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- 1 in 4 Americans considers funding to be the biggest obstacle.<\/li>\n
- More women say not knowing how to run a business is a challenge than men.<\/li>\n
- Millennials ages 25 to 34 are the most afraid of failure.<\/li>\n
- 1 in 3 Americans lacks a strong business idea to begin with.<\/li>\n<\/ul>\n
25% of Americans Say Money is the Biggest Hurdle to Running a Business<\/h2>\n
Starting and running a business is costly. Small business owners agreed. When asked what the biggest hurdle to running their business was, 1 in 4 Americans reported money as an obstacle.<\/p>\n
![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/one-in-four-people.png\")
<\/p>\nWhile there was no major split between men and women, we did find an interesting result: Gen Xers felt the strongest about this answer. Of the 25 percent of Americans who reported funds as their biggest hurdle, the largest response came from business owners between the ages of 45 to 54.<\/p>\n
![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/gen-xers.png\")
<\/p>\nSolution:<\/b> Consider reaching out to your inner circle for support. According to the 2012 Global Entrepreneurship Monitor Report, 82 percent of new business funding comes from personal, family or friend sources.<\/p>\n
Get creative and consider other means of funding if this solution doesn\u2019t work for you. Apply for a small business funding grant from the government, seek out an independent investor or kick-start a crowdfunding campaign to collect small amounts of money from thousands of people.<\/p>\n
More Women Report Not Knowing How to Run a Business as a Challenge<\/h2>\n
Running a business doesn\u2019t always come naturally or easily. We found that more women reported a lack of knowledge on how to run a business as a challenge. When selecting knowledge as their greatest hurdle, more than half (54 percent) were women.<\/p>\n
![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/business-know-how.png\")
<\/p>\nSolution:<\/b> Look to local female-owned businesses for inspiration and guidance to learn along the way. There are about seven female entrepreneurs<\/a> for every 10 male entrepreneurs in the United States and while this number continues to trend upward, the gender disparity is still there. It\u2019s helpful to seek out a support network of like-minded female business owners or entrepreneurs who may be going through similar obstacles.<\/p>\n
Millennials Have the Highest Fear of Failure<\/h2>\n
Of participants who selected \u201cfear of failure\u201d as their greatest obstacle to running a business, 31 percent were millennials ages 25 to 34.<\/p>\n
While millennials have launched twice as many businesses\u00a0<\/a>at a much younger age than baby boomers and other previous generations, fear of failure is still present.<\/p>\n
![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/fear-of-failure.png\")
<\/p>\nSolution: <\/b>Younger generations may have little appetite for risk because of factors like debt obligations, high current or future expenses or insufficient earnings as they start out in business.<\/p>\n
Shift this fear of failure and use it as motivation or to empower the process. Seek feedback and read your customer reviews to evaluate what\u2019s working and what\u2019s not to improve. Find a mentor or network of other business owners to go to as a resource if you\u2019re unsure of a big decision.<\/p>\n
1 in 3 Americans Lacks a Strong Business Idea<\/h2>\n
Is there a higher lack of entrepreneurial spirit than we may think? When asked their biggest hurdle, 1 in 3 Americans stated they simply lack a strong business idea. And some may argue that a \u201cgood\u201d business idea isn\u2019t enough to succeed in today\u2019s market.<\/p>\n
Solution: <\/b>Has the idea been executed before? If so, do some research. Consider the upfront costs, your edge in the market or if your expertise can overcome the crowded competition.<\/p>\n
As a small business owner, you\u2019ll face challenges that are unique to your business and industry. However, our findings show there\u2019s consistency among business owners and common obstacles. Consider our tips on overcoming some of these obstacles and use a network or other business owners for helpful guidance and support.<\/p>\n
![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/overcome-business-hurdles.png\")
<\/p>\n![\"\"](\"https:\/\/www.valpak.com\/wp-content\/uploads\/2019\/01\/small_business_owner_hurdle_button.png\")
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