Mind over matter

Mind over matter
26 Oct, 2007, 0116 hrs IST, The Economic Times

To even those with a strong urge to start their own business, it seems ludicrous to give up a job in a comfortable atmosphere, with full benefits and generous bonuses. The fact is, it’s still a job — and you still wonder, every day, what it’d be like to work for yourself, not someone else. The following are the five common mental hurdles you must leap over to realise your dream.

You don’t have a lot of money in the bank

That’s a very good reason to shy away from quitting your job, isn’t it? But that just means you need to get a financial plan together. Consult with a financial planner who can help you map out personal and business finance goals. Some local colleges and community centres even offer workshops and classes on financial planning, usually at a minimal cost, so take advantage of them.

Someone mentions the words “business plan” to you, and you stare blankly
A business plan is not the be-all, end-all of starting a business. But it’s pretty important. Some think they don’t need a business plan if they aren’t planning on seeking financing from outside sources. But even if no one but you ever sees your business plan, it’s still important. It helps you put your goals in focus and create a written plan of action for your business. It’s almost like a detailed to-do list. Plus, you never know where your business will take you. You might get started and find out you need more money than you thought, and that’s where that handy business plan comes in.

You don’t know anything about bookkeeping

Go ahead and admit it—it’s very freeing. Admitting you don’t know everything will only make you successful later, because it means you’ll have the courage to ask for help. Get all the advice and mentoring you can at this stage. There’s no shame in consulting with an accountant, an attorney, a long-time veteran in the field, and so on.

You’re not sure you have the dedication it takes to stick with it
There’s a simple way to solve this problem: Don’t start a business doing something you don’t like. If you hate getting up early, starting a coffee shop or a bakery is not for you. If you get impatient around children, don’t start a child-care centre or anything else kid-related. You have to love what you’re doing when you start a business, or you will not stick with it. It's no different than working in a job you hate.

You’re afraid of selling

That’s a big one, because if you’re an entrepreneur, you’re also a salesperson—that is, unless you figure out a way to bring a top-notch salesperson onto your team from the get-go. Chances are, you don’t have the money for that yet, so perhaps a better alternative is to psych yourself up to sell. If you believe in your product or service, you’ll find the confidence to sell it.Now quit stalling, and get to work. You’ve got a business to start.

(Adapted from Microsoft’s Small Business Centre website)