Entrepreneurship comes with psycho-social hurdles to scale over
Entrepreneurship, that mode of spirit which requires being a self-starter, self-motivator and an innovator comes with a fair share of hurdles to leap over, obstacles to overcome and tests to pass.
Some of these psycho-social hurdles and obstacles are listed below and how to deal with them.
Fear
Fear heads the list because it is one of the most subtle of all. It is the most common obstacles that stand in the way of intending entrepreneurs who want to float a business. Do note that fear exists because of uncertainty. The less one knows about the outcome of something, the more afraid they are. This is why the fear of failure is the biggest fear of all when it comes to starting a business. The fear of failure is so powerful and domineering that more than 95 percent of people who have brilliant business ideas cannot act on these ideas because they’re too afraid to fail.
Truth is successful entrepreneurs get afraid too. The difference is they do not let the fear stop them.
“I felt that fear when I quit my job and a steady salary to pursue my business dreams. I had a 4-month old baby and my wife wasn’t working at the time. Although I had faith in my business dreams, the fear of failure scared the life out of me” said John-Paul Iwuoha, author of 101 Ways to Make Money in Africa and CEO Smallstarter.com, a business website.
Fear can be conquered and one of the best weapons is action. Most intending entrepreneurs will almost always take a backseat than take a bold and positive step when confronted with challenges.
Another potent weapon against fear is to accept the possibility of failure. Yes, that is correct. All our lives, we have been taught that failing is a bad thing. You know what? It depends on you.
Most of the secrets that successful entrepreneurs use are learned from failure. That is why even after they have done their homework, successful people still accept failure as an option. They know that when they fail, they learn. And as they learn, they grow and succeed.
Perfection
When it comes to business and entrepreneurship, getting started is always better than being perfect. Look at it this way. Starting a business is like learning to walk.
An apt analogy is a baby learning to walk. It does not wait until a perfect time, and then suddenly starts to walk. No. Most babies start by crawling, and then they learn to stand, and then make several efforts at walking. This is how life, nature and business work.
Unfortunately, most people want to check all the boxes before they start a business. They want to raise enough capital to rent an office, hire staff and build a great looking website. They want to start at the perfect time. They want to start big, or not start at all. Big mistake!
Unworthiness
Have you ever felt like you do not have enough talent, education, experience, connections, risk-appetite or luck to become an entrepreneur?
That is the power of unworthiness at work!
Most people buy this big fat lie, and that is why they never come around to becoming entrepreneurs.
Successful entrepreneurs come from all kinds of backgrounds. Your level of education, family background and physical qualities do not matter. What really matters is your belief in yourself.
Only you can decide to be worthy of entrepreneurship.
Low Bounce
Successful entrepreneurs have a high bounce. This means they always bounce back up whenever they hit the ground.
Disappointments, problems and challenges are normal in entrepreneurship. In fact, you should anticipate them if you are starting or running a business.
But always remember that when setbacks bring you down, it is only temporary. Your job is to get back up, and not just stay defeated on the ground.
Lack of belief
Starting and running a business is tough, especially in Africa. Only people with a strong and positive mindset can survive the rough seas of entrepreneurship.
It is easy to notice when people lack belief in their ideas and abilities. They do not talk with confidence and energy, and you cannot see the fire of passion burning in their eyes. They always fail to convince.
A strong belief in the vision and potential of a business is one of the key things investors look for in an entrepreneur before they invest their money. Nobody will give you their money if you are not hungry for success.
Myopia
People with myopia want a business that can start making money in just a few days or months. While this is not impossible, it is definitely not the norm.
Starting and growing a business is a marathon, and not a sprint. It is usually a race of endurance and not speed. People who are inflicted by myopia want to start a business and get quick results.
Unless you win the lottery or come into a huge inheritance, there are very few legal ways to make money overnight.
As a result, people take business loans they do not need and try to expand the business faster than they should, in a bid to get quick results.
Procrastination
Procrastination is the most challenging of all the hurdles. Procrastination is very deadly because it robs you of a resource that you can never replace. That resource is time. And time lost, can never be regained.
Procrastination makes you feel like you have a lot of time, which is why you continue to delay, defer, postpone and avoid taking action on your business dreams.
The first reason you procrastinate is fear of taking action or making a decision. The second reason is lack of willingness to leave your comfort zone. The third reason is laziness.
The key to defeating procrastination is to always have a sense of urgency. You must give a deadline to everything you do, and then do it! Unless you set a deadline for the important decisions and actions in your life, procrastination will always show up to steal your time.
STEPHEN ONYEKWELU