Why Starting A Business Is More Lonely Than You Think
by Dewi Ridzuan. |
Businesses are aplenty and we’ve seen so many of our peers or seniors who have at one point dabbled in entrepreneurship. The aesthetic product launches, being able to have financial freedom and the chance of your idea going viral is something a lot of people want to get a taste of. It’s always an ego booster to be able to introduce yourself as a business owner or a founder, for it opens more doors of opportunities for you.
However, starting a business is a long, windy road. Sometimes you’re met with more loneliness than ever, as not many people will be able to understand your conflicted thoughts or worries. Although your mental health may face tiny dips, here are a few causes and ways you can handle those bumps like a champ.
1. Research is heavy
Trying to launch your open start-up or business is tough if you don’t do research. You need to already know the current market trends and be able to estimate the next big thing. Aside from that, in order for you to stay in business, you need to first be on the good side of the law. Hence, it's always better to be aware about the nature and the law of businesses of the country you're starting like the Federal Constitution of Malaysia - research and understand the copyright laws, criminal laws and civil laws.
Business owners should understand thoroughly or at least the common basics what the conditions are like for any aspect of their company. You can always outsource tasks like accounting, drawing contracts and drafting designs to save money. However, mistakes can be committed by anyone, even if they have years of experience under their belt. Business owners should be wary of outsourcing work to avoid public scrutiny if they happen to get involved with a scandal.
To avoid these things from happening, you can always do some research online for a more cohesive understanding. Most company data and their statistics are public information and easily accessed online. Market trends, however, especially for the finance sector can be learned via apps on the Google Playstore or App Store.
2. Cost scares people away
Imagine you’re having lunch with your group of friends and it’s a normal exchange of your past week, but suddenly you start to vent about the financial loopholes you clambered out from to keep your business afloat, and the whole table goes quiet. It’s normal for people to not relate to your stresses. Albeit them lending an ear is undoubtedly appreciated, you’re left wondering if you should have even brought the topic up.
There’s a time and place for everything, and not everyone will be prepared to take on a topic they barely know about. The first thing you must process is that cost scares people, and not many have to fork out personal funds to keep a business alive. This is especially true if you’re looking for a new partner, so before you go wham on how much the cost of a business will deplete your spendings for any social life left, get them on board with the idea and how your ROI (return of investment) scheme will work out.
The accumulative cost to get started on the basics even cost a hefty sum. The cost to get your business registered, a website with your own domain name (if needed), checking into the security costs for your business, renting a physical store if you opt for one and more and even marketing. If you think you can get away with having an online business on Instagram, remember that if you fail to register your business, you may have to pay a maximum fine of RM50,000 or spend 2 years in jail, or both if found guilty.
From afar it looks like the ship is sinking, but all you need to do is dive in and find the breakdown of your costs. Most of these things can be found online and you don’t have to break a sweat to get your information. You can go to the Companies Commission of Malaysia (SSM) to get business registration information, and students are eligible to be exempted from these costs via the 1Student 1Business Scheme. Domain and websites? GoDaddy and Wix.com have affordable prices, so you don’t need someone to code a web page!
3. It's YOU against the world
Whether you are a start-up business owner, have been in the game for a few years or are a seasoned expert, you’re really standing on your own two feet. No matter the number of employees or freelancers you hire, you’re ultimately the face of your company. You, alone represent yourself when going to symposiums and business conferences. Although it may encourage collaboration and networking, unless the chemistry is there, you don’t really have that many friends in the same everyday circle with you.
It’s easy for your drive to be depleted from the lack of social life. So, to kickstart that deflated passion, although cliché, the answer is TED. This platform is worthwhile to business enthusiasts or aspiring entrepreneurs as they can learn about other innovative theories or perspectives spanning across multiple topics. YouTube is another solution. You can find tonnes of inspirational videos there, where compilations of famous quotes and lines are zipped into videos.
Of course, the most traditional way of getting inspiration is going back to one of the oldest methods of recording knowledge; books. You can read up on autobiographies and memoirs of other famous risk-takers like Tony Fernandez, the owner of AirAsia or Chris Gardner, an American businessman and motivational speaker. From there, you can read up on other people’s failures and successes. These authors relay their experiences so you can learn from their mistakes. The road is already paved a certain length, you just have to continue laying down the bricks.
You may find out more about Dewi on her Instagram too.