In an article published in the Entrepreneurs magazine last January, about the fears of starting projects in 2022, the main fears of entrepreneurs were identified.
Continue below to discuss them together and discuss solutions.
To request feasibility studies services, strategic analysis services, and design marketing and sales development plans:
First: the fear of failure!
It may be due to lack of experience in the project field.
– Or because of the uncertainty of the feasibility of the project and the lack of a clear scientific and practical study.
– Fear of followers, colleagues, acquaintances, relatives, and their responses in case of failure!
– Fear of the consequences and risks of financial failure.
Second: the fear of success!
– You will be surprised when you know that successful people are also afraid because of their desire for continuity in their projects and their fear of rapid success that exceeds their abilities to deal with its requirements.
In one of the surveys published by Medium, concerns about development and keeping pace with technology were the most prominent.
Third: Fear of debt!
– This is the most dangerous, as many projects start looking for financing, and the payment will certainly be a great responsibility, especially in the early years of the project, which are the most dangerous years in the life of any project.
– Fear of not achieving profits due to high premiums and the inability to keep pace with the market in prices.
Fourth: Fear of responsibility.
On the one hand, entering into new projects may require fateful decisions, such as leaving a job or full-time.
– Fear of mistakes that result in legal responsibilities, as there are many laws, including those related to licenses, tax, product registration systems, etc.
Fifth: Fear of fatigue and lack of interest in personal life!
-The success of projects, especially in its infancy, requires effort and time that may reach more than 14 hours a day.
-Even if you have a partner, or hire employees, there is always the possibility that you will work 60 hours or more per week, even after you establish your business.
-Desire for a quick return.
What solutions do we suggest:
– It is very important to choose the appropriate project for your experience and capabilities. The more previous experience there is, the more you control Know How and the executive aspect of the project.
– Do not release the project to the public without a trial and testing phase that covers all aspects.
– The integrated economic feasibility study is very important.
– Market analysis and product pricing in a scientific and appropriate manner is very important.
– Preparing future plans based on comprehensive strategic analysis is very important.
– Analyzing risks and developing alternative solutions and plans is an important issue, especially in the case of debt.
– Do not make loans, even good ones, your first choice for financing the project.
– Avoid usurious loans completely and beware of them.
– Financing transactions and purchases using the Murabaha -Cost-Plus Financing system- and installment bank credits is an excellent option for organizing cash flows.
– Adjusting the administrative system and the human resources system from the beginning will ensure the prevention of waste in all its forms and raise the level of transparency.
– Complete computing.