7 Reasons Why People Don’t Start Their Own Business

Starting a business is supposed to be highly rewarding, exciting and challenging. You get to be your own boss, you get to set your direction and pursue the opportunities you are interested in. If you are working from home, you can even work in your pajamas or anytime you want.Yet not everyone can pursue entrepreneurship. Here are some common reasons why people don’t start their own business.

1. Fear of failure:

Starting a business is a big risk sometimes it will work, and sometimes it may not. Many are afraid of starting a business because of the looming fear that their business will fail.  This fear may result from feelings of inadequacy, or they may have experienced past failures in their lives that they do not want to replicate the feeling with the very real risk of failure in starting a business. They may also feel incompetence, and plagued by self-doubts.

2. Inadequate resources to start a business:

They have little to no money to start a business. They also do not know where to find the capital they need to start a business. They have savings, no rich families and friends to borrow from, and they have poor credits that will not pass the banks’ lending criteria. So even if they want to start a business, the lack of capital is a huge stumbling block for them.

3. No exposure to entrepreneurship:

They have never been exposed to entrepreneurship so they did not consider starting a business to be an option for them. Everyone in their lives has worked, or is working, for someone else and so they have been conditioned to think that being an employee is the only path for them. Many entrepreneurs have parents or relatives who have started or run their own businesses, inspiring them to do the same and pursue the paths of entrepreneurship.

4. Don’t want the stress of entrepreneurship.

Starting and managing a business can be very stressful. It typically means understanding the market, developing the right products that will address the needs of the target market, and possessing the skills needed to jumpstart and run the business. All of these activities can be challenging, especially if things are not going well —  from problems raising capital for the venture to generating more sales to finding distributors to the products.

5. Passion for their Jobs:

They found 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. Lifestyle choice:

They have made the conscious decision to live with less, where they deliberately reduce their consumption and cashflow. Hence, they do not see starting a business — and potentially earning significant amounts of money — as supportive of the lifestyle they wanted.

7. Views starting a business as tough, hard work:

There are people who work 16-hour workdays, or work in two or three jobs (aside from their full time jobs). But despite the hard work and the long hours they put in, they still have barely enough to live by. They are still living paycheck to paycheck. If they are already working that hard to earn a decent livable income, they think that starting a business requires double that effort, which they don’t want. Never give up on your dreams or goals I expound on this on my post “Dreams: Are They Worth It?”

Copyright ©2016 Jay Colby All Rights Reserved.

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About Jay Colby

Some would categorize me as an entrepreneur, life coach, son, friend and all of the above. I’m just another person trying to find my way in this world. Until recently, I was unsure what my path in this life would consist of. Like many others I was between I know what I want to do but not sure if that’s what I’m supposed to do. I am currently finishing my degree in something that has nothing to do with becoming a writer or entrepreneur so automatically it qualifies me to become one right! Follow me as I go through this journey called life to impact and encourage one person at a time.
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62 Responses to 7 Reasons Why People Don’t Start Their Own Business

  1. From first hand experience, owning a business is both the most rewarding and insane thing I’ve ever done. All four times. Lol.

    Liked by 7 people

  2. Big D says:

    Concerning #2, sometimes people can make businesses with very little, to no capital. That’s what I’ve been building. The internet allows people to do things differently, like having an eBay business.
    Great post. Be sure to check out my blog at groundruletriple.com

    Liked by 3 people

    • Even a small internet business requires resources that some people might not have access to. Though this is rapidly changing. At the very least your time, an internet enabled device, and a connection. If you do have access to that then possibilities are endless if you choose to start your own business.

      Like

  3. Keeby says:

    Great post. Puts working life into context really. Look forward to reading more of your stuff

    Liked by 3 people

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    Liked by 2 people

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  6. Kim Gorman says:

    I think number 3 is a big one. In my own family I was conditioned to go to college and then find a steady job with good benefits and a pension. It’s what everyone did. Not to say there is anything wrong with this path, but I literally have no idea how to think like an entrepreneur. Whereas it seems to come naturally to people I know who were exposed to parents and family members who have or had their own businesses. It’s a mindset, really.

    Liked by 3 people

  7. I think the two main things that brought out my Inner Entrepreneur was reading the book “Think and Grow Rich” and then realizing, about 10 years later, that I could make money as a freelance writer.

