Making the decision to start your own business is daunting enough without the persistent and nagging voices that haunt us as entrepreneurs. There are three main categories of “voices” experienced by most entrepreneurs. These are: the voices of your family and friends; the voices of the marketplace; and those voices that reside in your head.
In a risk-averse environment such as one which has a history of protected employment, one of the principal challenges for entrepreneurs is the perceptions of their families. It is widely believed that going the entrepreneurial route is dangerous and even irresponsible.
Some of these negative remarks will be borne out of sincere care, some out of personal issues, and some out of jealousy. In order to survive, the entrepreneur needs to ensure that they identify the motives of these critics and then decide to either heed their advice or not to.
The second voice comes from the marketplace. New businesses are treated with distrust and suspicion. If you happen to be young as well, then you have an even harder uphill battle. New businesses tend to overcompensate for their “newness” by offering everything under the sun to their potential client base. To exacerbate the situation they offer all these services or products at below the market rate and then promise the best service to boot. These businesses inevitably are taken advantage of and land up not only chasing every deal but their own tails as well. The likelihood of a company like this surviving is extremely low.
Young and new companies need to enter a market with a clear and concise offering at the market rate. They are more likely to survive with a smaller niched product or service offering. Understanding their real value-add will ensure that their pitch to the marketplace is clear. Price should never be the means to carve out a niche for a small start-up company.
The third voice entrepreneurs have to contend with is the voices that resound in their heads. It constantly asks them whether they are really good enough to succeed. Many times these voices actually “tell” the entrepreneur that they are indeed not good enough. Any temporary success enjoyed by the entrepreneur is dulled by these voices whispering that this might have been a one-hit wonder.
Take control of these voices by feeding your positive voices. Having a crystal-clear vision of where you are taking your business will help quash these voices. Failures are bound to happen on the way to success, and accepting this sincerely or in fact embracing this concept will ensure that failure does not feed your voices.
Taking control of the three voices is one of the most important things an entrepreneur needs to do, before and while, on the journey of entrepreneurship. Don’t worry if you cannot silence them completely. Some of the most successful entrepreneurs are still haunted by them today. Give voice to your entrepreneurial soul and embark on a journey of self-discovery and endless wonderment in your own capabilities.