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Almost everyone at some point in life want to start their own venture. But the process is not a cake walk. This is a tough road ahead. Majority of people cannot make their mind to start it. Many mental wars keep going. Many factors come forward.
There are many reasons why people do not make up their mind to start business. Six major reasons I am mentioning here.
1 Lack of risk appetite: This is a major factor. Entrepreneurship requires a lot of risk appetite. This is not there in majority of people. Most of the people want to enjoy the zone of comfort. However, the world of business is not about comfort, it is all about making a new way. All entrepreneurs have an appetite for risk. This is the key leading factor in the world.
2 Lack of planning: Planning is the blueprint of future action. It is said that most of the people do not have the plan. By planning I mean proper written plan. This is major drawback. Planning in mind is of no use. Plan need to be on paper and with timeline. This makes the way for the action. Lack of planning prohibits a person to start anything new.
3 Lack of experience: Experience makes a person acquainted with the processes and proceedings. Most of the people do not have right experience. This hikes the fear factor, which in turn stops them from starting a new business. Experience makes a person confident and vice versa.
4 Demotivation by others: Family and friend circle helps to make the mindset of a person. It is a normal human tendency to raise and discourage a person, if the situation is not a familiar one. So other person raises the discouragement to an unfamiliar situation. Slowly but steadily, opinion of others become own opinion and discouragement puts a full stop to the new journey.
5 Too much liabilities: This has become a trend to maintain the social status of life. People take a lot of loans. They take loans to buy house, car, foreign tours, expensive articles etc. They even buy articles by using credit card and pay by equated monthly installments. This creates lot of liabilities. These liabilities are killers. They not only take financial freedom of person but also prohibits them to start anything new.
6 Fear of unknown: Business has a lot of uncertainty. This generates a lot of phobia. This phobia stops them from starting anything. Common man’s psychology makes them stay in the zone of comfort. This is a great stopper. This creates a mental aura which prohibits them to take any kind of new risk or assignment.
Positive side of this is, all above pointers can be easily be handled with right mentoring and hand holding. Right planning makes a difference here.
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