“Money never starts an idea. It is always the idea that starts the money.” Owen Laughlin
Two common scenarios and attitudes take root when entrepreneurs hit a high in frustration. The first scenario is about individuals planning on taking the plunge into entrepreneurship. This group is worrying constantly about the need to have lots of money and resources in place to start the business. They start using this as a scapegoat for delaying the decision to get into business. Frustration levels build up as they continuously play the “if only I had some money” refrain in their head. In such a situation however, frustration is often a natural by-product. What I recommend to this group is, stop complaining, cross this initial barrier and write down what they want to do and how much money they would need realistically. Sometimes the obvious becomes blurred with too many things clouding judgement.
The second scenario concerns entrepreneurs in the initial phases of development. This is before raising sufficient capital, when they realize how much more they could do, if only they had more resources. The focus switches away from the current situation and the “what if’s” take over. Once again frustration levels begin to hit high levels when they start feeling that their office space is too small, marketing budget too limited and that they are sacrificing their time, which has a high opportunity cost. I have experienced this situation many a time. I am sure many entrepreneurs feel this way as well. Being lucky enough to reach the flip side when resources are plentiful, helps you remember those early days fondly. Those days do teach you the value of time and money, in a way few other experiences can match. Use them to learn, and prove to yourself that you have what it takes to succeed.
In both scenarios frustration causes a change in focus, away from the end goal. Instead of using this opportunity as an opportunity and learning experience, we tend to blame our circumstances. In reality, there is a lot of money out there, searching for a good team, a good idea, in the right market. These three factors are pre-requisites that need to be in place before, you get access to those resources. Channel all that frustrated energy positively, to help you achieve those pre-requisites as early as possible, soon you will be well on your way. As a bonus, stories of surviving on maggi noodles and 4×4 shared office spaces or garages are always a lot more interesting to relive and share!