Does the feeling ever end?

[hyster]

When I think of entrepreneurship or owning my own business, this what I think and feel:

• your idea doesn't make sense and you will never find a better one
• a competition is too huge, you will never be able to take even a single customer/partner from them
• profit margins in this field are too low, even if you have some customers, it will never pay back
• you can't make it better than the competition, you lack graphics design skills (very specific thought )

I'm trying to fight off all these thoughts and feelings and currently I'm working on 3 business ideas in addition to a full-time job. However I don't know what to think about those... feelings. Are my ideas really stupid or is it just my comfort zone fighting back? Will those ever end and what should I do, just ignore them and work more or what?

 

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[A_Random_Guy]

Let me tell you the story of one of my friends.

He is 18years old. He likes to think a lot. Whenever he gets a good business idea, he calls me and explains his plan and how we will carry it out to become a successful entrepreneur. We decided that since I am good with coding, I will maintain the app and website while he is good with marketing so he will take care of branding.

Once, he told me that just-dial is not very well implemented and there can be several improvements to an app. It will register the details of several individuals in your city with different professions (plumbers/teachers/maids/nurse/nanny etc.) You would search for the required professional and you can chat with that person you deem fit for the job. (The chat will be a paid premium feature)
We came to the conclusion that it needed marketing and a bunch of tech-support guys for live interaction. We needed a lot of money and hence, cannot start that business.

He told me that he will get a job, make decent money to start a business, get rich and then start this business by playing "safe".

We agreed that this is was the best course of action.

Now that I have read TMF , I can understand that we will never actually start the business. By the time we do, someone else will already make a similar and better brand. Our idea is pretty good to base a company on but we are reluctant to start.

Thinking is one of the greatest powers of a human. However, if we keep thinking we won't take any action. I am trying to learn skills related to my idea and I find better ideas coming up as I keep going.

 

[MJ DeMarco]

I'm trying to fight off all these thoughts and feelings

Don't think this is unusual unless you have thousands of preorders waiting in the wings. Self-doubt is normal.

 

[Fid]

I second MJ on that.
Self-doubt is normal and will evolve over time as you start doing new things.
'I cannot handle this many orders without an employee'
'Am I charging too little?'
'I got to my first $1M, getting to $10M will be way harder'

Solution? Action.

Afraid of the competition being too big, margins too low or your quality not enough? Instead of speculating go test it on the market.

 

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[MHP368]

Thats resistance , you'll always be fighting with resistance for anything you want

 

[William H]

When I think of entrepreneurship or owning my own business, this what I think and feel:

• your idea doesn't make sense and you will never find a better one
• a competition is too huge, you will never be able to take even a single customer/partner from them
• profit margins in this field are too low, even if you have some customers, it will never pay back
• you can't make it better than the competition, you lack graphics design skills (very specific thought )

I'm trying to fight off all these thoughts and feelings and currently I'm working on 3 business ideas in addition to a full-time job. However I don't know what to think about those... feelings. Are my ideas really stupid or is it just my comfort zone fighting back? Will those ever end and what should I do, just ignore them and work more or what?

Both entrepreneurship and working for someone else can be very difficult. I experience all of those emotions and more on a daily basis. I have one company that I own where i'm nothing more than a glorified employee because the income is not passive at all, but it allows me to network and share my gifts. However, my passion is in my other ideas (e-commerce, real estate, coaching, product innovation and creation). They all remind me of what I anticipate is the pains of giving birth. So, you keep fighting and pushing and eventually, if you work the process, the event will be marvelous. Thank you for sharing

 

[FierceRacoon]

Learn to ignore your thoughts and emotions. This is a must if you want to be really good at anything.

E.g. you did 30 pushups and your mind tells you it can't do any more. You ignore what your mind tells you and do 5 more. Then when you feel you are really collapsing, you ignore it once again and do 1 more. Use imagery, if you are not motivated naturally. E.g. "if I quit now, my family will die." If it doesn't help, write your commitment publicly on Facebook & Linkedin so there's no way back.

 

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[minivanman]

This is exactly why you need to do it within the next 7 days or just forget all about it. Bottom line is.... you are either serious or you're not. If you haven't taken action within 7 days and you tell yourself that you will eventually take action..... every 7 days run over your toes with the car tire..... I bet you hurry and take action or quit being a liar to yourself.

 

[MTF]

It never ends, no matter the area of life and your skills in it. We call people who don't have this feeling arrogant.

Obviously, I'm referring to healthy self-doubt, or humility, and not paralyzing self-doubt and low self-esteem that probably requires therapy.

I've found that the only thing that helps reduce this feeling is taking action. I'm a writer with dozens of books under my belt. I still doubt my abilities and still sometimes feel despair. These emotions only reduce in intensity, or sometimes temporarily go away, when I focus on writing over worrying.

