Fear Of Failure Is A Bigger Obstacle Than Shortage Of Money

70% would like to start their own business. What is stopping them? Capital is a little more difficult to get now than even 2 years ago. With the recent mortgage scare, banks are being a lot more careful lending money. According to the most recent Bureau of Census data, these are the figures for money needed for new businesses:

-1% needed $1,000,000 or more
-14% needed $25,000 -- $999,999
-34% needed less than $5,000
-26% did not require any money at all!

Stats indicate 69% of all new businesses starting up need less than $10,000 to get up and running. 70% of the people on the street say they would like to start their own business. Why don’t they?

I just read of a man who wanted to have his own antique business but had no money. He was able to get an option on a lease for a warehouse with no money in advance. Then he divided the space into 74 equal spaces. He leased them to vendors. Next he collected the first and last month’s rent. With that money in hand, he finalized the lease, did $20,000 in improvements, kept 3 spaces for his own merchandise, collected 10% commission on everyone’s sales and launched himself into a very positive cash flow from day one. I like a guy like that!

Many ideas today that use service, information, or technology do not require much money. They don’t require buildings, employees or inventory. You don’t need a half million to start a successful business – think in new ways. Many businesses that do require lots of capital are old-style businesses – very traditional brick and mortar businesses with little leverage and upside potential. Look for ideas that can be started with little or no capital that have a system that allows for duplication. Those have the potential to make insane amounts of money.

I have a good friend that started 6 years ago learning to build websites. He was experienced in ad lay out and design but a friend of his needed help building websites, and offered to teach him. He went to work for that guy at $7 per hour. He learned quickly and now makes $40 an hour working in his pajamas, in an office in his home. He sets his own hours and says he is as busy as he wants to be.

I just read an article about a guy named Lee Lentz. He loved doing magic tricks. He was thrilled seeing people’s responses to the unexpected. But how do you get paid for doing little card tricks? Today, Lee and his wife Vanessa stay booked at $15,000 per day doing innovative product introductions at conventions.

I started a newsletter for my customers and last year I acquired another newsletter from a friend. I added both of the databases together and built a website around the tourism industry here. I have about $300 invested in it. It earns $1000 per month advertising revenue with zero expenses. I’m starting another one in another town this week.

What is your area of expertise that you could position as an income-producing business? Fear of failure is a larger obstacle than not having any money. The antidote for fear is faith. Wikipedia says: “an antidote is a substance which can counteract a form of poisoning.” I say: Fear is a form of poisoning in your mind. The antidote: have faith in yourself, and if you are a Believer; have faith in God.

Fear knocked at the door; faith answered-and no one was there.