The following are 7 Greatest Reasons Why people do not like to start businesses
- Fear of business failure
- Lack of capital
- No business idea
- Lack of vocational training
- No entrepreneurial skills
- Inability to manage money
It is not a bad idea to aspire to start your own business.
However, you should bear in mind that to start a business and make it successful is not for the faint of heart.
This is because there are many factors that can stand in the way of your ability to start and manage your own business.
So let us now look at some factors that may stop you from doing so.
Why people do not start businesses: 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.
However, you do not need to be discouraged because of failure stories you have heard before.
This is because it can happen that you are even more business minded than those whose businesses have failed before.
Again, it is also possible that some of them were in the wrong businesses.
Consequently, you should be able to do proper research on any business you want to do.
Ensure that you go into a business that will match your interests, abilities and intellects.
Moreover, you also should remember that many successful business owners today have failed several times before they became successful.
Furthermore, you should be able to tell yourself that failure is not an option.
Most importantly, you should always remember that failure is an opportunity to try harder.
Why people do not start businesses: lack of capital
Inability to raise the required business capital is one of the most common factors that can discourage you from starting your own business.
There are many reasons for this state of mind.
Firstly, maybe you have been unable to save money from your previous or current job.
Secondly, it can also happen that your parents have spent a lot of money seeing you through higher school.
And they cannot help you with the capital to start a business because they still have younger children to train in school.
Thirdly, commercial banks are not always willing to fund new business startups.
However, if you are sufficiently interested in going into a business, you can:
work it out how to develop a savings culture.
Ask family and friends to help you with soft loans.
Join a crowd fundraising scheme that helps members.
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, you should not allow lack of business idea stop you from starting your own business.
Why people do not start businesses: Lack of vocational training
Lack vocational training can stand between you and starting your own business.
In fact, many occupations require some sort of internship before you can start out on your own.
For example, if you chose to be an automobile mechanic you need to undergo practical training in fixing automobiles.
You also need practical experience so that you can deliver quality goods and services to your customers.
If need be, you can sign up for a practical training program before you start your business.
Why people do not start businesses: No entrepreneurial skills
Lack of Entrepreneurial Skills can impact your ability to start a business.
In the last few decades, higher institutions have included entrepreneurial development in their school programs.
They are doing so because entrepreneurship can be learned and developed.
Additionally, you can get a mentor to take you on a tour of the qualities every entrepreneur needs to succeed in business.
Furthermore, this is necessary because business environment is full of uncertainties.
And so things change fairly rapidly. You should be able to respond to appropriately to emerging challenges.
For example, you need foresight, determination, persistence, patience and hard work to succeed in business.
Therefore, you must not allow lack of entrepreneurial skills to stop you from starting your own business.
Startup your own business: Impatience
Impatience is yet another factor that can stop you from starting your business.
If you are impatient to nurture a business until it becomes profitable, you cannot start a business.
Therefore, if you want quick cash or you want to hit the millions without passing through the teething process, you can not start your a business.
Why people do not start businesses: Inability to manage money
Inability to manage money can stop you from starting your own business.
For example, if you have high desire to buy anything and everything that attracts you, you can not start a business.
Therefore, you must be able to understand the nature of money and how to make the best choice of what you do with money.
This is because in business, it it is not how much you have that matters but what you do with what you have.
By Samuel Ijenhi, B. Sc. Accounting, (University of Benin),
Benin City, Nigeria
Founder: Ijenhi Business Solutions