Monday, August 9, 2010

# 3: Know How to Overcome Common Obstacles to Entrepreneurship

Many people want to start a business, but for a number of reasons never see their ideas become realities. Here are three (of many) obstacles you may face and consequently must overcome if you wish your business to succeed:

1. Financing your start-up: You need money to establish your business; to operate it while it grows; and for any future expansion plans. The first step is to write a business plan. A business plan will help you determine how much money you will need for initial and operating costs. Very important, too, is that your business plan will reveal to you IF a potential customer market exists for your services or products.
Suggested resources:
Book: How to Get the Financing for Your New Small Business: Innovative Solutions from the Experts Who Do It Every Day by Sharon Fullen
Web sites:;;

2. Adequate time to devote to your start-up: Three-quarters of all home-based businesses are started on a part-time basis. You can work at one job to meet your living expenses, while building your business on the side. The challenge here is how to prioritize your time for your regular job, your new venture, and your personal activities. You can cut out or cut back some of your non-essential activities; and-or consult with a time management consultant. Remember, too, to “have a life,” and not neglect those closest to you.
Suggested resources:
*No B.S. Time Management for Entrepreneurs by Dan Kennedy
* Conquer the Chaos: How to Grow a Successful Small Business Without Going Crazy by Clate Mask, Scott Martineau, Michael E. Gerber (Foreword by)

3. Your qualifications: Before starting a business, consultancy, or professional practice, you should have the formal qualifications and-or experience in your industry. Some industries or professions may also require you to be licensed. Research what skills or education you need to operate your business or practice and then do a self-assessment to make sure you qualify. If not, decide if you will go ahead and enroll in courses; or you can get first-hand experience by working at a job in the industry that interests you.
Suggested resources:
Webinar: 2-Minute Small Biz Self-Assessment

Next: Common Entrepreneurial Traits

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