{"id":10352,"date":"2022-02-18T13:03:55","date_gmt":"2022-02-18T18:03:55","guid":{"rendered":"https:\/\/web.uri.edu\/risbdc\/?p=10352"},"modified":"2022-02-18T13:13:46","modified_gmt":"2022-02-18T18:13:46","slug":"overcoming-mental-barriers-to-starting-a-small-business","status":"publish","type":"post","link":"https:\/\/web.uri.edu\/risbdc\/overcoming-mental-barriers-to-starting-a-small-business\/","title":{"rendered":"Overcoming Mental Barriers to Starting a Small Business"},"content":{"rendered":"<div class=\"fullwidth\">\n<p>When it comes to starting a business, the psychological barriers you face are often far more daunting than the physical and logistical ones.<\/p>\n<p>While it\u2019s critical to assess your <a href=\"https:\/\/web.uri.edu\/risbdc\/the-right-foot-webinars\/\" target=\"_blank\" rel=\"noopener\">true readiness for taking an entrepreneurial leap<\/a>, overcoming mental barriers to starting a small business may be your first\u2014and most challenging\u2014task.<\/p>\n<p>If any of these three common mental barriers have become like a boogeyman blocking you from your path, here are some tips and encouragement for cutting these outsized obstacles down to size and taking a confident leap to launch your small business journey.<\/p>\n<h3>Overcome these three mental barriers to starting a small business<\/h3>\n<p><strong>1. Lack of knowledge<\/strong><\/p>\n<p>\u201cMany entrepreneurs feel like they have to do it all,\u201d says RISBDC Business Counselor Susan Davis. \u201cThey think, \u2018I know how to work on a car engine, but I have no idea how to run a business.\u2019\u201d Their fear of not knowing everything they need to know leads them to put off starting their business.<\/p>\n<p>But Davis wants entrepreneurs to know that it\u2019s OK not to know everything. In fact, it can help to remind yourself that <em>no one does.<\/em> Every successful business owner had to identify what they needed to learn and find a way to learn it\u2014or hire help.<\/p>\n<p>And Davis reiterates that a business startup should be able to find most of the resources they need to be successful for free. She recommends finding as many free workshops, guides, and networking events as possible before spending money on business startup training.<\/p>\n<p>Davis recommends these steps for gaining skills and adding to your knowledge base:<\/p>\n<ul>\n<li><strong>Contact your local SBDC<\/strong>. These local SBA partners offer a <a href=\"https:\/\/www.risbdc.org\/Events.aspx?&amp;days=90\" target=\"_blank\" rel=\"noopener\">wide array of workshops<\/a> on topics that will help you start\u2014and grow\u2014your business, as well as offering one-to-one business consulting once you get rolling.<\/li>\n<li><strong>Get a <\/strong><a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/write-your-business-plan\" target=\"_blank\" rel=\"noopener\"><strong>business plan template<\/strong><\/a>. This will help you organize your thoughts and solidify the questions you have, as well as create a checklist of the things you need to do.<\/li>\n<li><strong>Visit your <\/strong><a href=\"http:\/\/sos.ri.gov\" target=\"_blank\" rel=\"noopener\"><strong>Secretary of State\u2019s website<\/strong><\/a>. This is a critical local resource for making progress on the checklist items from your business plan. You\u2019ll find information about determining which licenses you need, learning how to register your business, how to get an EIN number from the IRS, and even how to choose your business location.<\/li>\n<li><strong>Connect with your local Chamber of Commerce<\/strong>. <a href=\"https:\/\/www.chamberofcommerce.com\" target=\"_blank\" rel=\"noopener\">Local chambers<\/a> are a great way to network your business, and can prove to be your biggest advocate on behalf of the business community.<\/li>\n<li><strong>Listen to your customers.<\/strong> Survey your prospective customers to really understand their problems and gain feedback on how you can best serve them. When you let their needs lead your business\u2019s growth, you\u2019ll have a line out the door.<\/li>\n<\/ul>\n<p><strong>2.<\/strong>&nbsp;<strong>It\u2019s \u201cnot the right time\u201d<\/strong><\/p>\n<p>Is your business idea going to be amazing\u2014<em>someday<\/em>? Does that day keep moving forward as time passes? It\u2019s easy to fall into the trap of thinking that the day will come when every element lines up and you glide right into launching your business, with no hiccups, challenges, or stress.