Why you are not able to start a business?

Have you been thinking about starting a business for a couple of years or more? But you haven’t started yet. Do you ask yourself why so? Specially if you are a go-getter in work life or a role model in your family.

There are different reasons why someone is not able to start a business. Here are 7 main reasons in my experience why people despite a huge desire to, often spend many years contemplating but not starting a business:

1.      Fear of failure – People often are scared of failing. Sometimes they do not commit it to themselves. It can come from environment, subconscious or self-esteem. No matter how it occurs, this underlying fear never allows them to take the plunge. Fear of failure also comes from past failures.

2.      Capital/Funding Challenge – Not having enough money to start a business is one of the top reasons why people do not take that plunge. It’s a very well known syndrome in people who want to start with a great idea in pocket but do nothing for years. Because they feel they need a lot of money to start.

3.      Financial Security – They are in a situation where they might be the main bread winner of house, or they may be in a very high paying job. This financial security cover is not allowing them to take that jump off cliff because it means to let go off their economic security in life. For them it’s not easy to become a hustler and chase customers/clients for financial security.

4.      Lack of Knowledge – Quite a few people feel they don’t have enough knowledge about business. They have a great idea but business knowledge is where they feel they lack. This knowledge could be in any areas of business like how to market a product, how to write the business plan, how to get funding, how to tap into resources available or how to source people or all of it. They keep accumulating knowledge for years but do not take that plunge.

5.      Lack of Resources – People often mention they don’t have enough resources. They may be right because apart from idea and capital, business foundation is made of resources like mentors, network, land or office, employees, market and technology. What they don’t explore is that resources can be garnered once you make that decision.

6.      Self-Motivation – One may not be enough motivated to make his/her ideas a reality. One may have habits, behavior or patterns that pull them down. They may think about it in morning but by night they tell themselves, “I can’t do it”, it isn’t a good idea to start a business.

7.      Lack of moral support – Family, friends or colleagues, there must 1 or 2 people (may be more) in their life who feel “they shouldn’t do it” for any of the above reasons. If these people are close, they matter, their happiness or perspective matters. So one part listens to them and agrees with them. Though other part says “I really want to do it”. Later in life one blames the same people for stopping them from doing it, because it was their calling.

Are you battling any of the reasons? Do you want to make that shift and start your business?Feel free to connect with me via #LinkedIn or email me at [email protected].