Running own business scares you? Here is what you can do about it
Most startups were often started as a pet project in their free time. Google allows employees to allocate about 20% of working time to such kinds of activities. Most of us stop at the very beginning because of Anticipatory anxiety. That's how the fear of the future vent is called. You can hardly be efficient and make the best decision if you are struggling with it.
These things can stop hat entrepreneur newbies from going further
Uncertainty. Launch the simplest possible version of the product and service, with the ability to receive feedback from the client. At one time, this was how the Hulu and Airbnb services were launched. Your task is to test the idea, whether what you offer is necessary. If yes, get on with improving and scaling, if not, check the components (market, target audience, how do they even solve this problem that your product is targeting).
Fear of being left without income. Organize an insurance parachute for yourself - save money for a year/six months, have passive or alternative sources of income (for example, project work instead of hiring).
Lack of Support. Partners, like-minded people, family, loved ones - find someone who will believe in you. My life changed a lot after Women In 's Women Biz Days in 2020. I just returned to business after maternity leave and got into the environment of smart, talented, ambitious and interesting women. We are still friends with some of them, we have joint projects. Being among those who want and aspire, believe in change is like fertilizer for the plant of your ideas.
Five key "hows" if you decided to start your own business
How not to be afraid to burn out? Fear is a prison, it limits perception. I take 15 minutes every couple of days and write out everything I'm afraid of. This is how I release my fears from my head, and they live on paper instead of my thoughts.
How dare you start something new? In my opinion, there are two options. The first is that you bring something here that already works somewhere. The second is to find what is missing. Both approaches can be based on your values, which you believe can make this world a better place.
How to test an idea? There are several "classic" stages: talk about your ideas and collect feedback, make the most simplified version of the product or service and launch at an attractive price for the first buyers (MVP). The main thing is to rely on a real need and see what "pain" your product closes. How else do people solve this? Is your method really better and by what? How many people suffer from the problem? The more honestly you answer to yourself, the less chance you have of failure. Many aspiring entrepreneurs think their idea is so brilliant that they are not interested in the opinion of real consumers. Their businesses are failing.
How to finalize the product? Communicate with customers! Rely on existing experience. Observe the consumer of your product in a real environment. So you can find something that will double the level of customer happiness.
How to scale? Growth is possible by providing a greater number and options of services and products, entering new markets, cooperating with other companies to consolidate the client base. Constantly analyze where your opportunities are.
Iryna Manukovska
A strategic marketing and client relations advisor, known for their unwavering focus on delivering effective solutions in today's unpredictable business landscape. With 18 years of experience spanning diverse industries, including IT, FMCG, IoT, Software & Tech, Media, FMCG, and Telecommunications. Has an award for one of the best PR projects in the world at the Golden SABER Awards, specializes in the promotion of b2b services and non-standard business solutions. Forbes.com columnist, member of the Global Tech Advocates. Mother, wife, artist , mentor and coach.
