Trying to start any small business means overcoming many familiar roadblocks on the path to success, such as the economy, government regulations, and changing consumer tastes. A home inspection startup is no different. However, there are other less obvious challenges potential business owners also must overcome.
In the article “5 Personal Obstacles That Limit Your Success,” author Firas Kittaneh examined the common psychological obstacles that can keep potential business owners from succeeding.
- Financial burden causing emotional stress — The cost of launching a small business and not knowing when that business might starting turning a profit “makes the whole prospect both terrifying and paralyzing,” Kittaneh wrote. He suggested having some kind of financial safety net to at least cover personal expenses while building a business. This can be done by waiting until one has built a year or two of savings or by finding a side source of steady income.
- Tying personal value to your company’s value — Because it’s likely your business will encounter difficulties, it’s important not to tie your personal self-worth directly to the success of your business, Kittaneh wrote.
- The perfection paradox — By letting go of your need to be perfect, you will be able to take the risks necessary for your business to succeed, according to the article.
- Lacking substantial guidance — Unlike most jobs, which have some kind of manager who holds you responsible, being an entrepreneur means you are the one holding yourself accountable, Kittaneh wrote. He suggested listing all the activities you need to perform on a given day to keep yourself on track and seeking out the advice of entrepreneurs you respect. If you don’t have any connections, he also suggested looking for a local Small Business Development Center, which will provide free consultation and mentors who can help improve your attitude and mindset.
- Overworking yourself — Because entrepreneurs tend to work long hours, they are prone to burnout, unhealthy eating habits, and a lack of sleep and exercise. Kittaneh suggested investing in yourself by exercising each day and scheduling time for a full night’s sleep.
What obstacles did you face when starting your small business? How did you overcome them? Share with us in the comments below!
Source: “5 Personal Obstacles That Limit Your Success,” Entrepreneur.com (Nov. 25, 2016)