"They're not qualified" — Shark Tank investor Robert Herjavec on why most people fail in business

In a January 16 Instagram post featuring one of his interviews, Robert Herjavec, a renowned investor from Shark Tank, shared his perspective on why many aspiring entrepreneurs struggle to succeed in business. Herjavec pointed out that the primary reasons for this are feelings of inadequacy and fear of failure. As he succinctly put it,

"I think most people don't do it because they think they're not qualified."

His remarks highlight the challenge that entrepreneurs face in getting their businesses off the ground, and that is why many find the journey to entrepreneurship too challenging.

This view resonates with Herjavec's assertion that the journey to success is not as easy as it appears, and many people are deterred by not feeling prepared or fearing the repercussions of failure.

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Why most people fail in business: Insights from Shark Tank investor Robert Herjavec

Fear of not being qualified

One of the most significant obstacles that prevent people from starting a business is the belief that they are not qualified. The Shark Tank investor noted that many individuals avoid pursuing entrepreneurship because they think they lack the necessary skills or experience.

"Many people hold back because they feel unqualified or fear failure." he wrote.

Herjavec emphasized that many successful entrepreneurs didn’t begin with outstanding qualifications but gained expertise along the way. The entrepreneurial journey often involves learning on the job and adapting to challenges.

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The fear of failure

In addition to feeling unqualified, fear of failure plays a critical role in holding people back from starting their businesses. Herjavec said,

"Starting a business isn’t for the faint of heart...I think a lot of people are scared."

The Shark Tank investor's fear is mostly because of uncertainty: fear of loss, failure in public, or personal expectations not being met. Entrepreneurship is by its very nature a high-risk endeavor, and most people will shy away from jumping in simply because they don't know what to expect.

However, Herjavec emphasized that fear is something that has come naturally throughout the entrepreneurial journey, which shouldn't be indicated to cease.

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The reality behind the glamour

Media usually portray entrepreneurs in glamorous pictures with luxury cars, private jets, and other connotations of being a successful businessman. Herjavec warns, however, to not take that picture for reality since only very few represent it as the full scope of a business that leads to success.

"The media glorifies the 2% of business. When you buy a jet and a nice car and all those exciting things, what they don't glorify is the other 23 hours in a day where you're doing stuff that nobody wants to do, where you're working really hard, and it's hard," the Shark Tank investor said.

His statement has lightened on the not-so-glamorous behind-the-scenes realities of being an entrepreneur-often long hours, difficult decisions, and problem-solving. Herjavec underlined that success comes from the sweat of hard work, with most of the difficulties it encompasses ignored in popular media.

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The price of success

For Herjavec, the key to achieving entrepreneurial success lies in one's willingness to put in the hard work.

"Success isn’t about dreaming—it’s about being willing to pay the price," he said.

The Shark Tank investor's statement underscores the importance of action and perseverance in the business world. Herjavec’s perspective aligns with the idea that success is not simply a result of having a good idea but is driven by the effort and sacrifices made along the way.

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