Thinking about starting a business?

Business IdeasFor any would-be entrepreneurs out there, there is a great article in today’s Wall Street Journal about how great ideas are transformed into action. It’s filled with some interesting statistics, starting with the fact that 43.5% of Americans saw an opportunity to start a new business in 2012, a substantial increase from just 28.3% in 2009. And more than half (55.9%) believe they are capable of launching a new business venture.

In a recovering economy, such as we are currently experiencing, many Americans are still out of work and searching for jobs. Fortunately, new jobs are being created, but just not at the pace we will need if unemployment is to show substantial improvement. Where do new jobs come from? In fact, most job growth in our country comes from small businesses, existing and new. Entrepreneurs know that they can look for a job, or create one! Entrepreneurs create jobs for themselves and others, and that is what fuels our economic growth.

The good news from the Wall Street Journal article is that survey results showed that 12.5% of Americans said they intend to start a business in the next 3 years, up from just 7% in 2008 during the recession. And 8.6% said they owned an established business, which is also up over prior years.

So what stands in the way of these new entrepreneurial ventures? There are many answers to that question – insufficient funding, governmental regulations, and many others, but the reason that concerns me the most is highlighted in the WSJ article. According to the article, 32.3% of Americans who didn’t launch a business said they did so because they feared failure, an increase from 24.5% in 2008.

By definition, entrepreneurship involves risk. If you have an idea that is truly more than just a hobby – one that can be developed into a viable business, don’t let fear get in your way. In starting a new business, the best way to overcome fear is through getting educated, gaining the business literacy (financial, legal, operations) you need to launch and sustain a business. With knowledge comes confidence, and that confidence will help push fear out of the way, clearing the way for you to make your dream a reality.

Go for it!

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