    Liked by 3 people

  8. I agree with your points. Great job🖒🖒

    Liked by 2 people

  9. You nailed it again Jay! I enjoyed reading through it.

    Liked by 2 people

  10. Alexis Rose says:

    Great post. I work with new business owners consulting on initial matketing plans. Fear is definitely their number one stumbling block.

    Liked by 2 people

  11. This is exactly my problem, I want it so bad I just don’t know where to start or the resources 😩

    Liked by 2 people

  12. Very true jay.People are always want to live in their own zones.They feared about everything before even entering.Good post to read.

    Like

  13. Great Article – I couldn’t agree more with all of it … The hardest part is not knowing what you don’t know. It’s what I base my blog on. Keep sharing, this is great!

    Liked by 1 person

  14. bellobath says:

    It can be very tough! It’s definitely not for the weak. Thanks for the great information.

    Like

  15. Pingback: 7 Reasons Why People Don’t Start Their Own Business — Jay Colby | Lady Dyanna

  16. You are correct. #3 is a major factor. I do not believe entrepreneurship, as a career path, is encouraged. An entrepreneurial spirit can be intertwined with nearly any pursuit. Excellent post!

    Liked by 1 person

  17. Shubham Paul says:

    There is nothing like stress. If you love what you do, level of stress would be zero. Just think, when you were a little kid, you had climbed many trees. Even though you knew that you would not make it happen, but you did. Yes, you failed many times, but you loved doing that. Then, why can’t people sustain that sort of love when they grow up? Think accordingly. Live well. Peace.

    Liked by 2 people

  18. Pingback: 7 Reasons Why People Don’t Start Their Own Business — Jay Colby – disue

  19. Nice post, Jay. So, is this a series where you give aspiring entrepreneurs tips for starting a business now?

    Liked by 1 person

  20. TipsterPH says:

    I’ve always wanted to start at least a small business of my own but I’m so attached with my current job and afraid to quit.

    Liked by 1 person

  21. odell01 says:

    What an excellent post! Thank you for sharing such great insights. You’re investigating this kind of thing with both delicacy and aplomb. Well done!

    Liked by 1 person

  22. Her Digital says:

    It is such a scary thing to start your own business. Fantastic post 🙂

    Liked by 1 person

  23. Thegetaround says:

    Couldn’t agree more, but what is to be done to overcome these barriers!?

    Liked by 1 person

    • Jay Colby says:

      Many times one is if you really want something in life go after it. With everything you have no matter what obstacle one might face keep going and never give up!

      Liked by 1 person

      • Thegetaround says:

        There is always a level of risk in taking on these new challenges. But how do you feel about options such as seeking out a mentor? Or shadowing fellow entrepreneur to get a better understanding of the types of challenges that lay ahead for the new start-up?

        Liked by 1 person

      • Jay Colby says:

        That’s a great idea to get a better understanding of the challenges you may face. Researching and networking with people is always great idea before we actually start to pursue anything in life

        Liked by 1 person

      • skyline1991 says:

        I agree with you. Getting a mentor is a great way of learning and progressing towards your goals. Also he can warn you about upcoming obstacles and provide some shortcuts!

        Like

  24. skyline1991 says:

    You can also join different organizations who provide support and organise different seminars, from which you can learn a lot! In Slovenia we have Ypsilon where you can meet like-minded people and network with people from different fields.

    Like

  25. #2 resonates as lack of resources contributes to my aimless ambition.

    Liked by 1 person

  26. Leah Wentworth says:

    On the flip side (and in my case) once you work for yourself and realize what you can accomplish there is no way in heck you want to go back to working for someone else. It’s empowering and waking up every morning doing what you love is amazing! I remember having these reasons prior to owning my own business however.

    Liked by 1 person

  27. Nice post. I know many people who feel this way! In return I’ve started my own business that promotes entrepreneurship and motivates people to achieve their dreams. Check out my blog! It would mean alot! You have great content btw!

    Like

  28. balabhaskar6 says:

    Reblogged this on balabhaska and commented:
    Reasons didn’t work on with business seasons

    Liked by 1 person

  29. Coopon says:

    Reblogged this on Coopon.

    Liked by 1 person

  30. enterfuntech says:

    Right, i also want to start my own business but problem is resource, i just want some resouces(assets). At the end your article is great and very knowlegable thanks for sharing with us 🙂
    Regard
    Enterfuntech

    Liked by 1 person

  31. There is one rule in business. Buy low, sell high. The rest is
    learning as you go along, & trail & error. Like all things in life.

    Liked by 1 person

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