Entrepreneurship Study

Personal Challenges

1) No obvious choice source for advice

The organizations that are designed to help support entrepreneurs and small business owners were not the top rated sources for advice. Many respondents rely on their personal and professional network including competitors and peers in the market.

2) Fear of Failing and Access to Capital are Equal

Entrepreneurs rated the fear of failing as high as access to capital. However, many initiatives government initiatives and small business lending programs focus on access to capital and neglect the human emotional aspects of running a business. 35% of Americans who perceive an opportunity to start a business do not start a business because of a fear of failure. Additionally, Many business owners and startups do not have the resources to finance a business out of their own pocket. Providing for a family and prioritizing personal finances is a priority, which prevents a lot of people from taking the initial leap of faith and starting their own venture.

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