- Not Knowing What Business to Start
Often, people say that they wish they could start a business but are confused about what exactly to do. Are you one of those?
Remedy: Assess your skills and the unmet needs in your community to identify a potentially profitable venture. Find a mentor in your chosen area to guide you get your startup off the ground. A mentor will give you relevant information and help you avoid many mistakes.
- Fear of Running Out of Capital
Indeed, without adequate capital, your business stands the risk of not being able to survive, especially at the initial stages when most businesses are usually unable to make enough income to cover operating expenses.
Remedy: Use your business plan and model to secure support (loan, free zone, tax holiday, etc.) from the government or seek investment from venture capital funds. Also, you could partner with like-minded people or ask family and friends for support. You can start small in case these options don’t work. Use the resources available to start on a small scale and expand it gradually as your capital increases.
- Fear of Not Attracting Customers
Yes, part of the startup challenges you will experience is difficulty in attracting customers, especially in a highly competitive market.
Remedy: First, ensure your product/service solves a widespread or latent need. Next, differentiate your product and develop an appealing value proposition. Additionally, devote adequate resources to make the product/service visible, and develop good relationships with your customers.
- Fear of Failure
True, the risk of failure is very common in business due to unforeseen obstacles, but so it is with every aspect of life.
Remedy: Be optimistic, what if you succeed? Don’t let the fear of failure stop you. Research and plan well. For starters, you can minimise the possible impact of failure by starting small, so that you can learn and expand as time goes on.