Why Young People Don’t Start their Own Business

Dave Pollard outlines 10 reasons. Among them:

# Don’t Have the Skills: “I wouldn’t know where to start. I took entrepreneurship in college, but it was all about understanding financial statements and types of loans. I’ve never even spoken to a successful entrepreneur.” As the chart at right shows, their are eight capacities that at least one person on the team starting a new business needs to have, and sixteen learnings, most of which are best acquired by visiting with and speaking with entrepreneurs who are putting these skills into practice. This is not rocket science, and it’s a tragedy we aren’t teaching it.

# Don’t Have the Self-Confidence: “I’d get discouraged too early in the process. It all sounds so intimidating. You have to have nerves of steel and incredible courage to take this on. I know some entrepreneurs, and I don’t envy them.” It needn’t be intimidating. This is mostly fear of the unknown, and the lingering mythology of entrepreneurship that is perpetuated, alas, because so many entrepreneurs keep making the same avoidable mistakes over and over.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.