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 that 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 with.
It is necessary to carry out thorough 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 important 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 him 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. For more on this, buy Success In Your Business by Peter Osalor, volume four.
Read more at: http://www.vanguardngr.com/2016/03/why-people-fail-in-their-businesses/
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