Not finding funding
Being a business owner would be a bit too much of a breeze if every person with an idea just sashayed into the bank and was given a pat on the back and a huge loan . In reality , entrepreneurs without investors have to jumpstart their businesses off their own backs , and many find that it is a slow and steady process of building the business ( perhaps with a small business loan ) to minimise financial anxiety . To raise funds through your bank or an investor you ’ ll need to do a lot of groundwork to validate your business first , so build a prototype and do your market research before you even consider pitching your idea . If you have identified your customer base and can show a clear path to profit , as well as a willingness to work extremely hard to get there , you have a much greater chance of raising capital and support .
How to pay the bills
This is likely the biggest issue for most people when it comes to starting a business . The idea of skipping out of your job on a Friday having slammed your resignation on your boss ’ s desk with a view to starting your new business on Monday is crazy , frankly , and probably not the path that many successful business owners followed . Start by building your business up alongside your current job until you reach the point where you can safely make the transition . Which , yes , does mean you ’ ll have to work in the evenings and over the weekends , albeit in the short term . Once your business has some customers and is turning over some cash , you ' re ready for outside investment and growth , which is the point at which you should think about leaving your job and moving into your flourishing business full time .
REALITIES TO FACE
Validate your idea
Most people easily fall head over heels with their own business idea from the minute they think of it , which is essential , but can also lead to an overprotective defense of it and a fear of seeking validation from others who might not see it as quite as revolutionary . You need courage and a thick skin to start a business as well as a resilient and considerate attitude towards constructive criticism . Share your idea with friends and colleagues that you trust will be truthful with their take on what you ’ re planning . Good friends tend to be more brutal than family members and will look at your idea from a rational and practical perspective , so don ’ t be afraid to approach them and work through any potential pitfalls .
Set attainable goals
If there ’ s one trait successful entrepreneurs have in common , it ' s the ability to set realistic targets . Start by working out what your overall company mission is and break that down into smaller , achievable tasks that serve as vital stepping stones towards the bigger picture . Smaller goals will make your company ’ s overall aim more digestible and less intimidating , and starting from the conclusion and working your way back to the introduction will automatically steer you in the direction of where to actually begin . If you ’ re a perfectionist , learn to adapt – not everything has to be perfect for you to start building your own website , or chatting about your idea to anyone who ’ ll listen .
Work-life balance takes time
Pouring most of your time and energy into a business is going to impact on the time and energy that you have for your social life and personal relationships . If you ’ re already an entrepreneur , the likelihood is that the line between your professional and personal life is already a bit blurred , but it ’ s impossible to start a new business without wondering how your family and friends will react to your new focus . At first , you may feel all you do is work and juggle your other commitments , possibly dropping a few personal plans along the way , but the long-term ability to focus some of your time on your family and friends – which will benefit you too – is essential and running a business doesn ’ t have to be an allencompassing hindrance . There is definitely no one-size-fits-all solution for every business and founder , but if you surround yourself with business associates who understand the need for balance and who won ' t make you feel guilty about also living your life , the need to nurture your business constantly should lessen as you achieve more success , confidence and control over what you ’ re doing and where you ’ re headed .
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