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 is, no doubt, an easy thing. But it can be done.
Quite a lot of people have done it before. Some are doing it now. You too can start your own business.
There is doubt that business is all about risk taking and risk management.
So let us look at some factors that may stop you from starting your own business.
Starting your own business: Fear of failure
One of the major factors that can prevent you from starting your own business is the fear of failure.
Many people cannot stand against the embarrassment associated with business failure.
In other words, they fear that people will mock them up for their inability to run their own businesses.
Moreover, to avoid the shame of business failure, such people simply decide not to set up any business.
They, therefore, decide to settle for salaried jobs.
Inability to raise business capital is another reason that may stop you from starting your own business.
Firstly, the paltry sums your employer may hand out to you as salary can make it extremely difficult for you to save money.
Secondly, do not forget that savings are only possible when incomes are more than expenses.
Thirdly, if your parents have spent hard earned money to see you through higher institution, they may not be able to raise money for you to start your own business.
To make matters worse, 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.
Lack of business idea
Yet another reason why you may not want to start your business is lack of business idea.
Remember that every business starts with a business idea. You may ask “where can I get good business ideas”?
You can get business ideas from various sources, including:
- From interacting with other people
- Searching the internet
- Reading business and industry publications.
- By direct observations
- 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 and experience in your chosen field could stop you from starting your own business.
For example, if you chose to be an automobile mechanic you need to acquire practical training and experience so that you can meet the needs and expectations of your customers.
In the same vein, in all professions, practical training is a basic requirement before you start out on your own.
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 in the course of doing your business, you may find out that what plays out in the market place is different from what the textbooks are saying.
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 field for a while.
Furthermore, the business environment is very dynamic and full of uncertainties.
For example, you need foresight, determination, hard work and so on to succeed in your business.
Therefore, lack of entrepreneurial skills can stop you from starting your own business.
Starting your own business: Impatience
Impatience is yet another reason why you may not be able to start your own business.
Generally speaking, impatient people want quick cash. They are in a hurry.
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 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 high desire to buy anything and everything that attracts them, using business capital.
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, you cannot run your business successfully.
By Samuel Ijenhi
B. Sc. Accounting, University of Benin, Benin City, Nigeria