Why Businesses Fail – Most People Cannot Avoid It
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Anybody can fail in business and there are couples of reasons why businesses fail. Example economic downturn, business can also be at risk or one reason or the other. Whatever be the case, most people cannot avoid it
When people fail in business does not mean they are not smart, it’s probably because some people lack that entrepreneurial mindset and some have misguided thought and beliefs of people who just can’t be successful entrepreneurs and are probably destined for business failure.
They forget that hard work is the norm when starting out. . Building a successful business takes lots of time and hard work. In the beginning, you work harder than you want to, and the reward is lower than you expected. After a little while you make more money for less effort. How long that takes depends on many factors, including the business you are in, how much experience you have, how much financing you have, etc.
Lack of patience .Building a business is similar in that you can’t expect success overnight. Most people are fortunate and success comes quicker than for others, but it is extremely rare for financial success to come right away. Take for Example laying a foundation for a house, with time you start to see the shape, but it always takes time. In traditional business, Experts say that it can take up to five years for a new business to officially be successful. In online business some rarely give it even a year to see positive result.
Unrealistic expectations. They expect wealth with a minimal investment of time and energy. The role models they focus on are people who claim to have made millions with little to no effort. I watched a so call guru video training, bragging about how he made millions working few hours a week, but he never mention the other years he invested building the business. He made others believe it could happen for them.
The importance of action. I am a big believer in maintaining a positive attitude, of making some time each day for self-development, of making a good and thorough plan for success, of setting goals. However, at the end of the day, the progress of my business each day comes down to action. What action did I take? How effective was it? What action will I take tomorrow? What action am I taking now to contribute to the success of my business? Business Success is 90% about action.
They don’t believe in themselves. This is the saddest characteristic of all. Most people who fail early in business and those who never even start just don’t believe they are capable of business success. They lack confidence in themselves and quickly believe people who express negative views around them who mock at their efforts.
Success is a result of Continuous Effort!
Afraid. They are afraid they will fail. And that’s all they think about. They can’t get passed it. Think about honest successful entrepreneurs, at a certain point in their life, they were also beginners…I remember one saying calling leads was awful and scared him so much. Today he is one of the best recruiters. Why? Because he know where he wanted to be. He did not give up, he learnt to overcome his fears and focus on his dream. Focus determines much of our result.
Thinking as if they are employed, having one source of income. This is the clear mark of the non-entrepreneur. If someone with an employee mindset needs more money for anything to pay bills or whatever he thinks that he needs to get another job, or he needs to work more hours. He equates more money with more jobs. An entrepreneur understands that there are many sources of income. He doesn’t limit himself to simply doing more of the same. He looks for new and different opportunities. In most cases he’ll want to find other opportunities that complement his current sources of income, but most importantly, he is open to new opportunity.
If you are a person with an entrepreneur mind set, be active, look for new opportunity, don’t assume that what you are currently doing will not work.. Open your mind to new ways.
Your comment is appreciated.
See you at the Top
Lucy Bieri
Some people dream of success… while others wake up and work hard at it. Author unknown