Jeff Haden, contributing editor to Inc., delivers an important message to entrepreneurial hopefuls in “14 Great Reasons to Start Your Own Business Today.” Like dominos, Haden knocks down the common rationalizations that hold talented, aspiring business owners back from achieving their entrepreneurial potential.
In my work, I encounter F.E.A.R. (False Evidence Appearing Real) regularly and see how it impacts highly competent people to talk themselves out of doing what they really want to do – succeed on their own terms in their own business. Let’s look at the top rationalizations, talk about how to break through, and get to the bottom line of it all…
“My market is different…it’s extra competitive.”
Competitive markets exist everywhere and that’s a good thing. Successful pre-existing providers in a market signal proven demand for a product or service. If you don’t see abundant competition, it’s wise to ask, “Is there ample demand here?” If you’re not one to want to create demand for a product or service that’s not already there and prefer a proven market, this is precisely where investing in a solid franchise opportunity makes sense. In franchising, a strong competitive advantage is already embedded in the system to capture greater market share through collective marketing and brand prowess, preferred pricing on supplies and inventory, and leveraging national accounts.
“My kids are too young.”
Like starting a family, there’s no such thing as the perfect time to start a business. Business owners with young children often have a unique set of drivers such as a desire to gain more control over their schedule so they can be more present for their family. Also, setting an example and demonstrating career options outside the traditional job route. Having young children when you get started can also mean you have extra motivation to establish a family legacy; by the time they come of age, they’re ready to learn, work in and even one day take over the successful business you built.
When my father voluntarily left his corporate job to start his own business, my mother didn’t work, I was 8 years old and my brother was just two. He had to find a way to make it work and found franchising to be the answer. He could be in business for himself, but not by himself. Leonard and Francesca agree. We recently helped them acquire a pool maintenance and repair franchise. In this video, Leonard shares that part of his motivation for pivoting from corporate strategy to franchise ownership is to have more schedule flexibility to spend more time with their two small children.
“The economy needs to be better or the economy needs to be worse.”
Both offer advantages and disadvantages – starting a business in a good or down economy. In a booming economy spending and confidence are up. But so are the costs of wages, marketing, and real estate. In a down economy, it’s much more likely to enjoy lower start-up costs and less competition because businesses that don’t have a good system or business model, can’t weather economic volatility. (Personally, I’d rather get started in a downturn when everything is on sale). If you’re waiting for what you think is optimal economic timing, you are trying to make lightning strike and will be waiting forever. Instead, take advantage of the set of benefits currently available and get going.
“I don’t have all the skills to succeed in my own business.”
Nobody starts a business possessing every skill needed to succeed. The difference between the “Cans” and the “Cannots” is the “Cans” don’t let this fact stop them from acting on their drive to take a shot at fulfilling their potential. They have confidence in their abilities to learn what they need to learn and figure it out as they go along.
And, solid franchise systems can help bridge this skill gap. When you choose a franchise opportunity where the most important skills of the owner are those that you know you already have, the strength of the franchise system will help compensate while you’re learning the new skills. Certainly, you are not good at everything, but you are good at some things. That puts you squarely in the shoes of every other business owner on the planet.
The Bottom Line
There are many people with less education, slimmer resources, and fewer advantages than you who fulfill their needs and dreams through business ownership – so you can too. It comes down to being aware of the easy excuses, not allowing them to rob you of your potential, accepting that you’ll be learning and course-correcting as you go, and looking forward to the challenge.
