entrepreneurs, you may actually end up with more job security than if all your eggs were in one employer’s job basket.
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