What are a few common pitfalls for entrepreneurs and how can you avoid them!
1. Not Enough Money! Many first-time entrepreneurs will give up as they need capital to start their business and then a steady income to manage daily expenses. My suggestion is not to quit your stable income right away and start your business as a side hustle. I personally started Also Sophia.
2. Afraid of Competition! Many quit or never start their business because they are scared of other businesses as competition. If you can reframe competition in business as a great way for you to refine your product or service to meet the challenge to solve your customer’s problem better than any other business, then business competition can be seen as a game. This will help improve the products offered by businesses and prevent monopolies.
3. Afraid of Failure! Many do not start to give up as they are afraid to fail. If you can reframe to look at “failures” as lessons. Then, make sure you assess the “failure”. Was the goal too unrealistic and do you need a few smaller goals before the big goal? Or did you not set yourself up for success with resources? Look analytically at the “failure” and draw out the lessons.
4. No Support! Feeling alone on the entrepreneurship journey can make it harder to navigate all the potential ups and downs if you do not have a supportive family or community. My suggestion is to find a group of like-minded individuals who will understand your drive to pursue a business. Remember, it may not be fair to your family and friends to support you if they do not have any experience in business and may feel overwhelmed by the risk. Remember, if you have a vision for your business, you have everything in your power to make it happen. And no one else can really tell you otherwise!
Check out our episode on goal setting for the new year here Successful Goal Setting in 2023!
Remember, you got this!