<\/p>\n<p>That day is a lie.<\/p>\n<p>To bring your business from the future into the present:<\/p>\n<ul>\n<li>Take a hard look at the reasons you think it\u2019s not the right time. Identify whether the reasons you listed are true barriers, or just excuses.<\/li>\n<li>Acknowledge that there\u2019s no such thing as \u201cthe right time.\u201d There will always be challenges and competing priorities to manage.<\/li>\n<li><strong>Make your own right time<\/strong> by committing to <em>manage<\/em> these challenges and roadblocks, rather than let them hold your dream hostage in the future.<\/li>\n<\/ul>\n<p><strong>3. Fear of failure<\/strong><\/p>\n<p>It\u2019s true that about 20% of small businesses \u201cfail\u201d in the first two years. If ruminating on your business\u2019s possible demise stops you from starting, you\u2019re sure to prevent that pain\u2014but also any chance of success.<\/p>\n<p>Fear of failure is fairly common, and if you struggle with this, it might just be baked into your personality. You might look back on your life and see a theme of caution, and seeking security. But these qualities that may have protected you along the way may need a little kick in the pants.<\/p>\n<p>To push back on fear of failure:<\/p>\n<ul>\n<li><strong>Redefine \u201cfailure\u201d<\/strong> as an opportunity for learning. This essential paradigm shift frees up energy you\u2019ll need to tackle each task as it comes.<\/li>\n<li><strong>Practice accepting risk<\/strong> by looking for small, daily ways to branch out and try new things. Not only does flexing these \u201cfailure muscles\u201d build up your tolerance for risk, but each small learning opportunity that you encounter can help you refine your business\u2014increasing your chances of big-picture success.<\/li>\n<li><strong>Protect what needs protecting<\/strong>. Identify what assets or outcomes you are not willing to risk. You may find that once you identify a way to start a business without risking your home, your retirement accounts, or boundaries around your primary relationships, that you\u2019re willing to accept risk in other areas.<\/li>\n<li><strong>Imagine success<\/strong>. Don\u2019t just focus on potential negative outcomes. When you catch yourself obsessing over the idea of failure, practice imagining what it would be like to have a <em>successful<\/em> business instead.<\/li>\n<\/ul>\n<h3>Know you\u2019re not alone<\/h3>\n<p>Whatever barriers you are facing in launching your small business, know that you\u2019re not alone. There are so many resources available for getting the knowledge, guidance, and support that you need to overcome these mental barriers and turn your business idea into a reality.<\/p>\n<p>Ready to get started? Check out the <a href=\"https:\/\/www.risbdc.org\/Events.aspx?&amp;days=90\" target=\"_blank\" rel=\"noopener\">RISBDC\u2019s online training calendar<\/a>, featuring a wide variety of business topics, to start answering your questions and clearing your hurdles.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to starting a business, the psychological barriers you face are often far more daunting than the physical and logistical ones. While it\u2019s critical to assess your true readiness for taking an entrepreneurial leap, overcoming mental barriers to starting a small business may be your first\u2014and most challenging\u2014task. If any of these three [&hellip;]<\/p>\n","protected":false},"author":701,"featured_media":10353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[44],"tags":[],"class_list":["post-10352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/users\/701"}],"replies":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/comments?post=10352"}],"version-history":[{"count":2,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10352\/revisions"}],"predecessor-version":[{"id":10355,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10352\/revisions\/10355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media\/10353"}],"wp:attachment":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media?parent=10352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/categories?post=10352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/tags?post=10352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}