The following are 7 Factors That Can Stop You From Starting Your Own Business:
- Fear of business failure
- Insufficient business capital
- Lack of business idea
- No vocational training and experience
- Lack of entrepreneurial skills
- Inability to manage money
Starting your own business and making success of it is not for the faint of heart.
In other words, starting and running your own business successfully is, no doubt, an easy thing.
However, it can be done.
Quite a lot of people have done it before.
Some are doing it now.
You too can do it.
So let us now look at some factors that may stop you from starting your own business.
Startup problems: Fear of failure
One of the major factors that can prevent you from starting your own business is the fear of failure.
Frankly speaking, the word “business failure” drives fear into the spines of some people.
In other words, they fear that people will mock them if their businesses fail.
Moreover, because of the shame that come with business failures, such people simply decide not to start any business.
Consequently, they decide to settle for salaried jobs or something else. These category of people are not ready to take risks.
Furthermore, you should be able to tell yourself that failure is not an option.
Moreover, remember that many people have failed several times before they became successful.
Most importantly, remember also that failure is an opportunity to try harder.
Startup problems: Insufficient business capital
Inability to raise the required business capital is another factor that can discourage you from starting your own business.
There are many reasons for this state of mind.
Firstly, maybe you are unable to save money from the paltry sum your employer is paying you.
Secondly, it can also happen that your parents have spend a lot seeing you through higher school and they cannot help you with the capital to start a business.
Thirdly, commercial banks are not always willing to fund new business startups.
Therefore, lack of business capital is a major factor that can stop you from starting your own business.
Startup problems: Lack of business idea
Lack of a viable business idea can affect your ability to start a business.
Remember that every business starts with a business idea.
You may ask “where can I get good business ideas”?
However, you can get business ideas from various sources, including:
- interacting with other people
- Searching the internet
- Reading business and industry publications.
- Through surveys.
Therefore, lack of well researched business idea that can generate good revenue can stop you from starting your own business.
Lack of vocational training and experience
Lack vocational training can stand between you and starting your own business.
For example, if you chose to be an automobile mechanic you need to undergo practical training in fixing automobiles.
Furthermore, you also need to get some to support your training.
You also need practical experience so that you can deliver quality goods and services to your customers.
Startup problems: No entrepreneurial skills
In the last few decades, higher institutions have included entrepreneurial development in their school programs.
However, I think that what they hand out to students are like a scratch on the surface of the topic.
This is because what actually plays out in the business arena may, sometimes, be different from what the text books are saying.
Furthermore, the business environment is full of uncertainties. So things change fairly rapidly.
Moreover, with due apology to those who are good, even the professors who dish out lectures on entrepreneurship to students in higher institutions may perform below average when pitched with a man who has been in a particular business for a while.
For example, you need foresight, determination, persistence, patience, hard work to succeed in business.
Therefore, lack of entrepreneurial skills can stop you from starting your own business.
Startup problems: Impatience
Impatience is yet another reason why you may not wait to do all that you need to do before you start your business.
Generally speaking, impatient people want quick cash. They are in a hurry. They cannot wait.
Beyond that, they are always looking for short cuts to make the millions.
Furthermore, they cannot afford to spend time to nurture a business till it begins to make profits.
Consequently, this type of mindset to hit the millions immediately can stop you from starting your own business,
Inability to manage money
Inability to manage money can stop you from starting your own business.
Some people have high desire to buy anything and everything that attracts them.
This category of people cannot do without buying things. They can business capital to buy things, even things they do not actually need.
For example, if you are in the habit of spending money as fast as it comes in, you should not start your own business.
Moreover, if you cannot spend quality time to think and do cost and benefit analysis before parting with your money, then, you should not start any business.
This is because in business, it it is not how much you have but what you do with what you have.
By Samuel Ijenhi, B. Sc. Accounting, (University of Benin),
Benin City, Nigeria
Founder: Ijenhi Business Solutions