Starting your own business can yield amazing
rewards but at the same time it’s a pretty big risk.
One of the biggest reasons why people fail is they
enter into a business and don’t have profitable
market. They may like what they are doing but they are not
making money. It is one of the keys to do
something you are passionate about, but if you
can’t monetize it, then it is not something you may
want to go into . It is necessary to carry
out research before you build up a business to find if there is a demand for your products. At one time to another, we have all fantasized
about creating our own business and being a
successful entrepreneur. It is exciting to consider
the possibilities but then the fears creep in. We have all heard stories about people who started
their own business full of hope and faith, only to
unwind shortly thereafter and fail miserably while
losing some good hard earned cash in the
meantime. Let us take a look at some of the underlying causes
that are not always discussed. You might be
surprised to hear that the lack of money is not the
main reason for failure; there are several reasons
why people fail in business:
· THE “COPY CAT” FACTOR - Many people go into business or make a business choice because they
also think they can be successful in it. Many people
fail because of this reason. You have to put into consideration that what works
for “MR. A” may not be applicable to “MR. B” and it
is better to go along with your own idea and
instinct instead of trying to be like someone else.
This is wrong.
· LACK OF DISCIPLINE AND CONSISTENCY – Most people get the idea that they can make millions by
simply starting their own business. Developing the
discipline and consistency necessary to be
successful in any endeavour is part of what makes
success so sweet. There are not many accidental success stories. It
takes tremendous discipline to be successful in
anything including a business. It is like getting in
shape or going to college. You will not make it
through the college if you only study one day in
each semester. Once you know what is required daily, learn to
discipline yourself and be consistent. Amazingly,
consistency and discipline not only elevate you to
higher levels of success, they also make your work
so much easier!
· LACK OF PERSONAL GROWTH – Most people have it backwards. They think that one becomes a
millionaire and then starts thinking like one. But it is
the other way round. Before you can be successful,
you have to think like a successful person. Your
thoughts, words, and your imagination will affect
whether you succeed or fail. Personal developments of your attitude and
communication skills are a must. It is hard work
and it takes discipline. You will have a hard time
succeeding without protecting and working on
your attitude. This is especially true after some
failures. This is a learned skill. It is also applicable in business.
· Lacks of direction/plan – Most people that start a business have a little or no idea how to succeed.
Therefore, it is extremely inportant to find a
consultant who has the time and experience to
guide you through the maze, step by step. Be sure
this person will actually have (or make) the time for
you. Sit down with hem and create a plan of attack, set
realistic goals and then learn everything you can to
help you succeed in your business choice.
· WRONG EXPECTATIONS – People are being sold the idea that all you need to do is get into business
and the money starts rolling in without doing
anything. Sometimes it is the person’s fault because
they only hear what they want to hear or they think
they know better. Bottom Line, Building a
successful business is not a 60 yard dash but marathon.
· QUITTING TOO SOON – This is probably the biggest reason. People “try” to work the business
for a few weeks or even months and then quit and
they are on to their next failure. First, you cannot
try any business and succeed. Have you ever done anything in life half way and
succeeded? With that attitude, you have failed
before you even started. You have to have the
attitude of “I will do whatever it takes to
succeed” (not illegal). It is a mindset. Many people make the fatal mistake of
commencing on business with inadequate
operating funds. By underestimating
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