5 Reasons Why People Fail in Business
Entrepreneurship is not something you can fake your way through; you are either doing it right or not doing it right simple. There are no ways around it. To help you better make that choice, here are 5 Indicators of entrepreneurs who are headed for doom. As you go through the list, be sincere to yourself and tick each of the signs currently present in your entrepreneurial life.
1) Survival Driven (Seeking Money before Adding Value)
This is one of the most obvious reasons why most entrepreneurs fail. If your primary motivation for being in business is to acquire wealth rather than to create and add value, then you’ve started off on the wrong foot. If the drive for money supersedes the drive to create innovative products/services that will add value to your target market, then is time for some serious soul searching.
2) Inadequate Knowledge (Low Business IQ):
The entrepreneur on the path to failure won’t see the need to develop his/her business IQ because of the quest for money. Such an entrepreneur feel business is all about how much you can make. The fact that how much you can make is a function of how much you know and how much you can do is usually ignored. Thus, they forget that a business just like every other discipline requires certain competencies (knowledge, skill and experience) in order to remain functional.
3) Lack of Focus (Jack of all Trade)
As an entrepreneur your success or failure will be as a result of how well you maximize your strengths. Your strengths are those activities you naturally enjoy doing and would naturally do for free your entire life if necessary. This is how every great entrepreneur in history made their success; doing what they love and loving what they do.
4) Fear of Failure (Risk-Averse)
Nursing the fear of failure is another reason why entrepreneurs fail in business. Entrepreneurship is about unleashing your passion and creativity to do something that you truly care about. It doesn’t matter whether what you have in mind to create is popular or generally acceptable, what matters is that it mattered enough to you that you are willing to do whatever it takes to make your idea become a reality.
5) Lack of Vision (Shortsightedness)
Entrepreneurs fail for lack of vision. The entrepreneur on the path to doom is the one that will never think of tomorrow. If you cannot literally see yourself and your business far into the future beyond today, then you are on the path to destruction.
