Starting a business is a highly rewarding, exciting, and challenging thing to do. You get to be your own boss, make decisions, set your bearings, and pursue the opportunities you are interested in. It’s even better if you are working from home, you can work in your nightwear and work anytime you want.
But despite these thrills and excitement that come with starting a business, not everyone still desires to follow the path of entrepreneurship.
Here are 8 reasons why people don’t start their own businesses:
1. FEAR OF FAILURE
Despite the excitement of starting a business, it’s actually a big risk. Sometimes, it will work out, while at other times, it doesn’t.
It’s this fear of failure that hinders people from starting a business. This fear may have resulted from having experienced past failures in their lives, and do not want to replicate that feeling with the risk of failure in starting a business. The fear may also be caused by self-doubts.
2. LACK OF CAPITAL
The people that fall into this category have little or no money to start a business. They also don’t know how to source for capital to start a business.
They have no significant savings, no rich families or friends to borrow from and poor credits that won’t pass a bank’s lending criteria.
Even if they desire to start a business, the lack of capital is a huge stumbling to them.
3. LACK OF EXPOSURE
These sets of people have never been exposed to entrepreneurship, so they’ve never considered starting a business as an option.
Everyone they know has worked, is working for someone else and so they’ve been programmed to think that being an employee is the only path for them.
4. DON’T WANT THE STRESS OF ENTREPRENEURSHIP
Apart from the risk associated with starting a business, the stress is also massive. Starting and managing a business means you have to understand the market, develop the right products that will address that will address the needs of your target market, and possess the skills to run the business.
All these activities can be so challenging and stressful, especially if things are not going well.
5. PASSION FOR THEIR CURRENT JOB
They found a passion for their work in their jobs. They love their current jobs, and there’s nothing in the world they want to do but work in their current jobs. They already feel that the corporate world gives them the challenging, exciting environment that they crave.
There’s no reason to resign and start a business because they have already found the perfect job for themselves.
6. LACK OF IDEAS
Even if they are open to the idea of starting a business, they don’t just know what business to start. This is a huge stumbling block to many; people tend to find it hard to decide what business to start.
There are simply too many existing businesses to choose from that they don’t know which one will work for them, or they may want to create something totally new, but have no idea what to create.
7. FEAR OF SELLING
Unfortunately, there are many people who don’t know how to sell. They fear rejection; they are intimidated by the whole process of selling, especially during negotiations. They don’t think they have the gift excellent salesmen are supposed to have.
8. NEED THE JOB SECURITY
Starting a business can be a roller coaster ride; it’s full of ups and downs. There are days of surplus, while there can be days when cashflow is exceedingly tight.
There are people who cannot live with the downs and ups of running a business, and instead prefer the security and stability of a job and a regular paycheck.
Starting a business is actually fun, and just in case you are still thinking of starting a business but you aren’t fully convinced yet, you should read this article on reasons to start your own business.