Why Entrepreneurs are Doomed to Fail

Posted by on Apr 24, 2013 in Business Building, Useful Information | 0 comments

Success Failure

Why Entrepreneurs are Doomed to Fail

 

Entrepreneurs, unfortunately, have been conditioned to some degree that failure is good. 

Many think failure is a rite of passage and look forward to getting the “failure” out of the way.  Others think failure is not an option but if they do fail it does not stop them. 

Let me ask you:

  • Are you struggling to identify the business idea that will be a money-maker?
  • Are you stuck and don’t know how to get started or what to do next?
  • Are you worried that you are not qualified or prepared to make it on your own?
  • Are you afraid of failure?

If you answered “yes” to any of these questions know that you are not alone.  Many entrepreneurs struggle to get their dream business off the ground.

According to the SBA, over 50% of small businesses fail in the first five years.

Why?

What goes wrong?

Most new entrepreneurs fail because of these 3 basic mistakes.

Follow their passion

Your golden business idea that is successful and provides you freedom lies in discovering your passion.  Starting a business for the sake of trying to make money will usually go down in flames.  It is easy to quit when it get hard it it is not your passion. 

Learn from the successes of others

When you learn that others have made some of th same mistakes and discovered the solution then you will learn that success is duplicable.  Studying the success of others, embracing their mindset and attitude will afford you some of the same success. 

Obtain basic business skills

As a business owner it is important to have basic business knowledge.  Getting bogged down in the complicated task of analyzing a balance sheet is not necessarily most important.  The skills that are critical to launching and running a successful business are quiet basic.

 

Here are 2 skills that you must get good at right from the beginning

Become an expert in your industry.

Take every opportunity to speak, write and promote yourself as the subject matter expert so people will think of you as the go to person.

Communicate your worth

Every entrepreneur is their own best marketing director.  Get good…really good … at communicating your message in a 30 second elevator speech that can be easily translated to a written message. 

It’s true that there are many reasons why you should not start your own business. But for the right person, the advantages of business ownership far outweigh the risks.

You will be your own boss. Killing yourself working for a company that does not appreciate you while you give them the best years of your life doesn’t sound like a successful plan. 

Hard work and long hours directly benefit you, rather than increasing profits for someone else.  Your earning and growth potential are far greater when you are in control of the direction of the company. Taking risks with new ventures are very exciting and have huge payoffs. Running a business provides endless challenge and opportunities for learning.

Before stepping out as a business owner, do research by talking to others who have already taken that leap, find a mentor who can provide you guidance and finally keep learning. 

 

 

 

 

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