What do you think is the number one thing that holds people back from starting a business?
Shannon Coulon
8 replies
Replies
K John@kate_johns
Starting a business requires a range of skills, including marketing, finance, and operations. Many people may not have the experience or knowledge needed to manage a business successfully.
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I think the fear of failure and not being able to manage the funds well in the first stage are influencing factors. Also, most poeople suffers from insufficient capital.
1) Fear of failure
2) lack of capital
3) lack of support and resources
It's essential to understand the market and the competition before starting a business. Without conducting proper market research, people may not have a clear understanding of their target audience or the demand for their product or service.
Starting a business involves a degree of uncertainty about the future, and some people may not be comfortable with this. Without a clear plan or vision for their business, they may be hesitant to take the leap.
@carmen_judson Thanks for responding Carmen! Yes, "fear" of the future, uncertainty, and risk seem to be a common response. Earlier today we filmed a podcast talking about how to overcome this initial fear holding people back.
Some people may have a perfectionist mindset, which can make it difficult to launch a business. They may feel that everything needs to be perfect before they can get started, leading to procrastination and inaction.