Why do many people shy away from starting a business or entrepreneurship in general?
If truly starting a business is the way to financial liberation according to many business people, why then are many people who also want to be financially successful not venturing into it?
This post is set out to explain and shed lights to possible reasons in the minds of many employees, who do not want to make the huge move of starting a business at the expense of their job.
It is true not all will be entrepreneurs, not all will leave the world of being paid twelve times a year. But if it is true that to be financially liberated and free from the bosses, you have to be an entrepreneur and at least start a small business and work for yourself, why are people still not taking the bold step?
Reasons why many people won’t be starting a business
It could be anything. It could be as simple as starting a consulting business in your area of expertise. It could even be from home (there are lots of people who succeeded after starting a business from home). But the following are reasons I believe you will find in the subconscious mind of the average employee who does not want to quit his job. His desire is starting a business but isn’t willing to start one NOW.
1. Reluctance to leaving the comfort zone:
Everyone loves the comfortable life, don’t you? We all love being comfortable, so some of us are unwilling to leave the comfort zone, we are just fine with being employees in a 9-5 job. We prefer a life we are used to and are not willing to venture into a life where we have to adapt to change. We just do not want to start a business of our own
2. Fear of rejection:
Many people cannot take the rejection in the initial stage of starting a business. Many are scared of being rejected by the public, possible clients, and the likes.
Something like this might be in the mind of such individual: “What if I don’t make sales and my family and friends refuse to help me financially? How will I survive through the lack and want”? -and other stuff like that.
Well, they have a point-quite a bit, why? Because we live in a world where no one wants to associate with failures-or semi-failures, or “would-be failures.” Once people know you quit your job and are coming for help, they are determined not to help you, some family members or friends will say to themselves, “after all, he has no hope of paying back.” Others will want to prove to you that you will fail.
So fear of rejection like this keeps many away from being sole proprietors.
3. Inability to raise capital:
Starting a business requires capital, in today’s world, even starting a blog might surely cost some dollars, and the bigger the business you’re starting, the more money required to start up or sustain.
Should you want to borrow from a bank, there might be some requirements which the individual cannot meet. For young people, I always advise them to go into freelancing to raise capital. For instance, I teach Fiverr to those young folks who want to earn a living as entrepreneurs but need capital to start.
Some chose Freelancing and see fiverr as a source of income, others only do it to raise funds for their startups, and after they get the fund, they leave freelancing to focus on their dreams.
You don’t have to do fiverr (It’s only an example). You can do other things to raise capital. In any case, you must be willing to start small and grow big
Many people are lazy. More and more people want to succeed financially overnight without first paying the sacrifice of starting at least a small business. They do not want to give what it takes to achieve success, yet they want to live the life of a billionaire.
Little wonder Ponzi is on the increase, and those scammers are making it big, because people won’t dedicate time to studying a model, analyze and see the scam in it. Many others are into internet fraud and the rest of the get rich quick schemes, which won’t last the test of time.
5. The Lack of Strength of Starting a Business:
I’d talk of strengths on two areas. These are the Physical and mental strength.
A. Physical strength: Getting out of bed at 4AM is a NO-NO to some people,-though this is not a requirement to be an entrepreneur (or a successful entrepreneur), some stay awake a for extended period into the night or get out of bed earlier than others so as to complete some tasks, this might be a turn off for potential entrepreneurs.
Sometimes owning your business might require you make sales, move from one office to the other for word of mouth publicity and networking, and lots of things that need physical strength, and when many people who do not have their business yet see entrepreneurs doing this, they might get turned off.
B. Lack of Mental strength: Apart from having a reasonable level of physical strength, entrepreneurs are required to have strong mental strength. This helps them to bounce back from setbacks, rejections, handle employees and the like. Many non-business owners are not ready to put their mental strength to use; they’d rather “you use yours and pay me my wages.”
6. Low self-esteem:
Many people on the street have low self-esteem, and this accounts for many decisions they take. Sometimes you see a dark person bleaching his/her skin just to gain acceptance.
People steal to keep up with the Joneses, live a flamboyant lifestyle, etc., all these are because of the low self-esteem they have. Self-esteem is the love and respects you accord yourself. Some people do not think they will be accepted, and for that do not go into business, they care so much of what others think of them and retire to giving up, just to fit in.
Some people are aggressive and do not welcome contrary opinions, only because of their esteem. Many people do not allow criticisms at all. To grow in business, this is a necessity to be worked on.
7. Reluctance to taking responsibility:
Do you know sometimes you shy away from leading the pack, just because you don’t want to take responsibility? Many people are always on the defensive just because they don’t want to be responsible for their actions.
People do not want to be responsible for their lives and as such are reluctant to start their own business. Starting your business demands, you make decisions and are responsible for it. Until you can show responsibility, you might not be ready for your business.
8. Poor managerial skills:
While some people are gifted with abilities to lead and manage a group, others are not. And they have refused to learn; instead they decide to be led, instead of taking the step to lead.
Most people see themselves as poor managers and do not want to do a bad job and would not seek advice on starting a business or succeeding in it, so they don’t want to start a business that will crumble or fail.
But then when we fail, we learn, they fail to realize this. They do not know you haven’t failed until you accept defeat. They refuse to start their business.
9. Knowledge of what to go into:
When people do not have a good understanding of any vocation and refuse to learn, they find excuses for not starting something.
I have heard a lot of people complain they do not have any skill. Some blame it on money, others blame the government, and there are lots of blaming going on. These kinds of people have a “Perfect excuse” for not going into business.
10. No motivation:
There are those people who want to start something, they, however, need the motivation to start, and these type of people need something to help them overcome inertia. While some of us have the inner drive, some others desire it from outside.
Before the motivation comes (if it will ever come), they simply procrastinate, they give themselves reasons to wait.
The phlegmatic for instance is just satisfied with where he/she is. They are unmotivated, and this is a function of their temperament. This is not to say all ‘phlegs’ must like that; some have learned to be motivated to leave the comfort zone, others have not.
12. Fear of the unknown:
Many people like asking the ‘what if’ question. ‘What if I fail,’ ‘what if I run into debt,’ What if this, what if that. By the time the individual asks all the “What if” questions, he would have seen enough reason not to start.
13. The Unknown world of business:
Many people know too much already they don’t want to start. They have listened to too many “Naysayers” and they are not ready to have a firsthand experience of the world of business. They already know all that would fail. They know all that wouldn’t work. Wouldn’t use this knowledge to raise their chances, but to see reasons not to start.
14. Fear of success:
It might shock you to know some people are scared of success. They don’t want to be known by many; they dread fame, they want to play low, etc. These people do not know you can be successful and still maintain a relatively quiet life. Their potential success frightens them.
Many people believe not everyone will be entrepreneurs, so they don’t even entertain the thought of starting a business.
Procrastination is not just a thief of time, but also a thief of life. Those who are chronic procrastinators never achieve anything meaningful. When you start procrastinating, you, of course, see the reason to put off every task and activity until later, but later is never a right time.
The only time existing is now! Procrastination makes you get nowhere.
17. Unwillingness to start small:
There are people whose ego will not allow them to start their business small. They want to be like Bill Gate, perhaps they want to start from the current level Bill Gate is today, forgetting he started donkey years ago. These people fail to realize it’s smart to start small and grow big.
I realize many people fall into one or more of the traps listed above, and I urge anyone who wants to start to take a step today.
Over to you
What is your excuse for not starting a business? What have been or what was your excuse? I want to know what reasons you can come up with why people might not want to start something for themselves. Discuss with us using the comment area below.