Why People Are Afraid To Set Up Their Own Business
Over the past many years I have come across many people who were interested in owning their own business, especially the traditional brick and mortar business.
However, very often they pulled their own emergency break before they even get started.
Here are the reasons why.
No 1 – The First Start-Up Capital Is A Big Sum
People are worried about the first initial start-up capital. Some business might require five figure of the money value to get started. Some business requires six figure or seven figure. Depending on the type of business.
Most people either do not have the sum of money or they worry about taking a big loan from the financial institution.
No 2 – The On Going Cash Flow And Expenses.
Just like anything we do in life, getting started is the first step. The ongoing expenses that most people thinking about are paying rent to the occupying premises, staff wages, utility bills. Having cash flow for inventory and stock items are crucial because if you have no stock, you cannot sell.
This could be a total out of the comfort zone for most people who are working on salary.
No 3 – Not Having The Right Skill Or Knowledge.
Remember when we were younger we have to learn everything? For some reason, adults behave in a different way.
People worry about having to learn a new skill and new knowledge, they rather stay at the same old comfort zone instead of taking on new life experiences.
For some people, learning anything new is a “too hard basket”.
No 4 – How To Handle Staff
Staff members can be your biggest asset in the business. Nobody can achieve anything on their own, the same goes to business, regardless of how big or small is the business.
Having good staff can make a huge difference. They are the backbone and helping business owner making things happen.
However, handling staff related questions and issues is another topic. That is the reason why bigger organization have a department for Human Resource Management!
No 5 – Limited Mind Set
This is the BIGGEST reason why most people pulled their own emergency hand break before they even get started.
Self-imposed hindrance, limited mindset, and fear. If you let these internal thoughts take over your life. Rest assured you are getting the same results by doing the same thing.
The good news is, you can learn to unlock your own limited mindset and beliefs system. If you really want to start a business, you can plan and make strategy walking towards your goal.
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