I am going to share the top 7 excuses people use when I asked why they haven’t started a business.
As you can probably imagine everyone has their own excuses for not starting their business idea, but I am going to focus on the most common ones. I am going to share the top 7 excuses people use when I asked why they haven’t started a business. I am going to dive into each answer given to show you how despite everyone’s unique answer and circumstances, these entrepreneurs still could have launched their ideas if they really wanted to.
This post is a snippet from my latest book:EXCUSES: Top 50 Excuses and False Statements Stopping You from Launching Your Business Idea
1. “I Don’t Have Money”
Sure you do! I’ve known people who who’ve started small online businesses for as little as $100 which a few of them grew into multi-million dollar businesses. In fact, author Chris Guillebeau proved it possible when he wrote his bestselling book “The $100 Startup“. In it he shared stories of everyday people starting successful businesses with very small investments.
Now, can you tell me with a straight face that you can’t put your hands on a $100 dollar bill?
Yeah, I didn’t think so!
2. “I Have Too Much Debt”
Well, join the club! You probably do have a lot of debt, but then again, who doesn’t? This should be more of a reason to want to increase your income. A business can provide you with multiple incomes streams allowing you to start paying off your debts faster. If you’re waiting to become debt-free before taking action, then I am sorry to tell you that by the time you’re done paying off your debts, you’ll probably accumulate new ones. It’s a never ending cycle.
3. “I Won’t Qualify For a Business Loan”
You’re right. Business loans are quite hard to get these days, especially for newbie entrepreneurs with little to no track record, but it’s not impossible. Luckily for this generation there are other means and more lucrative solutions to that problem.
Ever heard of Crowdfunding? When it comes to raising capital there are lots of different ways to do it. Crowdfunding is one of the best ways founders are doing it now. Many companies have successfully used the crowdfunding method to not only validate their ideas but to launch new products, including the following companies:
- Raised: $20,338,986 (4,067 percent of goal)
- Funded: March 27, 2015
- Raised: $13,285,226 (26,570 percent of goal)
- Funded: August 29, 2014
These two companies are amongst the top funded projects on KickStarter (a crowdfunding website for entrepreneurs). Raising money is never easy, but crowdfunding brings forth a new, innovative way for entrepreneurs to fund their projects.
4. “No One Would Invest In My Idea”
If nobody is willing to invest and crowdfunding is not something you’re into, then you should Bootstrap. The term “bootstrapping” simply means you’re self-funded. It is your idea so it only makes sense that you would make the first investment. A lot of people are afraid of spending their own money on their business because they’re scared of losing it. I find that very odd because if you’re not willing to invest in your idea, why would anyone else be?
My answer to this excuse is “bootstrapping.” Invest in your own company before worrying about getting other people’s money.
5. “I Don’t Have Enough Time”
This is one of the dumbest excuses in my opinion. Time is all about priority. We all know that “not having time” is a lie and yet we use it every single day. It makes absolutely no sense to say to someone that you don’t have time when we all have the same amount. The rich and famous have the same amount of hours as everyone else. The time is there. We just don’t make better use of it.
Here are a few reasons why “not having time” is a dumb excuse (and should never be used).
- Time is free (you don’t have to pay for it).
- We all have the same amount (24 hours a day). No one has more than you.
- You can’t buy more time so the only solution is to make time.
- Productive people never see “not having time” as an issue.
- Time is all about prioritization. We only make time for what we care about.
6. “I am Waiting For A BIG Idea”
Another dumb excuse because if that’s the case, then you’ll be waiting for a very long time. The fact that you’re reading this book tells me you’ve had multiple big ideas, but you never did anything about them. If you never took action to develop your ideas, how would you know whether they had any potential? Your problem has nothing to do with you NOT having great ideas; the problem is you not doing anything to develop them.
Finding new and original ideas is very, very hard. So instead, you should focus more on creating solutions for problems that already exist. It is much easier to improve a product than to create something new. As far as having a BIG idea, you’ll never really know you’ve hit it until you actually create it. So start creating and your BIG idea will come.
7. “I Don’t Want People to Steal My Idea”
News flash! No one cares about your idea. We all have our own and we believe in them just as much as you believe in yours. Even if your idea was going to be the next Facebook, Twitter, or Instagram, no one cares. I hate to be the bearer of bad news, but your idea is worth nothing without a team and strong execution. People don’t care about what your idea can turn into. They can only judge on what they see right now, and for right now, you’re just another idea in a pool of ideas. No one cares.
Entrepreneur Derek Sivers says that “ideas are just a multiplier of execution.” So even if you have the best idea, with no execution you’ve got nothing. Or you can have the worst idea, but with excellent execution you can build a solid business.
But just to be safe: Here is how you can protect your business idea without a patent.