{"id":54898,"date":"2023-10-20T16:29:16","date_gmt":"2023-10-20T16:29:16","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/why-fear-is-the-number-one-thing-holding-back-entrepreneurs-startupsmart\/"},"modified":"2023-10-20T16:29:16","modified_gmt":"2023-10-20T16:29:16","slug":"why-fear-is-the-number-one-thing-holding-back-entrepreneurs-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/why-fear-is-the-number-one-thing-holding-back-entrepreneurs-startupsmart\/","title":{"rendered":"Why fear is the number one thing holding back entrepreneurs – StartupSmart"},"content":{"rendered":"
The fear of failure, a perceived lack of expertise and financial concerns<\/a> are very real concerns felt by Australian entrepreneurs.<\/p>\n \u00a0<\/p>\n This is despite the fact that they\u2019ve never been so well equipped to make the leap of faith to business ownership, given the support technology can add these days.<\/p>\n \u00a0<\/p>\n This is the key finding of a small business study, titled What\u2019s holding you back?<\/em>,<\/a> which confirms that the fear felt when making the leap to business ownership relates primarily to concerns about money (37%), and leaving a secure job (33%).<\/p>\n \u00a0<\/p>\n Others are hesitant because of the fear of failure (19%) or perceived lack of expertise (15%).<\/p>\n \u00a0<\/p>\n Recently commissioned by Servcorp in conjunction with Galaxy Research to understand the impact that fear has on those wanting to set up their own business, the study also reveals that younger entrepreneurs have the greatest concerns about money (42%), fear of failure (25%), and lack of expertise (22%). As part of a national survey, more than 500 Australian business owners were interviewed to see how they dealt with fear as they entered business set-up mode and how they managed to overcome them.<\/p>\n \u00a0<\/p>\n It found that women tend to be quicker in moving to start their own business, with 41% setting it up within six months of having the idea, compared to only 28% of men. However, men are more likely to be confident that they will be successful (42%). Women are more likely to be looking for a better work\/life balance (43%).<\/p>\n \u00a0<\/p>\n Servcorp\u2019s chief operating officer, Marcus Moufarrige says entrepreneurialism runs in our nation\u2019s blood. However, it\u2019s natural to wrestle with fear and doubt when making the leap to business ownership, so we all need to support the entrepreneurial spirit, he says.<\/p>\n \u00a0<\/p>\n \u201cWe encourage those with a business idea to go out there and \u2018have a go\u2019 \u2013 but our advice is to take a smart and considered approach by building a solid business plan and investing in the right partners and support,\u201d Moufarrige says.<\/p>\n \u00a0<\/p>\n Australia needs to get over its fear of failure, Adrian Turner, co-founder of Silicon Valley mobile and smart device security company Mocana, warned us late last year during a visit Down Under.<\/p>\n \u00a0<\/p>\n Entrepreneurs need to encourage and form a community where failure is OK and celebrated as evidence of trying.<\/p>\n \u00a0<\/p>\n