^It could easily have been an earlier independent recording of the song that existed before the official studio version was recorded.
Then again, the story is probably apocryphal anyway.
feel lacking talent, or the "it" factor
feel lacking passion, or persistence
afraid of overwhelming expectations they'll be getting
afraid of the amount of spotlight, and thus lack of privacy
fear of lack of money, for daily living needs
not according to standard common society's wants of you
other (please explain below)