So why do entrepreneurs fail? it is unfortunate that about two-thirds of business survives two years in business, half of all businesses will survive five years, and one-third will survive 10 years it wouldn’t hurt knowing some of the reasons why entrepreneurs fail. Because this post will shade a right on some of the factors stick around to understand why new entrepreneurs fail and if you are a new entrepreneur or existing you shall be able to make your business as success.
One thing to know is that you always have to think like entrepreneurs. This type of mindset will allow you rise to the top of your profession. If you ask any successful entrepreneurs each would tell you that along the way they have learned how to think differently.
True entrepreneurs struggle with their business opportunities for a variety of reasons. Among the most obvious is lack of capital, lack of understanding about marketing, and personnel issues.
However, from my own entrepreneurial experience and knowledge of others, there are three major reasons individuals fail in entrepreneurial ventures.
They tie the success of their business with their own self worth.
They neglect to set realistic goals and plans for themselves and their business.
They are not prepared to pay the price of success which is hard work.
True entrepreneurs with the right thinking prevail over a period of time. One has to learn to understand the Roles, Goals, and Tolls that are involved in building a business. Let us look at each one of them in detail.
Roles
Successful entrepreneurs, in contrast to those who struggle, have learned to separate their roles in life from their self worth or self-identity. You have to understand that role performance or failure with your own venture is not a judgment as an individual. People who tend to equate their self-worth to their composite role identity are inherently risk-adverse and look to maintain the status quo. Individuals who have took a risk and failed learned from it,
So you not only have to learn how to differentiate your role identity from self-identity, you also need to learn the lessons of risking and failing. Understand that early failure in ventures is a natural part of successful start-ups. Prepare to be able to embrace those experiences, learn from them quickly and move on. This is critical to success as an entrepreneur. You must be willing to face and deal with early failures in order to prevail over time.
Goals
Even though much is said and written about goals and plans as being a necessity for success as an entrepreneur, few people learn the mechanics of successful goal setting and planning. It’s not the plan but the planning that is important, and the goal setting process allows will allow you to develop the confidence to take risks and fail.
Successful entrepreneurs are not only goal driven and goal oriented; they have learned to execute the process of strategic and tactical goal setting and planning.
Visualizing goals, writing them down and putting together a detailed plan to be achieved provides the confidence and motivation to prevail. Besides from business or operational plans, you need to have goals and plans for all the important roles in your life.
Learn early in your business that if you are not working on your own plan you are probably part of someone else’s goals or plans.
As an entrepreneur you have to have your own destiny, embrace risk-taking leadership positions, make adjustments as required and prevail over a course of time.
Tolls
So many entrepreneurs fail since most people tend to stay within their own psychological comfort zone; they are comfortable with the type of person who is more like them.
Finally, entrepreneurs understand that there is a toll to pay. To be successful in any role in life you must be prepared to pay full price one time. There are really no overnight successes as an entrepreneur. Stepping out, being your own person and venturing into the risk prone unknown is lonely by itself, not knowing when your next cash will came from or not knowing what tomorrow brings is also scary
One of the early tolls that as an entrepreneur have to face or pay is the re-making of yourself, this can include growing beyond your current circle of contacts, you have to step out of you comfort zone spending time with different circle of people who will help you grow your business plus who will understand your journey. Another one is to adjust to your lifestyle, time by removing time wasters and money wasting habits.
Conclusion
An entrepreneur has much to learn in order to be successful, including the day-to-day mechanics of running a business, producing products, delivering services, making money and dealing with people. The biggest challenge of all is developing an understanding of you. Come to grips with what you want and what motivates you; this will sustain your willingness to prevail over the long term against adversity. Remember successful entrepreneurs have learned to transform their thinking, allowing them to prevail where others fail along the way.
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