The fear of losing your business within a few months of starting up is inevitable. To strive in an industry, it requires more than just beginner’s luck and an idea. Entrepreneurship is not a get quick rich scheme and instantly gains you financial freedom within a snap of a finger.
Pursuing this path requires resilience and commitment to make it a long-term career. You can be a passionate entrepreneur and fail if you lack specific traits. Although there are certain preventive measures, a downfall is hard to avoid. When you do things without a fallback plan, where does it leave you at the end of the day?
Lack Of Research
Having an idea on hand is a great start. However, there is a need to develop business development skills to make it a marketable product. You want to make sure that the product is viable and have been tested to meet the needs of your target market. As much as you are in love with your product, it might not sit well with your potential clients. Conducting research is sometimes necessary to gauge your end result. Nobody wants to buy something that is not to their liking or deemed necessary.
Income & Investment
Many startups will realize that it will be difficult to make end meets in the beginning. Gaining traction in the market takes time and patience. Being an entrepreneur also means being a risk taker. A small sacrifice can go a long way. This however does not mean you should lean on your family or close friends for investments. Sacrificing their financial well-being can put a strain in your relationship. Getting a one-time loan is fine but being dependent on them for any financial strains is wrong. You need to learn to fund your own dreams.
Poor Capital Management
You have to remember that you are only a startup. Having a physical traditional office space is not feasible at the moment. Try opting for a virtual office. Renting a commercial address is far cheaper and reduces your overhead by half. You get to have a professional outlook even when you are situated in a home office. Expenses on bills and other office amenities can be contributed to product research and other marketing necessities.
Does your long-term goal include your business venturing out of the country or having a large team member under you? Setting a vision for your business is essential for you to stay afloat. You should never dwell on your past mistakes and work smarter. You need to be thinking about the future and how you can improve your business to help others.
Fear of Failure
When you are new to entrepreneurship, failure is always at the back of your mind. Apart from failure, there is also fear of being mocked by friends or family members or the moment your business folds. Being overshadowed by your fears should serve as a motivational factor. Be the change and challenge yourself to face your fears and take pride in your work.
At the end of the day, you are the decision maker and you know what it takes to run your business. Be open to taking advice from others as tackling insecurities or external issues on your own can be tough. Do not be afraid of failure and take it as lesson to further improve yourself in the future.