I’ll be the first one to admit it: when you think of becoming an entrepreneur, it can be kind of scary.
It’s one thing is to dream about being the driving force behind your career success, and another different is to actually do it. This demands commitment, a fair dose of strategic thinking and a limitless patience and persistence.
And, even though I’ve highlighted in the past how taking control of your career is crucial to protect it from the ups and downs of our economic climate, not everybody is ready to embrace such responsibility. Some people will come up with every reason they can to run the opposite direction of entrepreneurship.
Here’s the thing: I really believe that almost all excuses can be overcome by making entrepreneurship work for you; by adapting it to your particular needs and skills, it can be doable without diving head on into something you’re not ready for. That is the power of 10% Entrepreneurship.
Today, I want to present you with some of the most common objections I’ve heard from people as to why they don’t want to become entrepreneurs. Also, most importantly, I’ll show you how 10% Entrepreneurship can help you overcome each of these “excuses.”
Are you ready to challenge your excuses and become a 10% Entrepreneur? Read on!
1. I don’t have a great idea.
Here’s something I think many will find controversial, but it needs to be said:
The concept of the Great Idea that hits you out of nowhere and becomes your ticket to legendary success is overrated.
In fact, sometimes that Great Idea you may be cooking on the side can end up being a total flop when executed. We’ve seen it happen all the time in entrepreneurship, in fashion and even in politics. I still cringe when I remember the example I put on The 10% Entrepreneur about the guy who tried to pitch me Tinder for dogs.
Instead of waiting for a random burst of inspiration that’s going to give you the financial future you deserve, there are two things you can do:
Stay where you are, but keep your eyes open
Many 10% entrepreneurs I’ve met in the past came up with their 10% venture idea while working at their day jobs. Whether it's an extension of their job duties or something completely new, their idea was born and developed naturally, in parallel to their regular jobs.
Perhaps Pablo Picasso (my favorite artist) said it best: Inspiration exists, but it has to find you working.
Redefine your concept of what is means to be an entrepreneur
When it comes to 10% Entrepreneurship, there is no such thing as a one size fits all concept. Coming up with your own product or service is fulfilling, but it’s not the only choice for you to build an entrepreneurial career. Your time, your money and your intellectual capital are useful resources to build solid side ventures.
2. I need to be rolling in cash.
The second excuse tends to affect aspiring investors in particular.
The glamorization of the entrepreneurial life propagates this myth. I’ve dubbed it Entrepreneurship Inc., and it’s based on false images that you need to be the kind of person who wear mink coats and flies around in helicopters to take part in investments. That’s just not the case.
To become an investor, you no longer need to empty your pockets and your 401k. Just start small, even with a few hundred dollars or a few thousand dollars. If you need some guidelines, I have two blog posts from the files that might interest you: one on Alternative Investments and another on how Indiegogo can be a good place to start for 10% Entrepreneurs.
3. I *literally* do not have time to do it.
The third excuse on this list is another one I often get in my talks, via e-mail, and through social media. It usually comes with a laundry list of obligations such as work, family, home maintenance, pet care, social life, Crossfit classes, and 49 different WhatsApp groups, among others.
What you don’t see (even in your own life) is the laundry list of non-obligations/non-productive tasks that we all fall into, such as infinite scrolling and trolling social media, too much keeping up with the Kardashians, etc. Now, this doesn’t mean that you have to forgo all fun activities to become a successful entrepreneur, but you do need to have an honest conversation with yourself and analyze how you’re investing your time.
In my e-book, How to Become a 10% Entrepreneur, I have a section dedicated to helping you optimize your time and make space to pursue side ventures while keeping a steady balance on the rest of your life. Keep track of your schedule for a week, and you’ll suddenly find pockets of time that you can use more effectively.
4. I have too much FODA to get started.
By now, if you’ve spent at least 1 minute online in the past year, you’ve heard about my little friend FOMO, right? And, if you follow me on Instagram, you also know about its evil twin brother called FOBO, a.k.a. Fear of a Better Option.
Well, if you marry these two concepts, you get a real entrepreneurial killer called: FODA, which is the Fear of Doing Anything.
Besides being a colorful word in Portuguese (it’s their version of the F-word :@) , FODA is the most dangerous reason to avoid entrepreneurship. When you approach entrepreneurship with lots of FOMO and FOBO, you can end up paralyzed. That’s pretty FODA’d up, right?
The good news is that FODA can be cured: by making a conscious choice and taking action on one thing. Just pick one entrepreneurial avenue you’d like to explore and give yourself at least three months to try it out on the side, as a 10% gig. You might end up falling in love with the process and keep pushing. Or you might find out that you’re just not into this idea, and you can move on to the next item on your list. Whatever ends up being the final result, be proud that you finally conquered FODA and began taking action towards the financial future you deserve to have.
What are other excuses that keep you from bringing entrepreneurship into your life?