What is keeping you from starting your own business?

The factors that may keep you from starting your own business can be found at two distinct places – in your head and in the environment. Although managing the situation at both places demands hard work, it especially requires learning. Learning about yourself and learning about your environment. The psychological battle starting your own business will now be discussed.

The biggest obstacle starting your own business – yourself

People generally like stability and don’t want to take unnecessary financial risks. Indeed, people are more sensitive to the possibility of losing objects or money than they are to the possibility of gaining the same objects or amounts of money ¹. Don’t we all just like a good job at an established firm with some vacation time? Maybe it’s our fear keeping us from starting a business.

Tina May, co founder of Institute of Code has identified six fears that might keep you from starting your own business:

1. Fear of failure – we really don’t like to fail. However, we may overcome this fear by thinking again what success mean for us. For most of us just starting our business will be a huge success.
2. We fear that we are not good enough – many of us may feel that we don’t have the skills and knowledge to start a business. For this reason it is important to research your business idea thoroughly and to formalize it with a business plan.
3. The fear of humiliation – some people don’t even tell others they are starting a business because they don’t want them to know if they fail. Ironically, the best way to spare yourself humiliation is to communicate your idea to those close to you. They will feel involved and probably start supporting you.
4. Fear of separation – starting your own business will change your life radically. Some people are just not willing to let go of the tried and trusted way of living.
5. Fear of poverty – this fear goes hand in hand with the ‘risk/reward’ equation of your business idea. Again, with a proper plan and sound financial management action can be taken in time to prevent disaster.
6. The fear of success – being overly successful is not for everyone. Once successful, the fear to remain there may stop prospective businesses owners from opening their shops. It is imported for you to mentally prepare for the success scenario as your business grows.

Concluding

There are many reasons why you would start a business. Many people have no other choice than starting a business. However, whether the decision is your own or not, you need to be aware of the psychological battles that you need won.

Remember, you need a well researched and written Business Plan to get your business off to a good start!

Note

¹ Tom, S.M., Fox, C.R., Trepel, C. and Poldrack, R.A. 2007. The neural basis of loss aversion in decision-making under risk, Science, 315(5811):515-518.

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