TEN HALF-ASS EXCUSES ENTREPRENEURS MAKE TO NOT GET STARTED

(And How To Overcome Them)

– by Monica Lynn

 

Over the last 10 – 15 years, I have worked with many entrepreneurs and aspiring entrepreneurs. I’ve noticed that there are a handful of common obstacles that many face, preventing them from getting started.

I’ve compiled a list of the top ten and proven ways to overcome them.

 

  1. I don’t have the time

This is really just another way of saying it is not a priority to you. We all have the same 24 hours in a day and we each have the choice of how to spend those hours. Now, factor in each of our life experiences, pulling us in several different directions and we can all agree, life really can be hectic. However, this does not mean it isn’t doable.

Maybe you can’t watch Empire or Power or Scandal or Love & Hip Hop and be the first to comment on Social Media. You just may have to record it and play it back at a later date.

Are you really saying you don’t have time to make money? You don’t have time to secure your future? You don’t have time to secure your children’s future?

How is it that you do not have time to build YOUR BRAND, but you make time to build someone else’s?! (This is exactly what you’re doing when you’re punching the time clock!)

I often hear people saying they want the life of their dreams or they want to be a BOSS! But, they let fear and excuses hinder them from doing the work. Well, I say the time is NOW to become a Boss!

If you want your new business to be successful, the time is now to Make It A Priority! If you can’t afford to quit your job right off, start in your spare time. Work your hustle in the evenings and on the weekends, until your hustle becomes your day job!

Quitting your day job, may not necessarily be the best move for your situation. And, that’s okay! (Yes, I dared to say it!)

The moral of the story: Take things one step at a time and do what’s right for your situation. But, most importantly, get started!

{Always remember: Tomorrow never comes and yesterday is already gone. All you really have is TODAY! Make it count!}

  1. I don’t have the money

In case you haven’t heard it, let me be the first to tell you, “Money does NOT guarantee success in business!” I can attest to that first hand.

Ideally, you will have six months to a year’s worth of income saved. Although, this should only include income you need for survival. (I.e. house note, bills, food, utilities and the like.) This is scale back time. (No IG or FB balling allowed!)

I know you’ve heard that most businesses fail, because they run out of money. The reality is, all businesses fail when they run out of money. It’s not about how much money you have, but instead, how long you are able to make what you have last and how to make it work best for you.

A fact that many do not want you to know, is that most business do not start with very much. Everyone did not start off at the top. I was always told as a kid, “Where there’s a will, there’s a way!” Although, when you do start to generate income, you must be mindful to re-invest in you and your brand.

It does not take a million dollars to start a business. Instead of waiting around to win the lottery or the money to fall out of the sky, use the proven techniques of bootstrapping to give your business better odds of success and help you to launch sooner.

Set yourself a timeline. Start small. Start saving those pennies and rock it out!

  1. I don’t have an idea

Forget the notion that the perfect business idea will magically pop into your head and, until this happens you’re stuck watching everyone else get started.

Release the notion of finding the perfect project, because, you may not get it right the first time.

You do not necessarily have to come up with some unique product or invention. There’s no need to reinvent the wheel.

Simply find a need, service or product that you can improve upon. Many minority entrepreneurs are successful, because they’ve found a need and directed their attention towards satisfying or improving upon it.

So, next time you encounter a service or experience that frustrates the heck out of you, or you wish there was a product that better met your needs and you simply can’t find it anywhere, ask yourself, is this a problem I could solve? And, how much time or money would it take to test my idea?

  1. I don’t know how to write my business plan

Planning is important, I will admit. However, if you are just starting out, you want to ignore the details early on. Your business plan, no matter how perfect you think it is, will not prepare you for the downs and obstacles you will face. You will face some unique challenges that you’ll have to adapt to and be flexible enough to work around.

Find someone that believes in your dreams, believes in you and possess the know how to get it done! Many would be honored to assist.

Our simply, follow this link to use the business plan template to help guide you in creating your business plan today.

  1. The market is too saturated

There are two types of competition that paralyze newbies: the big dogs (established corporations) and the little dogs (other startups).

Let me tell you, as for the big dogs, they are actually just as afraid of you, as you are of them. And, they have good reason to be to. Our hyper-innovative economy has given advantages to many startups.

As for the little dogs, to some degree, they possess the same fears you do and thus far keeps many of them from getting started and/or staying motivated.

I actually believe there is money for everyone! Point bank period. You and your competition can both be successful and WIN!

So, you might as well go ahead and get your coins. This is where your brand stands out. And, always be ready to re-invent yourself.

  1. The time isn’t right

When exactly, will it ever be? What are you waiting for to happen?

You must be flexible and adaptable when running your own business. Sh*t happens! Disruptions and moments of bad timing are almost inevitable.

Learning to deal w/ those competing and complex priorities now is not only advantageous, it’s a NECESSITY!

