Have big money making the idea and haven’t got around to acting on it? Did you take your first step forward and have found yourself more clueless than ever? Has your much-loved aspiration of being your own boss failed? Here are a few reasons as to why you’ve found yourself in the position you’ve started from :
1. You are Afraid to Take Risks :
Being an entrepreneur and starting a company is a huge risk. It involves no guarantee of success. You may fly to new heights or fall down on your face flat. Thus, starting a company to become an entrepreneur involves risk and taking risk requires no fear of failure. If you are afraid to fail, you may not be able to take the first steps towards starting a company, and it may seem daunting and frightening.
2. You are Unaware of the Legalities and Formalities :
No one can give you a crash course on how to start a company and take it to the stage of fruition. When a person with an idea starts out, he may very well maybe clueless as to how to take this idea and convert it into a full-fledged legal entity. And what are the legal nuances of the space you are operating in? For example, if you have to start a new taxi company, what are the business models? What are the legalities of the taxi and transport governance? How do we get our taxi company to be recognized as an authentic service in the eyes of the law? All these perplex the person and might even discourage him. Though with a boom in startup culture, there are many firms which act as mediators between the budding entrepreneur and the legal system.
3. You Have an Outdated Idea :
The third reason you arent one even if the first and second reasons are sorted out in your list is because either your idea or the model on which you want to operate the idea on is outdated. For example, if you want to start a food delivery company and are unable to find an investor is probably because you are still basing it on procuring services like delivery boys and transport on your own. In the present day, the business model which proves profitable is outsourcing your inventory like many food chains have outsourced their delivery to companies like Swiggy and Zomato instead of hiring their own delivery staff.
4. The Country’s Startup Culture is Underdeveloped :
In countries like India, even though it has broken the top 100 of The World Bank’s ease of making Business list, it can be extremely challenging to start a company especially if you are from a non-business background and may not be aware of processes like incubation and trademark registration for your brand. A country has to make sure that the process of incorporating a company and whatever legal, financial nuances it encompasses are made accessible to the common public and not elusive.
5. You Have Way Too Many Ideas and Can’t Focus :
The last reason is you have a hyperactive mind and can’t seem to focus on one idea. You have too many ideas floating around and have no clarity in your mind as to what to do. Finally, you give it all up to settle for some mental piece…. unless that loop starts again. The best thing to do in this scenario is to find which idea resonates with you the most and you feel most passionately about and try achieving the habit of acting and implementing only that idea until that’s the only idea you think about.
After you work on these 5 areas, you may just break into the tough walls of the entrepreneurial world!