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If you’ve been unemployed for a while or are just tired from the job you’ve been doing for years, you might be thinking about starting a business. If so, get ready for an exciting, rarely boring, often nerve-wracking journey.

Calling it “dangerous” may be an exaggeration, since dangerous is defined as “dangerous”. However, “danger” means “risk or harm,” and starting a business can certainly be risky and is definitely challenging.

Since writing challenges down seems to make them easier, let’s look at the obstacles you face.

1. Mismanagement of time
This is one of the problems that troubles many of us who are starting new business ventures. You either spend all your time working, or you can’t quite stick to a schedule.

Many businesses fail within the first year because the owner could not get a handle on the hours worked compared to the “remaining lifetime”. Rule number one: You can’t spend every waking minute on your business. You must have another life. Otherwise you will burn out.

2. Organizational talent
If you have them, you’ve just cleared a big hurdle. Being disorganized not only means wasting time digging around trying to find something, but it also makes it harder to focus. Which leads to danger #3.

3. Focus (or rather “lack of”)
A friend of mine decided to close his business and focus on consulting. Seemed like a good idea. He knew his field and had a lot of practical experience. He also had a full home office and no children or spouse to distract him.

Unfortunately, the idea was better than the risk. Why? Without the structure of an office environment, he couldn’t concentrate. Working from home seemed like a part-time job. Instead of sitting at his desk at a certain time each morning, he found other things to do. The lunch break often turned into a free afternoon. It was kind of a deal – not serious.

4. Fear of failure
Failure and entrepreneurship go hand in hand. If you are unaware that your business might fail – or if you are afraid of failure – go work for someone else. Because if you are not willing to take risks, you should not do your own business.

Risk means stretching, taking risks, trying new tactics, making mistakes and learning how to manage them.

Read about successful entrepreneurs. You’ll find that most have failed along the way – either businesses that didn’t succeed or ideas that failed. Didn’t stop her from starting again. Call it Gumption.

5. Lack of Marketing
Most new businesses simply don’t have large marketing budgets. However, that’s no excuse for not doing any marketing. Because if you don’t get your name out, someone else will… only it will be their name, not yours.

There are a variety of inexpensive marketing tools. Networking is my A#1 favorite for new (and old) businesses. The costs are minimal. Your investment is timely. find something

Join networking groups, chambers of commerce or industry associations. Attend events where you meet new people. Create a 30-second “elevator speech” about your company (benefit-oriented). Carry your business cards – always! Talk to people when you’re out. I’ve done business by chatting with people at social events. You never know who a potential client might be…or who knows someone who might be.

Other inexpensive marketing tools include direct mail (highly targeted), direct email, e-newsletters, a website (rather than a printed brochure), and public relations. It is not necessary to have an advertising campaign. It is necessary to do something!

6. Not staying up to date
Technology has radically changed the way we do business. Information is immediately disseminated over the Internet. You must be able to make decisions quickly. The same technology that makes our lives easier also requires us to work harder.

So stay up to date with what’s going on in your industry. Find some industry leaders and read their newsletters and books.

7. Forgetting to have fun
Dangers aside, as an entrepreneur, you determine your destiny. You are not at the mercy of a company downsizing and eliminating your workplace. And if you lose an account here or there (which happens), you can go out and get more. You can be as busy as you like.

So enjoy what you are doing. Wake up knowing you’re (hopefully) doing what makes you happy. And have fun.

Copyright © 2004 Rickey Gold & Partners

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