In a Kauffman Foundation FastTrac® Survey conducted just this summer on Forbes.com, 36% of the more than 5,000 prospective entrepreneurs surveyed who have a sincere interest in starting their own start-up businesses named “money” as their “biggest concern to starting (their) own company.” Following at a close second? “Knowing where to begin” at 34.7%.
But these two barriers to entry weren’t the only issues of concern expressed by respondents who say they are thus far hesitating to make the commitment to business ownership. Asked to rank themselves on the 17 personal characteristics, traits and skills that many experts believe lend themselves to entrepreneurial success, they cited these as the top five that most need improvement:
• Networking (19%)
• Persuasiveness (16.3%)
• Market awareness (15.6%)
• Business knowledge (13.5%)
• Self-discipline (9.1%)
Reading over this laundry list of what is keeping these individuals from taking the business-ownership plunge, anyone who knows anything about business and licensee opportunities, distributorships and small franchises, how they work, what they cost and what they have to offer might recommend them as options. And here’s why:
They are oftentimes very affordable. Business opportunities, distributorships, licensee opportunities and small franchises often require very little in the way of startup and ongoing capital.
They provide an established business model. By buying into a business that already has a proven track record of success and that provides a step-by-step road map on how to start and grow a business, there is no need to reinvent the wheel. “Knowing where to begin” becomes a non-issue because someone else has already done the hard work of laying that all out for others to follow.
They may offer extensive training and ongoing support. Many business opportunities and other similar business models provide individuals from diverse backgrounds with all the training they need to be successful, thus eliminating any concern about having the requisite “business knowledge.” They also often incorporate workshops and other opportunities for their business owners to improve such things as their sales techniques as well as their networking and organizational skills. As for market awareness, some business/licensee opportunity, distributorship and small franchise sellers will assist prospective entrepreneurs with the task of evaluating their marketplace for its demand potential and then provide marketing support in the way of strategic planning and execution as needed.
Buying into an already existing business model like the ones featured on BusinessOpportunity.com alleviates many of today’s prospective entrepreneurs’ greatest concerns, that is for sure. It’s certainly an option worth pursuing by anyone who has a true passion to be an entrepreneur and who wants to be their own boss. So what are you waiting for?