Biggest Pain Point in Starting a Business

[bmarone]

This is for anyone who wishes to contribute...

Looking back on your startup process, what, that you remember, was the most challenging pain point/obstacle that you faced, or what do you wish could have been easier or more straightforward to allow you to build your business?

The more I see from others, the more it seems that it was gaining prospects as potential customers. But with others, perhaps it was insufficient funds, lack of technical know-how and resources, or even trying to find an idea.

Thoughts?

 

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[MJ DeMarco]

I think the biggest challenge is going from the idea phase to the execution phase.

Sometimes that journey to a salable product (or service) can take weeks, months. During that time is when entrepreneurs lose steam and motivation, or worse, they talk themselves out of it.

 

[PSDSH]

Without a doubt, it's has been and continues to be working capital for me.

 

[bmarone]

I think the biggest challenge is going from the idea phase to the execution phase.

Sometimes that journey to a salable product (or service) can take weeks, months. During that time is when entrepreneurs lose steam and motivation, or worse, they talk themselves out of it.

What is it about this transition, do you think, snags the majority of people, in most cases anyway.

 

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[rcdlopez]

Biggest challenge for me has always been getting away from depressed family. Choosing not to be around friends who bring you down is easy, choosing not to be around family that brings you down is hard. Makes me sleepy and messes with my Zen.

 

[PSDSH]

Biggest challenge for me has always been getting away from depressed family. Choosing not to be around friends who bring you down is easy, choosing not to be around family that brings you down is hard. Makes me sleepy and messes with my Zen.

You should move. One of the best decisions I ever made was to move 800 and now 2000 miles away from me and my wife's family.

 

[throttleforward]

What is it about this transition, do you think, snags the majority of people, in most cases anyway.

Lack of validation/paying customers, coupled with the knowledge that there are 1,000 ways your business could fail. You have to have incredible willpower and an unfaltering belief in yourself and your product to get from idea to recurring revenue. Depending on the nature of your product/service you may also need to be able to sell the upside of your product/service before it makes any money, in order to attract friends-and-family or seed/angel investors.

 

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[rcdlopez]

You should move. One of the best decisions I ever made was to move 800 and now 2000 miles away from me and my wife's family.

I'm already moved. No matter where you go your family will always be your family. You can move away but you can't replace them. If you decide to not spend time with them you are essentially choosing to be an orphan. If its a choice that has to be done then it should be done, but it sucks nonetheless.

 

[eqttrdr]

no doubt for me.. idea to production..

impossible to find answers to most of my questions so I give up trying to make whatever it is I was going to invent...

then I end up going back to the same easy entry stuff that doesnt work

 

[MJ DeMarco]

What is it about this transition, do you think, snags the majority of people, in most cases anyway.

Lack of a feedback loop. No sales = no validation.

 

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[Guest3722A]

Lack of Control.

With me, it can be something unexpected such as an income stream stopping due to something unforeseen or even a landlord of some leased commercial space that doesn't honor the terms in the lease agreement.

The change in income just slows me down. Things do keep moving forward, but at the pace of being able to finance them. Landlord issues though are nightmares.

 

[Phones]

Lack of Self-Belief

 

[mikekob]

Starting a business is a pain point of starting a business.

With that being said it is more like a series of pain points that I need to tackle. I thought about this but looking back at previous "pain points" they were just hurdles that needed to be overcome. Looking at some of the more daunting tasks we've had to do the best thing I've learned to do is celebrate the small victories to help keep motivation where it needs to be.

 

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[lolo08]

Finding a good idea

 

[tafy]

The doubters and the naysayers that will put you down and put you down harshly, the closer the friend/family the harder they will attack your plans. They seem to think its their duty to stop you.

Then there is self doubts that creep in constantly which you have to battle away forociously because if you dont they will embed in your self concsience, once there you will talk your way out of your plans as its too risky and you dont want to fail or lose money.

Theres also being too arrogant and stubborn to listen to peoples opinion on your fastlane plan and do it anyway, and totally go bankrupt or broke within months (had a friend do this lately, went to set up a tea business (retail) in Bangkok, he was out of business within 2 months)

 

[Ravens_Shadow]

As others have said, its generally the lack of believing in yourself that your execution will work. The voice that tries to talk the idea out of your head. Not gaining any clients/customers thus feeling that your idea or model is flawed. It really has to do with not putting in as much effort as you should. If you put in the efforts and get away from the negative talk, your ideas can become a reality.

 

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[csalvato]

1) Psychology. The psychology of "finding a good idea" is something I still fall into in my low points. The psychology of not wanting to do anything, or kick ideas back and forth so I feel like I'm doing something when I'm not. Overcoming the self is huge.
2) Finding initial customers. First one is always the hardest -- that's why I started specializing in getting first sales. I'm getting a lot better at it as time goes on, which is a good thing I think.

 

[Ashten]

I don't think you should worry about any of the steps. You know it's not going to be a pick-nick, but you know you're going to get it done. Tackle each part of the process with laser focus. I would recommend getting a 'Mastermind' together with someone that has your drive, and set up one definite chief aim.

What this does is it provides power, recharges batteries when feeling doubt, stimulates ideas, unleashes creativity for improvement, and gives unwavering faith that you're going to do what you set out to do. (There's a lot more information you do need before starting one, I suggest reading 'The Law of Success' by Napoleon Hill. Long book but good information on all of the most successful business people up until that time.)

 

[Michael Raphael]

I'm already moved. No matter where you go your family will always be your family. You can move away but you can't replace them. If you decide to not spend time with them you are essentially choosing to be an orphan. If its a choice that has to be done then it should be done, but it sucks nonetheless.

I have so many "family" members. My best friend, his family is my family, my gf... obv her family is my family. Anyone I am close with, their family is my family. Just be open and warm. I guess I am a bit younger (20) so it may be different. But I literally just allow anyone to join my life if they are warm, caring, and motivate me. My actual extended family is shit, but I talk to them once every 6 months... so who cares!

 

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