24 Barriers to Starting a Business for Young People : Under30CEO 24 Barriers to Starting a Business for Young People : Under30CEO
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24 Barriers to Starting a Business for Young People

| November 27, 2011 | 9 Comments

barrier

We have been doing a lot of research and asking a lot of questions about what stops young people from taking the leap and starting their own business. We asked our audience about college debt and we saw The Kauffman Foundation publish a survey of the young entrepreneur space. Last week we asked our Facebook fans the question to see what was stopping our readers from starting a business. We have compiled their answers below:

Question: What do you think is the biggest barrier to starting a business for young people?

1. Knowledge, I would say fear is big too. Ignorance handicaps you and fear paralyzes you. - Jason Baudendistel

2. Credibility & trust. – As Shashee

3. Market changes. – Med Larbi Bahou

4. Yourself first and foremost. Cultivate a little of the “I don’t care” attitude then be wary of friends and associates. Sad (but true) that those closest to us are often kryptonite. “What you resist persists, what you embrace dissolves with grace” – Maria Joyner

5. Finance is a major barrier for most young people, start up seed is a stumbling block. – Okeh Oj

6. Pressure from parents and family members, telling you, you can’t achieve it!! And you need a full time job, being a slave worker n trying to climb the corporate ladder. – Rush Bhana

7. The paperwork, social pressure, no mentor, fear of failure, contentness with the status quo! – Michael Michalowski

8. Funding and legal matters. – Vinay Balan

9. Courage. – Shiv Kumar Agrawal

10. Confidence and the knowledge that often you won’t get it right first time but that it makes you a better business person. – Gemma Regalado-Hawkey

11. Lack of vision, or a vision that is not compelling. – Gel Puyat

12. People be looking down on you because of “lack of experience” when their “experienced” asses keep on failing in business too. i’d have to say in order to succeed it only takes 20% experience at the most. the rest is mentality, sense, wit, confidence, connections, personality, and open mindedness. Grrrrrrr! – Juno Han

13. Start up capital. – Kim Garback

14. Confidence is the least of young people’s barriers, you won’t find a group of more confident entrepreneurs than in the young ranks. The issues faced and the vary from person to person in this category are competence, commitment, and capital. Many of the above answers are excellent, there’s certainly some issue with outside pressure to get a job instead or go the more traditional routes. – Millionaire Concepts

15. Listening to all the doubters and not yourself. – Impactiv8

16. Experience and people just don’t want to listen to a young person. – Chris Tylenda

17. Just plain ol’ bad vibes. – Beaudy Camacho

18. The motivation to actually act upon an idea. – Robert Jandura-Cessna

19. Time management, fear, and lack of follow through. – Adam Klein

20. Having the lack of financial resources along with the support is my biggest hurdle. Continued motivation is the key… – Unique Hutchinson

21. Finances, uncertainty and sometimes unsure of where to start in the whole process; that’s what I hear from my friends with start-ups. – Josh Beaty

22. Too many government regulations. – The CEO TV Show

23. Capital!!! – Travis Baird

24. Fear, lack of knowledge, self-doubt, and lack of financial resources. – Dana Leavy

What are your barriers?

About the Author: Jared O'Toole

Co-founder and editor of Under30Media. You can send an email to Jared(at)Under30CEO.com. Follow him on Google+ or @JaredOToole

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Category: Startup Advice

  • http://benjaminlang.com Ben Lang

    Great list!

  • http://twitter.com/premgaire Prem N. Gaire

    There’s aren’t any barrier to an entrepreneur at all. Real entrepreneurs must resolve any kinds of barriers that they face and eventually succeed. Others, who complain of barriers, aren’t entrepreneurs at all. 

    Anyone can start a business when there isn’t any barrier or risk!

  • http://www.i95dev.com Henry Louis

    Good list of barriers. I hope these are very essential barriers to start up a business and these are helpful to young people to get good results in their business.

  • http://boisecomputing.com Boise Computing LLC

    Great list!!

  • http://twitter.com/Redmaven Mario Taylor II

    I am glad you posted this discussion. To expound upon the idea of barriers that not only young people face when starting a business, but even older people lack the knowledge of his or her own passion. What makes you “Wake Up Excited?”

  • Anonymous

    This is a great list although it is important for wannabe Entrepreneurs to realize that they have countless opportunities through the leverage of the web and technology. With a web business for under 1,000 dollars you can set up a website and get started. I have built a record label, a web business and work at two different tech startups. Go look for or make opportunities happen. There is no room for excuses in success.

  • Pamela Barnes

    Thanks for sharing these points! Some businessmen are lucky in that they find the “paths of least resistance”, if you will, and drive right on to success. However, most of the time, starting a small business involves a lot of grief and sweat, and you’d be lucky if you are the least bit well known after a year or two. Here is another good read on the things that make starting a small business hard. http://www.sbtelegram.com/2013/02/22/5-things-that-make-starting-a-small-business-hard/

  • Matt Swale

    The council with £50 a day street licence or planning permisson ontop of insurances and taxes :just makes it impossible too set up tryed 4 times now now in debt :(

  • Frank Masanta

    Barriers are there, hence entrepreneursship.