What Is Holding You Back from Setting Up Your Own Business?
It is often said that you can never become truly rich while working for someone else. It is true that you stand more chance of earning a lot of money if you work for yourself, so what is holding you back? The truth is that there are a number of reasons why most people don’t take the chance and go it alone.
A Fear of Failure
Probably the biggest reason why more people don’t set up their own businesses is that doing this brings with it a fear of failure. There is no doubt that running an unsuccessful business could be a financial disaster. If running our own company gives us a chance to earn a fortune then it also gives us a chance of losing one as well. However, while a fear of financial failure is a big issue it is fair to say that it goes hand in hand with the fear of the disappointment of failing. When we work for someone else we don’t risk our hopes or dreams every day, while someone who works for themselves puts these on the line all the time. This point probably boils down to whether you like financial security and a lack of risks or whether you are happy to take a chance and put your dreams on the line.
No Business Ideas
This second point seems a less likely reason for not giving it a go, if we are being honest. Sure, you might not be a Richard Branson with business ideas pouring out of you but I think that we all have at least one idea which we could make work. In fact, if you were to sit down right now with a blank piece of paper I am sure you could come up with lots of pretty decent ideas for a business of your own. We all think sometimes – and on some level – about what type of shop or service our town lacks or what kind of website could make money. You might never seriously consider doing anything about it but you have thought about it at some point, haven’t you?
Wanting an Easier Life
Maybe it all just comes down to wanting an easier life in the end. We all know that running your own business is a lot tougher and more stressful then sticking to paid employment. When you work for someone else you turn up, do your hours and get paid at the end of the month. A lot of people get enough job satisfaction out of this and are quite happy to earn what they earn in terms of their salary. If you are content with the life and career you have you might not feel the need to risk losing a lot of money and even more sleep by setting up your own business.
A Lack of Drive
If you are seriously thinking about setting up your own business then you need a lot of drive. I reckon that most people who don’t mind the thought of failure, who have ideas and who don’t mind having a more complicated life fall down at this final hurdle. Turning some good business ideas into a workable business requires a lot of drive and commitment, no matter how humble a business it might appear to be. Not all of us have this drive and without it the best bet seems to be to stick to paid employment. You can’t fool yourself on this point and pretend to have the necessary drive and determination when you know that you don’t.
Are there other reasons for not starting your own business?