The number #1 barrier to getting a business off the ground is fear and I’ve shared tips and solutions on fear of failure and how to overcome this barrier for years. Today, I want to focus on the second biggest barrier to getting a business off the ground. What do you think it is? Money. Entrepreneurs struggle with access to enough money to stay in business until it becomes profitable. According to the US Small Business Administration, at any given time, there are roughly 27 million US businesses in need of capital.
In the past, access to money to build a business has been limited by a very small pool of people that we know or come in contact with. Reaching out to friends and family is how most entrepreneurs get started or maybe you bankrolled yourself initially by using a credit card (like me!). These tactics present a very narrow path to securing the much needed capital entrepreneurs need for expansion.