Entrepreneurship in the Kingdom of Saudi Arabia

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What are the top 3 barriers to entrepreneurship?

Published on October 29, 2011 at 6:24 PM

More than 90 percent of entrepreneurs fail. The top 3 barriers to entrepreneurship are the following:
  1. Procrastination: Procrastination they say is the thief of time. There is no tomorrow because it never comes. What you do today will affect how your tomorrow will be. Out of laziness, resistance and complacency entrepreneurs are forced to shift activities. If you want to draw a business plan it must be now; if you want to write a proposal, it must be now; if you must register your business, it must be now; if you must quit a job and start your own business it must be now. A lot of entrepreneurs have great vision and dreams but a lot are in the “someday island”. They hope to achieve them someday. They never get there in actual fact. Write the dream on paper, figure out areas of strength and areas of resistance, set time against your dreams. When you have done this, employ your passion and go get it.
  2. Tying your dreams to age: Age is nothing but a number. Whatever you want to do has nothing to do with your age. It’s all about attitude, level of exposure, knowledge and the self-will. The fact that the CEO of a company achieved success at the age of 50 does not mean entrepreneurial success is tied to age 50. Today there are a lot of young entrepreneurs who have become billionaires. Mark Zuckerberg of facebook.com is a typical example; a billionaire at age 24 as at 2010. Don’t allow your age to limit you in the kinds of dreams you have and your pursuit for achievement. Dream as wide as you can, don’t be deterred by how insufficient you may be. As you step out to achieve your goals, all you need shall fall into place.
  3. Following the status quo: There is no perfect system. What worked out ten years ago has no place today. The world is fast-changing and so is the business environment. The Internet has made the world smaller than was thought decades ago. Businesses are using the power of the Internet to reach out to their clients. As an entrepreneur, consider the use of social media platforms like Facebook, Twitter, and Myspace to reach out to your prospective clients at no cost. Flow with the time and make the necessary adjustment to be able to enjoy the benefits that comes with the change.
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