What frustrates you the most about starting a new business?

Discussion in 'Starting a Business' started by Changed Creation, Sep 4, 2013.

  1. Changed Creation

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    I am doing a business course and part of the assignment for this week is to find out what the biggest frustrations are when starting a new business. I would appreciate your feedback, even if your business is already on track. Can you remember what your biggest concerns were and why it was of such great concern? Thanks:)
     
  2. Rocky

    Rocky
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    Getting a good lead is the most grilling of it all. You can get it all done but something that is never in your control is getting a customer.
     
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  3. Changed Creation

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    Thanks for replying. :) I am curious as to why of all the challenges in starting a business you chose getting a lead to get a customer as the most grilling?
     
  4. AnushaJain

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    I think to prevent the business from loss is the main point of concern.If you are not getting profit, atleast the inputted amount should be obtained.
     
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  5. Changed Creation

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    I definitely agree with the idea of preventing loss. I didn't in my previous business understand how important it is. Was the prevention of loss Ausha, your biggest frustration and what did you do to handle it?
     
  6. amwarner

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    Hey Changed Creation, good question. I think the biggest frustration for starting a business is just waiting. There are too many people out there trying to pitch that starting a business is easy and how anyone can do it. But it's very hard to start a business and I find that the most frustrating part is just waiting. Waiting for customers/visitors to come, and this could take a long time depending on your business. Waiting to make enough money to supplement your income so you could actually leave working your 9 - 5. Waiting for things to take off like you dreamed it would.

    But as frustrating as the waiting game is, those that so withstand it and destined to true success because I believe it filters out those that are serious about doing business and those that just are trying to make a quick buck.

    Just my take.
     
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  7. Changed Creation

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    Thanks amwarner. Your comments really help.
    Am I then correct in deducing that the biggest frustration in Starting-up is the fact that it is made to sound so easy to start, but is also so easy to fail if you are in for a quick buck and don't have patience enough to prove your being serious about becoming successful? Also that waiting for your success is frustrating, but that building that endurance to persevere through it is a success requirement achieved by keeping a focused attention on the goal you have set for yourself?
     
  8. Fergal

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    I know how you feel and I sometimes feel that way myself. I suppose the trick is to stop waiting and get busy to make it happen. There is always something that could be done, even if it's trying to connect with new potential customers online. It's difficult to imagine that really successful business people, such as Bill Gates or Mark Zuckerberg, spent much time waiting.
     
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  9. Changed Creation

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    This means that waiting for the results does not mean there is no action. In fact you can be quite busy while you are "waiting" and that it is important for a start-up to know what their priorities are to focus on. Suggestions?
     
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  10. amwarner

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    The two BIGGEST misconceptions that people have about business is that it's easy to make money and that it's easy to succeed. Those that are just in it for a quick buck are just fooling themselves if they thing they'll ultimately be successful in the business world. I knew an associate of mine who was involved in 6 different business opportunities in one year and failed at all of them because he was just chasing money and not trying to do business. Now, if he showed patience with at least one of those opportunities, he probably would have made one of them work.

    Now you said "Am I then correct in deducing that the biggest frustration in Starting-up is the fact that it is made to sound so easy to start, but is also so easy to fail if you are in for a quick buck and don't have patience enough to prove your being serious about becoming successful?" There are many reasons why people get into business but just know that ANYONE could start a business if they truly wanted to ... but only a FEW will have the patience to withstand the failures, and roadblocks and all the problems that's natural with starting a business. And know that at some point in an entrepreneurs life, they MUST fail. They MUST fail in order to achieve success. Because by failing, they'll know what to do differently to actually achieve success.

    To be in business, you have to have patience I believe. I honestly believe so. And yes you do have to wait for success and it is frustrating because it could literally take years ... and alot of hard work. But if you have set goals in place, and especially laser-like focus combined with patience, then you should succeed.

    Rome wasn't built in a day and neither can a business. No matter what some people would claim.
     
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  11. amwarner

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    Yes I agree. And as entrepreneurs, there's ALWAYS things that needs to be done in business. Whether it's lead generation, creating content, building connections, etc.

