Posted by: Pradeep | August 21, 2010

Unfounded reasons to not start business

I was reading GN today business section and found article on why we fail to start our own business even if we can. The three main reasons cited are

1. Need of lots of capital

2. Perceived high risk

3. No great idea

While there are lots of business which can be started without even a single penny investment we fail to get on to it citing reason 3. Consultancy in area of expertise is one such business which can be started without any investment of capital (your knowledge and experience is your capital). The risk perceived by non-entrepreneurs is always high albeit it is  misplaced thought. The risk today is much higher in a job where in you can get fired without any prior knowledge or hint. At least your business would keep giving you indications if you are going to fail (if at all).

Perceived job security can be put as 4th reason for people who intend to migrate from employment to employee status. While steady flow of income is good it does make you less ambitious to achieve higher grounds in your life. It also can make you compromise on your likings to what you do and achieve in life.

Network information sharing to help others generate business can be another segment where one is not required to invest but returns can be there. One business only helps you start another and that is how you grow…nobody made millions overnight.

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