If fear is holding you back from starting a company, you’re not alone. (Check out the article below.)
But, when it comes to being scared away from starting your own business, keep in mind that getting ahead in life, being in control of your own destiny and schedule, and having the chance of accomplishing something out of the ordinary requires taking action. Everyone has ideas and dreams; unfortunately, ideas without action never accomplished anything.
A good technique for evaluating options and risk is to focus on worst case analysis. Too often, people get caught up in “best case dreaming”. It’s motivating to visualize possibilities, but if you objectively list the worst things that can happen if you actually start a company and you can live with that worst case scenario, well, you’ve just proved to yourself that the risk isn’t terminal. In the case of deciding whether to launch a business of your own, worst case analysis really boils down to the costs incurred if the business fails. And, there are two areas of cost: opportunity costs and hard costs. Some people might also worry about looking foolish because they tried something. But, if someone worries about that, they’re probably not cut out to be an entrepreneur anyway. Staying in a safe and limiting job and never trying to do more will certainly be more “normal”.
The opportunity costs associated with starting a business include: time, resources and money that could have been devoted to other things. Hard costs are simply the actual financial costs of launching a business.
If you invest one year of your life trying to build a business and it fails to hit your goals, you’ve invested 1-2% of your working life. That’s not a big risk. And, remember that although it didn’t work out, you would have undoubtedly learned some invaluable lessons you would not have otherwise experienced. With most startup businesses, you will know within a year if you’re onto something. With a Movie Kiosk business, you will know if your location is a winner within 2 – 4 months.
As for hard costs, if you start small, you limit any possible downside. And, if you have assets or a business that can be sold if you choose to exit the business, it’s not a total loss.
Check out the article below for another perspective on why people should seriously look at what to do to start a business of their own.
<a href=”http://www.linkedin.com/today/post/article/20130318143953-1714080-is-fear-stopping-you-from-starting-a-company” rel=”nofollow” target=”_blank” >Reference article on LinkedIn</a>