Have you dreamed of starting your own business but you are yet to pursue that dream? Do you have a good business idea and business plan but you just don’t know what to do next?
Do you have everything it takes to become an entrepreneur or business owner but you just can’t find the push or motivation to go for it? If your answer to any of the questions above is yes, then I advice you read on.
Over the years, I have met a lot of people with brilliant ideas that are doing nothing to make their idea a reality. I have friends who talk about building a business someday but they never get to start. I have also met people with money (inheritance, retirement fund, pension, and gratuity) but they can’t seem to find a good business opportunity to invest in.
Initially, I thought these individuals were being held back by procrastination but upon further research, I discovered that they were being held back by their own perception and personal philosophy. So in this article, I will be examining the possible reasons why most people don’t start a business despite the inner urge to do it.
7 Obstacles Preventing You from Starting your Own Business
I have met highly talented and skilled individuals both in the corporate world and labor market and when I talk to these individuals, I feel their high energy and IQ. However, when I ask these individuals if they have ever thought of running their own business, I am usually met with responses such as:
- I would have loved to but I just can’t think of doing it
- I would rather stick with my job than start a business
- I think I am fine working for someone else
- I am not cut out for it. I can’t stand the hassles and stress of building a business
- I am a career minded person, I am not the business type
Now the honest truth is that these set of individuals have no business running a business and there’s nothing anyone can do to help them. These individuals are prepared to go from one job to another without loss of enthusiasm. Please if you are such an individual, then it is better you stay where you are and don’t bother starting business because you will fail. If you lack the passion or interest to start a business, then don’t do it; until you change your mindset.
The world is filled with brilliant business ideas and opportunities, yet when you visit popular Online business forums, you will find questions such as:
- I have $1million dollars, what do I invest in?
- I have $5,000; what do I do with it?
- What is the best business to start with one million naira?
In utmost sincerity, I don’t believe that lack of business ideas is good enough reason not to start your own business. For Christ sake the world is filled with business ideas and opportunities. In the real perspective, I believe it is indecisiveness, analysis paralysis and poor mindset that is holding back those who think they are being held back by lack of business ideas
If you are one of such individuals, then you should bear in mind that opportunities abound and the right opportunity may never come. You just have to grab one of the many opportunities that cross your path and run with it.
This is the stage where most good business ideas die off. In fact, this is one of the biggest challenges entrepreneurs face in business, and the sad fact about this challenge is that there is no holy grail to raising capital. Lack of capital is one of the major reasons why most people never start their own businesses.
Now with respect to raising capital, there is definitely no magical approach to it. You just have to think up or discover a good business idea or opportunity, write a good business plan and look for the funding.
However, you can increase your chances of success in raising capital if you can start small. Starting your business on a small scale will enable investors see the practical workability and potentials of your idea. If you can’t start on a small scale, then just don’t sit idle.
Do something. Start meeting and discussing with other entrepreneurs in your neighborhood, attend entrepreneurial summits, seminars and workshops, keep talking to investors, develop your product prototype and organize business plan presentations. In the game of raising money for your business, there is no limit to what you can attempt especially if you strongly believe in your idea.
Business is a game of skills, so also is investing. One of the reasons why most people never start a business is because they lack the entrepreneurial skills to build a business. To successfully build a business, you will need a synergy of skills which include sales skill, accounting skill, marketing skill, people skill, etc.
However, most budding entrepreneurs lack these skills and they are unwilling to invest time and resources to develop these skills; so they never get to launch their dream business.
If you are in the category of people that lack the needed skills to become an entrepreneur, and you are not willing to do anything to develop such skills; then you can’t be helped. When it comes to building a business, talent alone is not enough. Like I said earlier, business is a game of skills. Even if you choose to hire people with the needed business skill, you will still need skill to attract and manage them.
Fear of failure, fear of losing money, fear of the unknown, fear of taking risk. In fact fear is the ultimate reason why most people never get to start a business but surprisingly enough, these same individuals will never admit they are afraid to start a business. Examples of statements you will hear often from people who are afraid are:
- I hate taking risk
- I can’t afford to lose money
- I am looking for a business that will provide a steady guaranteed income
- I hate failing
The problem with fear is that it is an emotional thing; as well as a personal thing, and most people are good at hiding their fear with big financial terminologies and excuses. If you can’t overcome your fears, then you can’t be helped.
In conclusion, I want to re-emphasize the fact that entrepreneurship is a personal thing; a thing of the mind. If you can’t visualize yourself running your own business, if you can’t imagine yourself surviving against all odds; then you probably have no business running a business and that is the hard truth.