Why people fail in their business
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 doesn’t have profitable
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 business in. 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
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
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
· 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
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
· 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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