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Entrepreneurial Question: What are the top reasons people have not started their own business?

(As reported by those saying they would like to start their own business)

Here’s the story:
Some 39% of employees hope to own their own business, according to a recent survey released by the University of Phoenix Business School. And the younger they are, the more they want it. More than half of workers in their 20s who don’t own a business hope to do so in the future, while 50% of workers in their 30s and 35% in their 40s want to start their own business. One-quarter of workers in their 50s and 17% of workers age 60 or older who do not currently own a business want to do so in the future.

In the University of Phoenix Business School survey, when working adults who said they wanted to start a business were asked why they hadn’t done it yet,

  • 67% cited a lack of adequate finances;
  • 33% said they needed more education or training and didn’t know enough about running a business;
  • 30% said they have not found the right idea or concept;
  • 22% simply said they don’t have the time; and
  • 17% say they need to develop leadership skills.

“Starting your own business can be an exciting and fulfilling pursuit, but requires significant planning, resources and business knowledge,” said Michael Bevis, director of Academic Affairs for University of Phoenix and faculty member for the School of Business. “Many potential entrepreneurs have great ideas and a strong understanding of specific industries, but often do not have the business background to turn concepts into profitable ventures. Business education can help entrepreneurs fill knowledge gaps and strengthen business acumen.”

Want to know more? Read the entire story on the University of Phoenix website.