Why Entrepreneurs Fail
Some entrepreneurs succeed, but many fail. There is an element of luck in success but many times that luck actually comes from hard work and dedication. So why is it that many entrepreneurs fail in their business ventures?
Here are five reasons why many entrepreneurs fail:
Don’t want it
Let’s get one thing clear, most everyone wants the end result, that is not what we are talking about. Those people are called wantrepreneurs and they are commonplace. What causes most entrepreneurs to fail is they don’t want it bad enough to invest the time, energy, resources, blood, sweat and tears in to creating a successful business. Many entrepreneurs underestimate what it is really going to get a business off the ground and then be able to effective grow and ultimately scaled that business. In the beginning stages of a new business, expect your life to be unbalanced for a period of time. If you really want something bad enough you need to be prepared to make sacrifices to see it come to fruition. It comes down to how bad do you want it because something is going to win, your dreams or your excuses.
Fear goes both ways. Some entrepreneurs have a fear of failure and some entrepreneurs have a fear of success. The fear of failure is more easily identified and addressed but the fear of success is just as debilitating to the entrepreneur. The fear of failure will cause the entrepreneur to shut down and revert back to the comfort zone where literally no growth takes place. The more time we spend in the comfort zone, the greater the probability we will continue to remain there. Only way to overcome fear is to face it. The fear of success is more about a self-sabotage mechanism or personality defect where the entrepreneur either consciously or subconsciously starts to tell themselves they do not deserve to be successful. Enough continued reinforcement and it destroys the mindset and then the activities which leads to failure.
Go big or go home. Many entrepreneurs box themselves in by thinking small. Thinking small costs you in many ways including money, dreams and goals. In order to do big things, you must think big. It is also an obligation of the entrepreneurs to think big and try to grow big. Unselfish people grow their business, selfish people do not. You give back from a surplus which is a main reason to become an entrepreneur and build a large successful business. Don’t limit yourself as an entrepreneur. Many times, you have to believe it before you can see it so if you cannot see big things happening on a large scale, probability it will come to be is very low.
Time works for the entrepreneur or against the entrepreneur. As an entrepreneur if you do not learn how to effectively and efficiently manage your time, that is a major red flag leading indicator of problems ahead. Time is an investment that demands returns of some kind. Most every entrepreneur will tell you it is impossible to get everything done on a day to day basis. You have to put emphasis on the most important, income producting activities and get those done no matter what. The rest of the daily tasks, if not completed, have far less impact than not completing the other. Working hard with no particular plan or no particular direction will lead you to ultimate failure and defeat as an entrepreneur. You have to work smart and realize what is important and what is not as important.
When times get tough, what are you going to do? If your reaction is to blame others and surround yourself with negativity, you are not going to make it as an entrepreneur. Entrepreneurship can be a roller coaster ride of highs and lows. The key is to keep even keeled and balanced in your day-to-day approach to the business. Don’t get too up or too down on any given day or event. Some days are going to be great; some days are going to be terrible. When things do go wrong and you look to blame others, you lose control and you begin to lose your own vision and motivation which affects execution on the back end which in turn disrupts the entire business. As an entrepreneur, you are a business. If you let your emotions start to run the business, you are all done.
Entrepreneurship can be a very rewarding or defeating experience. Learn from both the successes and the failures you see. You can learn what to do as well as what not to do. If you can avoid some of the pitfalls many entrepreneurs encounter that causes them to fail, you can preemptively give yourself a better chance of becoming a success story or statistic.