Jeff Weber Ventures

I have studied the various entrepreneurial phases for my book I.D.E.A. to Exit: An Entrepreneurial Journey and found three reasons in particular that stand out as to why an entrepreneurial dreamer fails to take action and pursue his idea.

 1. The Opportunity Cost

Many boil down their decision to follow an idea and pursue their dream based on irrelevant income comparisons.  That is they feel compelled to fully step into a business venture only when they can or feel certain that they can make the same amount that they are making today.  Now there could be some merit to this in terms of personal financial budgets needing to be met, but for the most part this is purely psychological.  People mentally are adverse or afraid to take a step back.  Those who often fail to launch want to be on a continually rising level of income and are unable to see that a momentary step back may help them make a quantum leap forward.

Compare what you could earn as an entrepreneur versus what you would earn as an entrepreneur.  Don’t view yourself as a salaried employee, but as an innovative creator whose wealth potential is unlimited.

2. All or nothing

Many people feel that attempting entrepreneurship is an all or nothing decision.  The term “Go for it” to them means you have to risk everything you have on your new venture – money, possessions, relationships.  This is so far from the truth for most entrepreneurs and a reflection of poor planning in my opinion.  You have to start with the resources you have or can acquire – and ration those resources to maintain both your personal and professional life.   Many would argue that “risking” everything your business has on one idea would be foolish as failure could sink the business.  The same is true of the individual risking everything they have on one idea to start a business.  The trick is in mitigating the risk and expense.  There are many ways to do so listed in I.D.E.A. to Exit: An Entrepreneurial Journey as well as other books.

3. The next Google

Too often entrepreneurial dreamers equate entrepreneurism with the Innovative Entrepreneur.  This is the entrepreneur that creates the next Google or Apple.  They feel they have to come up with truly innovative ideas for products or services that are completely new and revolutionary.  The vast majority of entrepreneurs are considered Replicative and they produce slight variations of existing business models, products and services.  In fact, most successful business owners get their start from their previous employers.  They learn a particular business or industry and then “replicate” the business model with a slight or significant twist.  That twist is what creates their niche or uniqueness. 

Don’t fall into one of the three traps listed above.  If you have a desire to own a business follow the Entrepreneurial Formula for guidance, which is described in previous blogs as well as in detail in I.D.E.A. to Exit: An Entrepreneurial Journey.