Wednesday, March 12, 2008

Fear Is Biggest Obstacle To Starting Business

Copyright © Michael Laleye

One of the most common causes people shy away from starting their own business is fear. Most understand that when they operate their own business their time is no longer their own the needs of their customer is going to come before the needs of their family and many are not willing to make that sacrifice.

In addition to time, money is the second most fearful aspect of working for themselves, knowing that if they mess things up, it can be a problem for more than just them. The needs of their family will still be there even if the money is not available and there are many other things they have to worry about when striking out on their own. Not least of which is health insurance for their family. They will have no one else to turn to if they can't make the monthly premium payment and most believe they will not be able to afford insurance that offers good coverage based on their projected income.

Some folks are lucky enough to also have a spouse that works and they can be covered under their insurance policy, but when a couple begins a business together there will be nothing to fall back on if business is not as good as they hope it to be. Daily incidentals are also a concern for those thinking about starting their own business. Eating, car payments, rent or mortgage and utilities will all need paid regardless of where the money comes from. Just thinking about how they will pay for everything can keep some people on their old job no matter how unhappy they are.

While everything considered is a real concern, by weighing the potential for success against the possibility of failure, there are some than plan ahead and then take the plunge. Unless they have a remarkable product or service that is going to provide the necessary income beginning on day one, they will have to plan for making the switch from employee to business owner. It may be in their best financial interest to begin their business venture on a part-time basis, maintaining their insurance and level of income while putting in extra hours at their own business until it builds into a full time income.

Many times when working towards making this transition, people can grow frustrated with the pace at which the new venture is growing, but they need to remain realistic. The new business probably will not grow any faster if they are working at it full time and should not allow the perceived frustrations at their old job convince them to make the mistake of leaving before the new business can support them and their family.

While fear of failure should not be the deciding factor of whether to strike out on their own or not, the fear can be used to help them decide when it is financially safe to do so. Ignoring the fear and diving right in may help them become successful sooner, but it can also lead to disaster. Using the fear to better understand the challenges and to develop ways to meet those challenges can make their fear a partner in the decision instead of the deciding factor that prevents them from even trying.

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