To ask why you may have been put off setting up a business?

[pyjamapyjama]

So I hope this isn't against Mumsnet rules, but as part of my uni course I have to take part in a debate about whether entrepreneurship is accessible. I need to argue that it isn't accessible, and one of my points is that alot of people just don't want to take the risk (financial/family responsibility, don't want to quit job, etc etc)

Have any of you ever been put off setting up a business? And why?

TIA

Thanks so much for all the replies!! They've been a massive help

xx

I'd love my own business, but I'm absolutely phobic about failure.
Not So much losing the money, but the embarrassment, I'd feel.

Not having financial capital/backing. It is just too risky. Also being self employed massively increases the number of hoops etc you have to jump through to get a decent mortgage.

For me, I'm nervous of the tax system, i just don't know enough about the accounting i should be doing. I also have a lack of capital to invest. I'm looking to set up a side gig business to supplement a job, rather than a full time one. I don't think it's realistic to go from zero to full time. But largely it's a lack of knowledge that deters me, especially wrt taxes. Accountants are expensive

I didn't understand the background of ruining a business ie the tax and legalities and didn't have the money to do a course to learn. In the end it was too daunting so i gave up.

Dp started a little gardening business on the side of him working part time in a shop. The business grew so that he could quit work and grow the business more. When our youngest started full time school (I was a SAHM) I joined him and we now have a nice little business we are hoping to keep growing. However we do rely on tax credit top ups at the minute (can't wait until we don't need them!)
Tax wise, we're not earning quite enough to pay tax yet so self-assessment is pretty straight forward, though I've just worked it out myself, never been on a course etc.

Luckily we had most of the tools needed to start up, lawnmower etc and I have a Zafira so used that as a work vehicle (just recently upgraded to a van) I think had we needed to invest lots of money we couldn't have done it.

I am going to add my agreement about tax, and small business legislation. It can be hard to find relevant information that makes it accessible without the support of a small business manager and they are more interested in getting up and going before they wish to impart this information. I want to know what the requirements are before i decide to go forwards so I can make informed choices and start with good practise, not getting the information when I am already in the middle of doing.

I have a public sector 9-5 job so pretty far removed from entrepreneurship! I can think of loads of things that would put me off starting a business:

Fear of failure
Fear of financial insecurity/uncertainty
Not getting paid sick leave/mat leave/employer pension
Potential inability to separate work and home life
Not having sufficient work ethic to get a business off the ground (i.e. laziness )
Lack of a great business idea!

If your partner is not 100% behind the decision, don't do it.

I don’t have the work ethic or drive.

Uncertainty, unreliable income, lack of capital and also, a major factor for me, a complete lack of financial knowledge.

Having to pay employees pension, worked it out and it ment paying them a rubbish wage in order to cover the pension contribution. Decided not to do it.