Updated: December 14, 2020
“I want to start a business,” a friend said to me the other day.
“Great!” I answered. “What kind of business are you planning?”
“I don’t know,” he replied. “I haven’t really thought about it yet.”
“I see. So when are you planning to really think about it?” I asked.
“I’m still busy at work,” he says apologetically. “Maybe when I have more time.”
Reason 1: I have no time
Do you take a bath? Do you eat? Do you sleep?
If you answered “Yes” to all of these three questions – then you have time to start a business.
Why do you take a bath, eat, and find time to sleep? Because these are things you need to do… because these are things you BELIEVE you need to do.
Now when it comes to putting up your own business – do you also believe it’s something that you NEED to do?
When you see entrepreneurship as just “one of those things you might do in the future” – you will never make time to do it.
Starting a business begins with that inner desire to become an entrepreneur, in having that relentless belief that it’s something that YOU NEED TO DO.
Change your mindset and you’ll surely find the time.
Read this later: Quick Ways To Have More Free Time In Your Life
“You have your weekends, and 12 vacation leaves every year,” I told my friend. “So I’m sure you have time.”
“But that’s meant for rest and relaxation,” he answered. “I don’t want to be always working.”
“That’s why you sleep every day – to rest. And it won’t feel like work if you’re doing a business you love, believe me.”
“But isn’t it expensive to start a business today?” he asked. “I don’t have enough capital.”
Reason 2: I have no money
How much does it cost to sit down and think? To buy a pen and notebook to write on?
How much does it cost to research on the internet? To talk to your friends? To get the Yellow Pages and call numbers?
How much does it cost to write a business plan?
To set an appointment and meet an investor?
To join a microfinance institution or go to a bank and apply for a loan?
Doing these will cost you less than P5,000 – and I’ve created a couple of businesses with less than that.
In fact, a lot of people have already become millionaires by starting a business with NO CAPITAL AT ALL – laway lang ang puhunan.
Having no money is not a good enough reason.
Read this later: 10 Ways To Raise Capital For Your Business
“You can always start small so it won’t be that expensive,” I suggested.
“You can find business partners or investors for funds,” I continued. “And you can get a loan from family, friends, banks, and lending institutions.”
“So assuming I have the money,” he replies. “Still… I don’t really know how to start a business. I’m just an ordinary employee.”
Reason 3: I have no business skills
Think back and ask yourself how much of the things you learned in school do you use for work today?
I would guess not much, because most of the information and skills you use every day are things you learned WHILE DOING your job.
When your boss asks you to do something that you don’t know, what do you do?
You ask for help from him or your colleagues, you do research, read, and learn how to do the task – so you can get the job done.
It’s the same for starting a business. You can ask for help, do research, read how to do it… and LEARN ALONG THE WAY.
Ben Chan, the founder of local clothing brand Bench, studied Interior Design back in college. So where and how did he learn his business skills? I’m guessing the old-fashioned way – through experience.
Read this later: The Learning Pyramid
“I can lend you books to read, find seminars you can attend, and of course, I can give you advice if you need it,” I said. “That’s how I learned and you can learn that way too. Remember, I took up engineering in college, not business management.”
“Alright, but there’s still a problem,” my friend confesses.
“What is it?” I asked.
“I don’t know what business I want,” he answered.
Reason 4: I don’t have a good business idea
If you’re hungry inside the mall, what do you do? You think about places where you can eat or stores where you can buy food.
Finding a good business idea is like being hungry inside the mall – you think about where and what to eat, or in other words, you OPEN YOUR MIND to an idea hunt.
The reason why you don’t have any business ideas is probably that you’re not looking for them. There’s truth to the saying – seek and you shall find.
And later on, when those ideas start coming, it will be just a matter of time before you stumble upon a good one that you can test, validate, and pursue.
Read this later: How Business Ideas Become Awesome… or Otherwise
“We can brainstorm for business ideas now if you want,” I offered to my friend.
“Well, maybe next time,” he replied.
“Okay, no problem,” I answered in resignation.