    Being stagnant is like death for a business.
     
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  12. amwarner

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    Yes in a sense. I just recently started my blog on my site and I'm constantly writing content for it that are keyword rich, but I'm writing for people and not the computers. If that makes sense. I want my posts to really be meaningful and provide great value is basically what I'm saying.

    SO while I write, I know that Google, Bing, etc. will take a while to rank my posts and articles etc. So I constantly write and publish new content every once in a while because I'd be getting no where if I just waited around.

    Perfect example of why waiting around is foolish. You come up with a product to sell and you want to try to sell it offline (Direct Mail). You decide to post inquiry ads in newspapers/magazine to generate leads for your product. So you find a few newspapers/magazines in your field that you could advertise in but only decide to advertise in one. Because you want to see the results first before advertising in another one. Results, if any, could take up to a month to come back and if the results are bad for that one newspaper/magazine, then you have to go and advertise in another one, using the same mentality.

    When the right thing is to advertise in as many as your budget can handle and then monitor the results. Waiting for things to happen before taking additional action is pointless in my opinion. You need to continuously be doing SOMETHING.
     
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  13. marcus47

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    Hi,
    Your question is what the biggest frustrations are when starting a new business.
    1: Don’t Go Into Debt
    Start business with your own capital. Don’t take any type of debt in the beginning of the business. Loans will drag your business down.
    2. Law instruction.
    Understand what regulations, licenses and taxes you will need to follow, obtain and pay for your new business.
    3: Find Location.
    Find out the right location where your customer evaluates and ultimately receives your product or service. Location is about more than just choosing a building. Perhaps for you, opening your business in your own town
    4: Find Mentors.
    Make a team who has done it before. Find these types of people and sit together for making a plain.
     
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  14. Changed Creation

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    Hi Marcus. Do you mean that a big frustration in starting a new business is
    - Discovering what a bad idea loans are in starting a business
    - Determining the regulations, licences and taxing implications you need to follow to comply with local law
    - The influence of location on your business
    - when at last you realize you need a mentor to help you succeed, finding good mentors?
     
  15. Justyn Franko

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    #1 Reason Business fail ---> lack of $$$$$ so, then I would say in my professional opinion its simply lack of capital… in which case….. go sell….
     
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  16. Changed Creation

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    I think as Business People we tend to underestimate how important cash flow, starting with debt is for business success!
     
  17. Kimmy Yong

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    The thing frustrates me the most is people will say "You can't do it". Based on my own observation, there are two reasons why people tend to say “You can’t do that”:-
    (i) They say, “You can’t do that,” (even if you are doing what they say you cannot do) not because you can’t do it, but because they can’t do it; and
    (ii) They say, “You can’t do it,” because they cannot see what you are doing.
    As such, I have chosen to keep going without being influenced by these negative thoughts.
     
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  18. Joseph.Shivell

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    For some people, hearing "You can't do that" actually inspires them. They want to prove the naysayers wrong, so they try even harder. If you think about it, most, if not all, of the things we own today would not exist if people listened to the naysayers who say "It cant be done".
     
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  19. Changed Creation

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    I am in total agreement with both joeroxx and Kimmy. Its both frustrating and inspiring. The most recent research I found reported this "Despite statistics showing a rather high failure rate for small businesses, a recent survey of 1,000 small business owners shows that the vast majority of them are confident in their endeavors and say they'd rather embrace potential failure than never try at all." This was done by Deluxe Corp, a company that helps small businesses with marketing, commissioned an online survey of about 1,000 small business owners (not Deluxe clients) in March. They found that - 86% of the respondents believe they can do anything they set their minds to, • 77% say they would rather learn from failure than never try • 89% describe themselves as leaders and 54% say they don't want a boss.
    One of my mentors Ockerd Moller says "The one who doesn't believe it can be done, must not stand in the way of the one that is doing it!" Personally I want to shorten the learning curve though by learning from and copying those that did it!
     
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  20. renniemart

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    Getting good marketing strategies frustrates me
     

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