It can be difficult to take the plunge and go from being a dreamer to being an entrepreneur — something that international speaker Rafferty Pendery is very familiar with, as is any entrepreneur. It’s hard to know when it’s time to stop thinking about your future business, and start going after what you really want to do; and it’s a lot easier to come up with new obstacles in your way. But the fact is that now is the time to start a small business. In fact, 80% of the small businesses started in 2014 made it to the second year. With that being said, we’re going to look at some of the obstacles that young entrepreneurs let get in the way of pursuing success. Rafferty Pendery is evidence of the fact that you can overcome these obstacles, and more. Keep in mind: the great thing about thinking about, and overcoming such obstacles is that they can help you avoid common entrepreneur mistakes in the future.
1. Fear of Public Speaking
This may seem like a strange obstacle to have — what does being a good public speaker have to do with a great entrepreneur? More than you might think. Rafferty Pendery is now not only a tech entrepreneur but a public speaker, proof that one of those things doesn’t often go without another. No one should be ashamed of being afraid of public speaking; an estimated three out of four individuals suffer from speech anxiety. However, the fear of public speaking can have a significant impact on anyone’s business prospects and future career. In fact, those who have a fear of public speaking tend to make 10% less, on average, than those who don’t. With that being said, studying how great public speakers work — and watching them speak — can be a simple way of helping yourself overcome your speech anxiety. You don’t have to be a great public speaker immediately, but public speaking is an important part of pitching your business and really selling it to others. Of course, if you find a real talent for public speaking, it can eventually become a part of your brand and even morph into a second career. Look at Rafferty Pendery!
2. Fear of Working From Home
“Don’t quit your day job” is a common phrase that most aspiring entrepreneurs are probably aware of. The fact is that a lot of entrepreneurs are afraid of working from home on their projects. However, keeping a side job outside of your small business or business project can hold you back from really dedicating yourself to your future. It’s all about timing, of course. But it’s estimated that 69% of American entrepreneurs start their businesses at home. When your business really begins to take off, it’s almost inevitable that your first office space will be at home. You’ll be happy that you did it when you’re expanding out into your very own place of business!
3. Cash Flow Issues
You can dream — and we want you to follow your dreams! But in order to do so, you’ll need a decent cash flow. It’s a sobering truth that an estimated 82% of businesses — according to a U.S. Bank Study — fail because of cash flow issues. You have to have a plan in place. It’s wise to save money before starting your small business, and afterwards make the sacrifices necessary to maximize your income. For that matter, you’ll want to court investors; and that’s where the public speaking we were talking about before comes in! Believe in your business, and show investors its potential. Having backers can be a major boon for your small business, and calm a lot of your cash flow concerns.
Ultimately, you can have it all — you can be strike out as an entrepreneur and have the career success you’ve always wanted. If other people have done it, so can you! But have your plan in place, and prepare to knock your own obstacles down.