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While many people dream of starting their own business, not everyone takes the plunge as they face barriers of entrepreneurship, whether social or economical. Meanwhile, among those who do embark on an entrepreneurial pursuit, many face barriers of entrepreneurship and that 50% of new businesses will fail within five years.
Sometimes, success or failure depends less on external factors and more so on barriers of entrepreneurt. Indeed, as economists have noted dating back to the 1930s, psychological factors have major impacts on economic behavior.
Barriers faced by entrepreneurs
Biggest barriers faced by entrepreneurs, could be economic barriers to entrepreneurship, and social barriers of entrepreneurship that could stop the success and how to overcome them: Does that all sound familiar to you?
It happens all the time to lots of people. You have a great idea for a new business, but then something always gets in the way.
That thing is called life.
Top 3 barriers of entrepreneur
But in particular, there are 3 specific aspects of life that can consistently be the biggest barriers faced by entrepreneurs unless you find ways to address them: procrastination, perfectionism and paralysis.
Procrastination
Procrastination Is Opportunity’s Assassin
When you have that killer new business idea, you have to carpe diem (seize the day). The key thing to keep in mind is this: Procrastination is a choice.
Decide instead to get to it today because when you think about, today is what you know you have. Who knows what tomorrow will bring, right? So get to it today.
Perfectionism
Another surefire way to kill your entrepreneurial spirit is the need for perfectionism. This one can take many different forms, all of which lead to the same dead-end of inaction.
If you wait for the perfect time, you’ll never get started because there is no such thing as a perfect time.
If you wait for the perfect constellation of any particular elements, whether that is people, funding, or whatever, you’re apt to wind up in the same dead-end.
But if you’re prone to perfectionism, then you have to take special care to keep the momentum moving in a positive forward direction without getting bogged down too much in the nitty-gritty details.
Paralysis
Analysis paralysis is another wet blanket that quickly smothers the entrepreneurial flames that need constant fanning to grow and thrive.
Launching a new business involves making lots of decisions along the way.
But if you’re prone to analysis paralysis, you run the risk of getting so wrapped up in endless analyzing that the final result is failing to make the decisions that must be made to keep the project moving forward.
For some it’s endless research that results in paralysis.
Yes, you want to explore all facets of your new idea.
And you want to carefully consider multiple options and scenarios in each decision you make, but if that process bogs you down so much that you never make the decisions – then the paralysis is smothering your idea.
In today’s rapidly changing business landscape, you must be agile.
You must be able to quickly and nimbly make decisions on the fly to keep things moving in the right direction.
Allowing yourself to fall prey to analysis paralysis will get you nowhere.
Powering Through The Barriers
“We are the creative force of our life, and through our own decisions rather than our conditions, if we carefully learn to do certain things, we can accomplish those goals.” – Stephen Covey
Procrastination, perfectionism, and paralysis are 3 barriers that can stop you dead in your tracks as an aspiring entrepreneur.
How to overcome the obstacles in entrepreneurship
Here are 3 turbo-boosting tactics to overcome barriers of entrepreneur:
Manage Time
You can defeat procrastination by making better decisions about how you use your most precious commodity: Your time. Keep your eye on the prize as you prioritize your daily tasks so your new idea gets the attention it needs to become a reality.
Embrace Uncertainty
Power through the perfectionism barrier by simply recognizing that perfection is impossible.
Decisiveness
Power through the barrier of analysis paralysis by sharpening your decision-making skills.
The better you get at this, the more likely you’ll be able to keep your idea developing and moving forward.
Procrastination, perfectionism and paralysis are the barriers of entrepreneur that all too often prevent then from ever developing and launching their great business ideas. But by better managing your time, embracing uncertainty, and being decisive the barriers faced by entrepreneurs can be overcome and make the ideas come to fruition.
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