Entrepreneurship – getting over the first hurdle
When we start doing something new it can be very intimidating. There is risk involved in entrepreneurship as in all business ventures and it is possible to be paralysed by the fear of failure to the point that we miss valuable business opportunities. This is why it is important to get into the habit of overcoming challenges which inevitably will come.
The first hurdle
The first hurdle will be the first major challenge we encounter in either starting a business or running it. It is the first defining problem that makes us wonder whether we should proceed or count our losses and give up. It could be difficulty raising initial capital, low sales, low profitability or unexpected expenses. The first hurdle could also be non-financial such as reduction in family time, difficulty finding the right employees or competition from other businesses. Usually the way we handle this first hurdle will teach us about making tough decisions and the sacrifices that are necessary to be successful.
Overcoming the first hurdle
There is no guarantee that we will get over the first hurdle. There is also no guarantee that we will get over the first hurdle in our first try. While this may seem like a recipe for failure, it is actually an opportunity to consider the challenge facing us and the potential solutions. If profitability is the issue and trying to increase sales does not work maybe their is a problem with the entire business model. The music industry learned this lesson when it was reluctant to capitalize on the growing popularity of the internet and concentrated instead on physical record sales. Timing may also be a subtle factor which we sometimes neglect to consider. Introducing a product or service to a market that is not ready for it can lead to failure. Educating the market first and showing the need for the product or service can help us overcome the hurdle of the product/service being new.
The confidence boost
Getting over the first hurdle in business gives a boost in confidence and a taste of solving real world solutions. It may not guarantee business success but the lessons learned from this experience can be the foundation for getting over future hurdles. Many times the solution may not be obvious and out-of-the-box thinking may be necessary. We can use the experience of getting over the first hurdle to remind us that success can be achieved even when it is not immediately in sight.
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Change is always met with some form of resistance. People are reluctant to simply accept the unfamiliar but this should not discourage you from experimenting. In fact, the more your experiment can break through this barrier of resistance the more likely it will be to succeed. Great products/services are often those which make us wonder how we lived without it after it is invented. Have faith and fun experimenting and your hard work may just pay off.
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The lure of running your own business and not having to work for someone else is very tempting for most ambitious individuals. This is especially true if you feel exploited at your job or feel that it is preventing you from reaching your full potential. Having control of your business activities gives you the freedom to reap the rewards of your hard work. You can take responsibility for the decisions that are made and their outcomes. There are many costs that are associated with starting a business that can be anticipated beforhand but there are also a few hidden costs that usually tend to become obvious after you have started operating. These costs are not limited to money but also affect resources and time.
