People don’t run their businesses. Why? Maybe, they have fears of losing it or are frightened to make bold business decisions. They may have thought to run their business and got the idea, but they are not applying it to run a profitable business or not coming out of their comfort zone to work hard and build their brands.
Have you ever thought about running your own business? No!
The answer may be you lack the Inspiration to take initiative steps and bold decisions.
Inspiration provides means and motivation to rise above, be creative, and achieve goals. People always get inspired by anything or any activity that motivates them to follow those steps. But when asked about starting their own business, many lack inspiration and don’t want to give it a second thought. What to do, where to start, they have got no idea.
Why doesn’t everyone try to start their business?
Every work demands your energy and time to make it to a business. If you don’t invest time, it will be hard to succeed. For every business, there is no one-size-fits-all solution to every problem. It always involves uncertainty factors when you start your own business.
People do not try to start a business even if they have an idea because they only focus only problems and worries coming their way. And it is almost impossible for them to know everything about running a business. Lack of knowledge and skills gap also creates a barrier to pursuing a realistic approach. Would-be entrepreneurs of all age groups and with various experience levels face the same internal questioning when starting a new business.
According to the Harris Poll Survey conducted in Feb 2021, over 2000 Americans, of which 1228 Americans (almost 92%) have had an idea to start a business but aren’t pursuing it. Because many people believe that after college, jobs are the safest option while considering a career path because they receive monthly paychecks without worrying and enjoy life. They avoid the anxiety and pressure of starting their own business even if they do the job unhappily.
Reasons: why people don’t run their business
People don’t run their businesses because they are afraid to take risks, like easy-going life, and lack information regarding how to operate a business. This lack of knowledge creates uncertainty and fear, as a result, leads to inactivity. Some of the most common fears that stop would-be entrepreneurs from setting up their businesses are:
- Time restrain & Responsibilities
The business also brings responsibility. Sometimes people avoid being solely responsible for everything because they have to act as a manager, have a market business, check accounts by themselves, see competitors or market competition, and in the end, have to please family and carry out household chores.
Sometimes, people do not bother to think about business because they have constraining time. They are doing full-time jobs, parenting duties, or having many other personal responsibilities. They did not find enough time to invest in entrepreneurship. Sometimes, they have the burden of the student or car loans that they should pay on time.
- Self-Doubt
Self-Doubt is one of the most common excuses that people make. They lack confidence or self-belief and are unwilling to put effort into business planning, especially in the beginning stage. They constantly compare themselves to unrealistic beliefs that they are incapable or useless and they can’t do business.
- Fear of failure
Fear of failure is also one of the reasons why people do not go for business. Everyone is afraid of failure. Failures teach invaluable lessons, guide you about exceptional business ideas, and push you toward better entrepreneurship.
For most people, the fear of failure is so great that they don’t even try to take risks by running a business. They prefer sticking to their full-time job as a better option than experiencing entrepreneurial loss.
- Lack of funds
A barrier that stops people from starting their businesses is the lack of sufficient funds or personal savings. Funding is a necessity to grow any business. You have to bear the expenses of startup costs and even have to wait patiently for several months without earning a penny. Do I have enough money to invest in the business? Should I invest the whole amount of savings or half?
Many people back off because they don’t have money to start a business, and acquiring funds from other sources creates an overwhelming fear in them.
- Lack of knowledge & experience
Successful entrepreneurship demands a sound knowledge of your industry, market competition, competitors’ activities, and business management if you want to earn a living from your business. Many people are afraid to start a business because they lack the necessary education or experience and feel insecure about their chances.
But the reality is that not even a single entrepreneur can be an expert at everything. Many of them fall before shining like a bright star. They continuously educate themselves to set better goals and master every new business tool that enters the market. About 46% of Americans would like to start a business if they have knowledge and access to many business tools. With limited knowledge and experience, you may be reluctant to move forward.
- Lack of stability
Financial security provides you great opportunity to play with high risks. Usually, people take small loans to buy a car, property, or something and have to pay monthly installments on them. Their job makes them financially secure. If they decide to switch towards business, how can it be possible for them to be stable financially? Because starting a business involves many what-if scenarios like what if they fail? What if they don’t run profitability? What if their product or service gets rejected?
Economic stability is also uncertain and always involves risks. There’s no perfect time to start a business, but you should overcome these fears with adequate knowledge and research analysis.
- No idea
You can’t run a business if you don’t have an outstanding idea for a product or service. You don’t know what to sell and where to sell. Many people don’t know how to turn their ideas into reality. Implementing any idea is also not an easy task for any entrepreneur. Stop procrastination and try to motivate yourself into business and work hard to achieve your goals. You should know the responsibilities of being a business owner and efficiently running a company.
- Laziness or unwillingness to work hard
People do not run their businesses because they are too comfortable in their job or too lazy to think about starting their businesses. They avoid hard work, pressure, and anxiety and are happy with their life. They lack passion and don’t want to start from scratch.
- Loss of freedom
Starting a business means you’ve to work round the clock. There are no holidays or weekends. It also requires unlimited working hours beyond the norm struggle to get it off the ground with many late-night sittings and early mornings.
Even if your employees manage most of your tasks, the responsibility falls on you. So maintaining the balance between personal and professional life is the most challenging part for any entrepreneur. You have to manage time for your family and yourself. And sometimes have to deal with personal emergencies which are a part of life.
- Lack of support
Sometimes family discourages you from starting a business and forces you to do a job. They force you to choose a medical or engineering field as a career instead of a business. On the other hand, who starts a business with family support could be a successful business owner.
Final thought
Fear, Failure, and risk are the factors to avoid and overcome as an entrepreneur. An entrepreneur should have a broader vision to start a business and a reliable source of knowledge, careful research & planning.
Secondly, a lack of inspiration also blurs the path that leads to a business. You should join inspirational groups for more productivity and support.