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Why Are People Afraid to Start Their Own Business?

why are people afraid to start their own businesses

Starting a business can be chaotic. Success isn't guaranteed. Every day, businesses fail, and countless entrepreneurs end up with nothing to show for months or years of perseverance. It also tends to cause anxiety to think about giving up a steady income for an uncertain, hoped-for reward.

Entrepreneurs are plagued by the fear of failure, from losing key clients to running out of money. Entrepreneurial courage is not the absence of fear but rather the ability to persevere regardless of it. The fears are well-founded: Research indicates that roughly 75% of businesses fail within 10 years (see U.S. Bureau of Labor Statistics data on firm survival rates).

Despite these obstacles, some entrepreneurs choose to plow ahead regardless of what obstacles stand in the way. The following article examines the main reasons why people are afraid to start their own businesses and whether these fears are well-founded.

Top 7 Reasons for Why People are Afraid to Start a Business

In spite of how often entrepreneurs read their affirmations, fears arise every step of the way, challenging them to overcome them. Review the following list of fears a business owner might experience and see how they can be overcome:

Getting Started

When entrepreneurs first start their businesses, they don't know where to begin. Start by finding someone who has already accomplished the goal you are aiming for. Get to know the person and their business structure, and reach out to ask for advice or information. Even if the business person lacks the time or interest to speak with you, you will know that they have met success, so you can as well. You just have to take action. It will all unfold as you proceed.