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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92 Responses to 7 Reasons Why People Don’t Start Their Own Business

  1. What is your business?

    Liked by 2 people

  2. For me, I was afraid to start my own business because I was stable at my job, and it was hard for me to approach others. Last year, the company I worked for told us they were looking to sell us to another individual. This individual already had a family member that was their accountant. I feel strongly had I stayed, I would have lost my job. This was the push I needed to help me open up, and get out there. Now, I have a strong clientele, in addition, studying to be a Certified Fraud Examiner and have met a lot of wonderful people.

    Liked by 2 people

  3. aquibview says:

    Encouraging post, keep it up. ☺️☺️

    Liked by 1 person

  4. John M says:

    I think Fear of Failure is the biggest one. Many believe they may not succeed or even lose their whole capital.

    Liked by 1 person

  5. I think fear is main cause. Other causes can be overcome. other than fear can be arranged only when some one has no fear.

    Liked by 1 person

  6. These are so true. It doesn’t mean people are bad for loving their job…it just means entrepreneurship isn’t for everyone. 🙂 Loved the post!

    Liked by 1 person

  7. Hi Jay,
    I know these seven things are true because I’m one of those people that say I want to start a business and I never do. Do you have any tips on how to overcome these seven reasons for a want to be entrepreneur like me?

    Liked by 1 person

    • Jay Colby says:

      Thanks for reading! The number one reason that stops us from following our dreams/goals is our mind. Often we get in our own way by creating doubts and limiting beliefs about what we want to achieve in life. So my advice is to believe in yourself and just start. Reach out to people who’re doing something similar to what you want to do and ask them for advice. Then make a actionable plan and get started. Hope this helps have a great day!

      Like

  8. villanuevabrandon117 says:

    Creating your own business is a big lesson itself and can lead to great rewards as long as they are passionate about working hard and taking risks. Not a lot of people are in the right mindset of taking risks and bootstrapping their own money to make a business. I want to start my own business as soon as possible, yet it is challenging due to my mindset and not enough resources (such as funding). Even though I’m working on this business by myself, I still try my best to do the work and make this happen. Thanks for sharing your thoughts and ideas!

    Liked by 1 person

    • Jay Colby says:

      I agree creating a business can be tough and time consuming. If you ever need any help or advice don’t hesitate to ask and contact me through my contact page on my blog. Thanks for reading!

      Like

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