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Why people fail in their business

market-2

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

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 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

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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