There are so many people in the world who want to start their own businesses. The motivation behind their drive varies from person to person. Some are unhappy with their current full-time jobs, some are just hungry for success, and some want infinite earning potential but regardless of why some want to pursue entrepreneurship, the majority of those people will never experience it.
Qualtrics conducted a survey and revealed that 32% of Americans wanted to start their own business but the majority of them never get their brilliant ideas off the ground. As wonderful as working in your pajamas, having no commute, and having the freedom to work wherever-whenever sounds, there are various circumstances as to why most people never get their business ventures off the ground.
It’s perfectly understandable if you think about it… Starting your very own business is scary and comes with a lot of risks. Some of those risks are risks that some people just can’t afford to take and are not willing to take. Then again, some people are simply okay with being unhappy at their jobs with the possibility of never being able to see the Seven Wonders of the World.
Having your own business would allow you to see the world around you without being confined to a cubicle or desk… and you’d be able to make money while doing it! But all too often people wish for the freedom that entrepreneurship brings but aren’t willing to actually do what it takes to turn their dream into a reality. Take a look at some of the biggest reasons why most people never get their business ideas off the ground.
Reason 1: Not Enough Money
As you probably already know, it takes money to make money and without it, your business idea will forever remain just an idea. The thing that people have in their heads is that starting a business is extremely expensive… Well, starting a business can be expensive, depending on the type of business you want to start, but if you start out small and gradually build your business up, you have the potential to reach a level of entrepreneurial success you never imagined.
Although it seems impossible for some to start a business because they don’t have enough money, the great news is that to get started, it doesn’t have to cost you a fortune. With online businesses, you can build your website under a free 14-day trial first. Once you see how much you like it, you’ll want to continue growing your business and you can do it at a reasonable price!
According to statista.com, the world of e-commerce accounts for 2019’s $365.2 billion increase in retail sales. In knowing those numbers, you would think that it would be enough motivation for people to put some action behind their ideas but people still aren’t willing to make that small upfront investment. You don’t have to reinvent the wheel to find something that will perform well online. Everything from radio parts to custom name labels are bought and sold online, especially after Covid-19 fears impacted our shopping habits.
Reason 2: Fear of Failure
Everyone knows the business survival rate statistics and that’s one of the biggest reasons why people won’t start their own business. They’ll look at those statistics and immediately get unmotivated and give up before they can even get started.
It’s understandable to have that fear because starting a business is indeed a huge risk. There are people who’ve invested their life’s savings into their business only to watch it fail… those are horror stories no entrepreneur wants to face but you at least have to give it a try… One of the biggest regrets of life is giving up on something without even trying.
Reason 3: Not Wanting to Let Go of Their Full-Time Job
A lot of people have great business ideas but aren’t willing to let go of their full-time jobs to pursue them. The thing about it is that you can work a full-time job and pursue your business on the side but eventually, as your side business picks up, it’s going to require more of your time and effort which can cut into your full-time job’s hours and lost of people aren’t willing to give up their full-time job, especially when they actually enjoy their full-time job.
Think about it… With most full-time jobs, you have benefits and most importantly, a steady income; people aren’t willing to give that up for a life of uncertainty. This particular reason is understandable, especially if you have a family to take care of and can’t take that kind of financial risk at the moment but the key thing is to always keep your idea in the back of your mind for when you are financially ready.
Reason 4: No Knowledge of Where to Begin
This particular reason is inexcusable… Sure, you may not know where to begin with your business but there is a wealth of information and resources out there for you to get information on how to start a business. Using this reason as an excuse to not start a business is completely unacceptable and ultimately boils down to simply not wanting to put in the effort to find the information on how to do it.
Reason 5: Afraid of What Others Will Say
Are you someone who lets other people’s opinions dictate how you feel about yourself or your worth? If so, then entrepreneurship probably isn’t something you should be pursuing in the first place. As you venture into entrepreneurship, people are going to have opinions about your ideas…
Some will think it’s the best thing since sliced bread while others will think its the most stupid thing they’ve ever heard, and that’s perfectly fine… everyone’s entitled to their own opinion but the opinions of others shouldn’t be the reason you don’t pursue your dream of becoming a business owner but unfortunately, people let opinions talk them out of it.
People know that to start a business not only takes a lot of time but it also takes a financial investment as well and the moment someone says they think an idea is stupid, that aspiring entrepreneurs takes that opinion and convinces themselves that it is indeed a stupid idea and that they shouldn’t waste their time or money on it… that’s the power of persuasion.