I’ve been having a blast getting into starting a business in college with you guys. We talked about why you should start a business in college, how you can manage your time between your studies/business, and we even went into business ideas worth trying. There’s another topic that I wanted to get into. I wanted to look at what’s stopping YOU from even starting a business.
There are a few barriers to starting your own business in college. I wanted to go over these barriers and suggest how you can crush them.
Barrier #1: Looking for the perfect idea.
Too often do we spend far too much time and resources on trying to find some perfect idea. Does the perfect idea even exist? I don’t think so. There really is no sense in waiting around for some revolutionary plan to hit you. All I know is that I would rather have an average idea with excellent execution over an amazing idea with no execution. That amazing idea might never even come.
How can you crush this barrier?
My suggestion here is that you just jump all in. You don’t have to reinvent the wheel because you just need to keep it spinning. Instead of waiting run for some imaginary idea, just go with the first idea that comes to mind. Go with what you know and love. Don’t wait around because everyday that passes you by is another day that your business isn’t generating any money.
Barrier #2: Trying to get all of the business supplies.
This is a funny one because we stress about business cards, a mailing address, private cell phone, and all of that jazz without knowing why. We feel like we have to have all of the business supplies that a normal business would. For example, a friend of mine just started a service business. For some odd reason he was convinced that he needed business cards, flyers, Twitter and a website. He spent a thousand dollars on supplies that he really didn’t need. All that matters in his field is that you do the job right at a good price.
How do you deal with this?
Just don’t get them. Don’t worry about Twitter. My friend has a Twitter account and he doesn’t even know what to do with it. Just focus on doing real work. Nobody cares about your business card unless you design business cards for a living.
Barrier #3: Convincing yourself that you have no time.
We all like to claim that we have no time. We act like we get no sleep, work all day, and do charity work on the weekends. I hear all of my friends complain about time all of the time. Nobody ever seems to have time to start a side business. They do have time to keep up on the Jersey Shore and football playoffs.
How do you destroy this barrier?
Start working on things that you want to work on and you’ll find time. It really is that simple. As lame as “following your passions” can sound at times, it’s fairly accurate. Find a business idea that you WANT to work on all of the time. Being tired and waking up early won’t matter when you’re working on something you want to work on.
Barrier #4: Using your lack of money as an excuse for not launching.
Having no money will always be a problem. Without a decent amount of capital you won’t be able to buy a Subway franchise or start your own hockey team. An empty pocket can hold you back– to a certain extent. What really holds us back is an empty mind.
How do you get over having no money?
Here’s a little secret about business funding: you don’t need a lot of it. You can easily start a business with no money these days. You can start a blog for less than a hundred dollars. I simply recommend that you start a business that doesn’t require you to have lots of money.
As you can see there are a few barriers to starting your own side business in your early-20s.. The good news is that you can easily crush these barriers and move on. Are you done with being held back?