In the end, as unpleasant as the feeling is, I guess it's also useful because you're more careful and don't get complacent. The moment you no longer doubt yourself is the moment you get arrogant. When you think you can't make any mistakes, life has a tendency to remind you otherwise, in a kick-in-the-balls fashion.

 

[minivanman]

Damn, I guess I've always been arrogant I've had this feeling a few times but it quickly went away once I saw what the business was really about and got comfortable in it. I think what has always helped me is that.... it is what it is. I've always given it a shot and did it my way.... if it didn't work, move on to something else before you waste too much time.

 

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[MTF]

Damn, I guess I've always been arrogant I've had this feeling a few times but it quickly went away once I saw what the business was really about and got comfortable in it.

No, because you did have this feeling. If someone never, ever feels doubt, then I'd say, to clarify, that this person is either arrogant OR is a superhuman (I guess some have to exist). Most mere mortals question themselves regularly or at least ocassionally, but many don't admit it.

 

[minivanman]

Endora and Uncle Arthur tell me I am not a mortal. Should I go see Dr. Bombay?

 

[hyster]

Thanks everyone for sharing your thoughts.

My guess is that you haven't done the analysis behind your business idea yet (or not done it well enough), and therefore you have more feelings than thoughts. Go do your analysis and then you'll have something you can use to contradict those negative feelings (or support them).

We have done some research, however not that thorough. We know how big the market is, we have analyzed competition but ie. we don't know what profits they make and honestly I'm not sure how to find this information. We still don't know as much as I would like to, though.

I think what has always helped me is that.... it is what it is. I've always given it a shot and did it my way.... if it didn't work, move on to something else before you waste too much time.

I've found that the only thing that helps reduce this feeling is taking action.

That's the approach that helps me overcome all those feelings: give it a shot, in the worst case you just have a one more failed business on your account. What stays with you is what you've learned on the way.

Also, some time ago I've heard a very nice idea, maybe it will help someone else as well. If you feel doubts and hesitate about doing something, but rationally you think it's something you should do, use those feelings as your compass. It means that this decision, whatever it is, leads you out of your comfort zone and this is exactly the place where you should be. Also, probably others feel the same way about this, so you should do this if you want to achieve something more than everyone.

 

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[minivanman]

I see the problem now, you are worried about how the competition runs THEIR business. You are worried about THEIR profits.

So let's say that you find out they are making $10,000 in profit per week.... what does that tell you? You have no idea about THEIR overhead. It tells you nothing. In order to find the information you are looking for, you would need to see their books, and even then, you still wouldn't have the answers you are looking for because it is not YOUR business.... it's THEIRS. Are you going to run YOUR business the exact same way THEY do?

What you need to do is worry about YOUR business. Do the math for YOUR business. What is YOUR overhead? Quit focusing on their business, bring out the calculator and focus on your own business.

 

[Seamster]

The part of your post that got me is the "3 business ideas." You might want to narrow those down and I might be able to help.

I have rental properties and a full time job. I was performing the intensive search for a property in the cut-throat rehab market; but job, rentals, and flips? That's 3 things and makes me the busiest person I know. I got a property manager for rentals and scrapped the fix and flip idea. I stopped updating my monetized blogs as well.

I did all this because I have a game-changing app idea that someone's going to make soon. I'm going to try to make that person be me.

Don't listen to those idiots who say, "you have to make time." Sure, most people sit and watch TV on welfare all day. An entrepreneur only has so much time. I mean like, 5 hours of sleep gym only once a week time. You really can't do more than 2 money-making ventures at a time. I've been at 3 for the past couple years and it's too much.

I suggest you look at those 3 ideas and choose the one that is EASIEST to implement that will still have the upside of $2 million in your pocket within 5 years. If the upside isn't enough to change your life, don't work on it at all, even if the alternative is harder.

Which one to scrap? Think of as meeting 2 girls in a bar:
*Scenario 1 - the easy girl is a 6/10 and really into you, but her hard-to-get friend is a 7. Does it make much difference? You've had 7s before. Go for the 6.
*Scenario 2 - the easy girl is a 8/10, but the hard-to-get friend is a 9. You've never had a 9 but have had an 8 or two. Go for the 9!
*Scenario 3 - same as Scenario 2 but you're in Hawaii and have never been with a Hawaiian before. Go for the 8.

It's like playing the lottery with a max of $5000. Might as well go for the $5 million!

 

[hyster]

The part of your post that got me is the "3 business ideas." You might want to narrow those down and I might be able to help.

That's 100% true. In practice I already abandoned implicitly one of them, but still working on the other 2. The most difficult part is having full time job at the same time, I almost don't have time even for one business idea. Thanks for the tips.

 

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