Stop talking yourself out of it!

Ask yourself, if you were forced to, could you do it?

If your boss asked you to do something and you didn’t have everything you needed to do it, but your job depended on it, could you make it happen?

Now treat this as if your job or your lively hood depended on it. Because, right now, your livelihood, your children’s livelihood and your legacy are depended on it!

  1. I don’t have all the skills I need

There are so many ways of getting around this one. Picking up new skills is not as difficult as you may think, if you are willing to bet creative and do the work. If you do not have the time to take a new class or don’t have the patience to take advantage of an eClass, you could always partner w/ someone or barter your services. For example, you provide them w/ your accounting skills and your partner builds your website for you.

If you are still not convinced, consider outsourcing. Sites like SuperiorAssistant.net can help you find excellent resources at affordable prices.

  1. I don’t have the right connections

This is also an easy one to work around. Make them!

A connection is 5 degrees. Someone always knows somebody! You just have to make the effort to find the connection.

Surely, you’ve heard the old wisdom that every person in the world is connected by six degrees of separation. This concept dates back to the 1967 “Small world experiment”, which measured connections in the US by tracking a package sent through the mail.

With the explosion of social media, this process has been shortened. We’re now provided the opportunity and tools to make new connections from unconventional relationships.

Don’t be afraid to reach out to a potential partner and don’t be afraid to Invest in you! Most people that have made it to success, have spent a great deal to invest in themselves. Why should their hard work, blood, sweat and tears be just given away?!

  1. I don’t want to give up my 401(k) or benefits.

Self-employed entrepreneurs now have a powerful tool for sheltering savings from the tax collector.

The Self-Employed 401(k), also known as the Individual or Solo 401(k), in some cases, enables sole proprietors to shelter up to 100% of their income taxes into a personal 401(k) account, as long as they do not hire employees.

As with a standard 401(k), your money goes into a self-employed 401k tax free and grows tax-deferred, until it is taken out. The usual 10% penalty will be imposed on anything you withdraw, before the age of 59 ½, unless of course, it qualifies as one of the standard exceptions.

Aside from that, you pretty much avoid the expensive management and administrative fees you traditionally face. You also avoid the complicated discrimination tests and IRS form 5500 is not required, until your account contains $250k.

The Solo 401(k) also allows you to borrow against it, using the plan assets as collateral for the loan.

So, no need to sweat giving up your 401(k) plan, because you simply do not have to!

As for the healthcare aspect, you are required to have healthcare whether you work for yourself or for someone else. There are many healthcare plans for the small business owner, that are affordable and obtainable with proper budgeting.

An added plus to remember, business owners can write all of their healthcare premiums off as an expense at the end of the year.

  1. I’m scared of failing

Jay-Z said it best, “I’m not afraid of dying. I’m afraid of not trying!” (Can I get an Amen?!)

Let’s be clear, nobody wants to fail. In all honestly, you can “fail” in your current position when your company decides to downsize or relocate across the country or sea. Which may very well happen, when the next economy downfall happens. It’s not a matter of if the economy will fail again, but when. (The trend tends to be some sort of shakeup, every 10 years or so.) Fear is natural and we all feel it from time to time. However, you have to make a conscious effort to overcome it. The greatest thing to overcome it is FAITH! When fear attempts to set in, speak to it. Take the energy away from it. Propel yourself forward and do not let it hold you back.

Letting go of the excuses may be a bit scary at first. But, once you get started, you are sure to master it. All you need is one taste of success and you will hunger for it.

I want to see you pick your game up! I want to see you step outside of your comfort zone. Why? Because, I actually care about your success!

You must change your actions to change your outcomes! #FACTS

I want to see you become savvier, more secure and more successful. I want us all to WIN!

Get rid of the “don’ts” and “wonts”! Guard your thoughts and your mouth. I often tell my clients, just like there’s the law of attraction, there’s also the law of negativity. Thinking negative thoughts or reciting negative statements, only serve to attract those things.

If you are constantly thinking, “I just don’t want (blank) to happen” or “Things never work out for me” or “I don’t want to be poor”, what exactly do you are attracting to you? Stop giving energy to the negative!

Embrace the positive and replace your thoughts with what you DO want.

So, what are you waiting for? You have NO more excuses! (Not valid ones anyway). Be sure to include your passions, your goals and consider your lifestyle in your business plans from the conception.

Please take a moment to provide me your thoughts and feedback on this series. Also, if you don’t mind, let me know what your #1 biggest challenge of frustration is, when it comes to pursuing your dreams as an entrepreneur.

 

#Love, Peace & Light y’all!

Monica Lynn 

 

Instagram @iammonicalynn

Facebook @MonicaLynnCo

Twitter @iammonicalynn1

 

*KEY POINT: Make sure you can fail as quickly and cheaply, as possible.