Taking the leap to launch your own enterprise

Whether it’s overthinking it, a fear of failure or self-doubt, or worrying about the future before it has even begun, these struggles can paralyse progress, but there are always ways to overcome and achieve your entrepreneurial dreams.

1. Overthinking and procrastination
Overthinking is a common hurdle that many entrepreneurs face. You might spend hours going over data, obsessing over every tiny detail, and so you fail to move forward. 

To break free from this trap, recognise the signs and be aware of when you’re overthinking or stuck in analysis paralysis.  

You can overcome it by doing things like setting clear goals, seeking feedback and embracing imperfection. Give yourself a time limit to do work, finish tasks, and make decisions. Make a decision and then adjust along the way as you need to – progress is better than perfection.

2. Battling self-doubt
A common question that pops up when you are starting a business is: “Am I good enough to do this?”

 
This self-doubt can lead to reluctance in moving forward, as you second-guess whether anyone would pay for your products or services.  

To combat self-doubt, reflect on your skills, talents, and successes that have brought you this far, focussing on your strengths.  

Keep a log of positive reviews or testimonials from clients, suppliers, family and friends and remember that growth takes time. Confidence will build as you continue to put yourself and your work out there.

3. Fear of failure
Fear of failure can be the biggest stumbling block for those scaling up their businesses. 

It may feel “safer” to keep things small, avoiding larger investments like marketing, hiring help, or setting ambitious goals.  To overcome the fear of failure, remember that failure is a learning experience, not the end of the road. Many successful business owners have failed multiple times before achieving their breakthroughs. Take calculated risks and start small if needed, but start. 

Gradually scale up, track your progress, and adjust as necessary.

4. Charging what you’re worth
One of the biggest confidence challenges for new business owners is pricing their products or services appropriately. 

It’s easy to undervalue yourself, especially when you’re just starting out. To charge confidently, calculate the time, effort, and expertise that go into your product or service and know your value. Do market research so you know what others in your industry are charging and position yourself accordingly. If raising prices feels daunting, do it incrementally.

Building confidence to start a business takes time, effort, and self-awareness. By recognising the roadblocks, taking action, and learning to trust yourself, you can move past the doubts and confidently build the business you envision. 

Don’t forget that Business Gateway is on hand to help. Confidential advice from an experienced local business adviser is available via phone or video for anyone wanting to start up a business in Argyll and Bute, for free.
National webinars cover key topics including HR, business strategy, marketing on a budget and writing a business plan. 

Anyone looking to start up a business is encouraged to complete the Planning to Start Tool at bgateway.com and reach out to the local Business Gateway office to find out more about the help on offer.