Most people love to own a business of their own and attribute various reasons for this desire. In spite of this burning desire to own and operate a business they are very hesitant to put their best foot forward and venture out. What holds them back from Starting a New Business is certain Fear Factors indicated below.
1. No Self-Confidence:
They fear treading into unknown areas they have never been before. They don’t have the confidence of grappling with new problems and new issues that are bound to arise in their business. They are negative thinkers. They are more worried about failure rather than think positively about success.
2. No Money for Investment:
Since money plays a major role in starting a new business, it is important that you find ways and means of obtaining the money. The fear that hovers over their minds all the time is that they could loose their money in the event of their business ending up in failure. Hence they are unwilling to convince others to invest in their new business venture because within their hearts they are themselves pessimistic about the success of their own venture. This same fear restrains them from obtaining loans from lending institutions as well.
3. No Knowledge and Skills:
Most people who shy away from starting a new business or enterprise often give the excuse that they don’t possess the knowledge, skills or the expertise to set up a business. One need not possess all the skills and the expertise necessary to run a business. In fact many successful businessmen do not possess them either. You can get over this by employing people with the necessary skills to work for you or seek the advice of a business consultant. You too could upgrade your knowledge as you go along.
4. No Ideas:
Though money is not a problem to some but lack of ideas is indeed a major problem since they are unable to choose the right type of business. Identifying and choosing a Niche Business or a business that serves the need of the community should be the prime concern. If you want to be successful it is important that you do some research and set up a niche business, rather than a business that you love to do.
5. Bad Time Management:
Have we not heard people saying, “I simply do not have the time to do my present job and my other activities, how will I ever find the time to run a business?” Running a business does not consume more time than your job. It is not a question of insufficient time but it is your time management that is at fault and needs looking into. How well you manage your time is very crucial for the success of your business.
6. Bad Temperament:
Ups and downs are inevitable in business. The fear of encountering failure and the inability to face the consequences of this frightens them. A balanced temperament that can face successes and failures equally and withstand all kinds of pressures associated with it is essential.
7. Fear of Stress:
Whether you are on an 8 to 5 Job or running your own business you can undergo stress. Stress is not confined to business alone. Unfortunately some people fear that by running a business they could be unnecessarily stressed thereby creating health and family problems. Stress can be avoided with proper time management and avoiding the tendency to procrastinate.
Conclusion:
Paying undue attention to the above factors automatically creates a sense of fear and prevents you from giving serious thought to starting a new business. Thinking positively and associating with positive thinkers and go-getters will give you the courage motivation and confidence to take the first steps in starting a new business.
Kanaga Siva
For Starting a New Business or an Internet Home Based Business a visit to Expert Author and Marketer Kanaga Siva’s Free Home Based Business Website and Affiliate Marketing Blog is the best way to get started.
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{ 8 comments… read them below or add one }
Nowadays, more people are embracing the idea to build and own a business to sustain living due to current economic recession. However, because of fear to fail, some didn’t pursue.
It’s such a good thing that through various information regarding having own business which is provided online, many are now interested to venture in. Ideas and words of encouragement really helps a lot.
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You’ve got it so right! All the above mentioned are really considered to be a factors that prevents people or groups in starting their own business. At least now, those who are willing and interested to venture in business have the idea on how to deal with the obstacles through this information.
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True, many “potential” business owners do hesitate to start, because of the fear of being bankrupt. However, knowing more and more facts about opening a business do help those that are hesitant. I just really hope that they do pursue what they are trying to go for. Thanks for the break down.
Nice one here! You did hit the nail on its head! Who says that achieving success comes on easy ways? You will underwent several ups and down before you can summit what you’re aiming for. As such, characterizing this attitude can’t lead you to SUCCESS. Its very important that you must have will, skills, knowledge and perseverance.
Starting a business especially if you have no idea on what you are going to do with it is very hard. Most of the time fear of failure is always the factor. It involves losing money so it is a risk. Managing your own business can bring you lots of stressful situations which sometimes makes you frustrated to go on or to stop. A businessman should be optimistic towards everything in order to succeed.
If we always have doubts in doing something then we will never do or finish anything productive. Doing business is a gamble but we can raise our chances of winning with a little help from others and some self motivation.
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I felt pretty good about the idea of starting a business, but now I’m terrified! Thanks a lot!
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Many of people i heard that they are no money to afford that kind of business and they are no time to do that but they want to own a business? So they keep up their money on their pocket not to build some business. But i know people on the other side have the risk and the right attitude to do that.
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