Anyone who’s explored entrepreneurship knows that the journey can be intimidating and expensive. The costs of launching and growing a business — registration fees, legal fees, software, payroll, marketing, and more — can make you think twice about even doing it in the first place.
But make no mistake: There is a cost to doing nothing.
Staying stagnant in your career and hesitating on that great business idea you've been waiting to start may feel “safe,” but it also means you will lose out on the opportunity to earn more money and live the life of your dreams. Here's why inaction can seriously damage your career and business prospects, and how to take that first step forward.
If you're not moving forward, you're moving backward.
Any step forward, even if it's a misstep, is a step in the right direction. However, complete inaction is actually a step backward — especially if your competitors are continuously advancing.
When you stay complacent, it leads others to getting a competitive advantage on you. Someone else could start a similar business to your idea and take a section of your target customer base.
Moving forward doesn't need to be taking action in a business sense either. You don't need to register a business, start shipping out products, or even have an idea for a company to gain forward momentum.
If you're feeling ambitious and dissatisfied but don’t know where to channel your energy, look for ways to educate yourself. You don’t need to enroll in an MBA program; you can take online classes, read articles, and even watch YouTube videos about subjects you're interested in to have a more robust knowledge base. That way, when you do have your idea and business plan, you're ready to get started.
Shying away from risks will keep you stagnant.
Starting a business is a huge risk. You might not know how successful you'll be, what the market will look like, or whether there’s truly a demand for your services. But that doesn't mean you shouldn’t try. If you stop taking chances in business, you'll reach a dead-end.
When you’re risk-averse, you limit your success. This doesn't mean you should be impulsive and continually make rash decisions. A person can both be calculated and a risk-taker. Always do your research when looking into business risks, be it starting or expanding a new company.
Risk-takers also have a competitive advantage, as most people in life avoid risk. By taking risks, you can set your pace and lead from the front, creating new innovations and having the last word when it comes to your new business.
Taking risks will also give you peace of mind and something to learn from the experience. Even if you start a business that ends up falling short of success, you won't be left wondering what could have been in the future. Plus, you can use that experience and what you learned to better yourself for your next entrepreneurial opportunity. Failure is not the loss of success but rather the gaining of experience and strategy.
The thought of taking action in business might seem overwhelming — especially when you go it alone. Let us be your guide and help you simplify the process by giving you tools and resources to be more confident and start your own solo business. Our resources and collaborative 6-Week Startup Package will amplify your ambitions and empower you to take the next step forward.
For more information and resources for aspiring solopreneurs and small business owners, head on over to www.mydreambridge.com.