10 Reasons Entrepreneurs Fail and How to Avoid It
As entrepreneurs, we face the risk of failure often. Here are 10 steps that will help you avoid failure (or at least fail less often).
Passionate vs. Passive: Too often the entrepreneurs I speak with have all kinds of ideas, but no real drive behind them. My advice is to be passionate about what you want and why you want it.
No Strategy or Plan: Taking time to create a plan of how you want things to pan out is key. This way you can test, measure and learn from what you’re doing and decide whether you’re on the right path or not.
Fear of Making Mistakes: We’ve all heard that you should fail and fail often in order to succeed. One of the best ways to avoid this pitfall is to surround yourself with people who will always believe in you, will be there to pick you up, and encourage you to press on.
The Desire to Look Good: The opinions of other people can be one of the most crippling aspects of life, let alone entrepreneurship. Entrepreneurship takes hard work and patience. All of those opinions, and there are many, will not and are not paying your bills.
Not Having a Role Model or Having the Wrong Role Model: Who are you modeling? As entrepreneurs, finding someone who has been there/done that is an incredible advantage. Reach out to those you would consider a mentor. Can you get close to them or someone in their inner circle? This worked for me.
Having a “Work When I Feel Like It” Mentality: Sure, as entrepreneurs we set our own schedules. What surprises me about that is too many are taking this concept to the point of barely working. Adopt working from a schedule that ties into your plan. Have an intention for your day, know what you want to accomplish, and work that schedule every day.
No Sales Skills: Now depending on what kind of entrepreneur you are, this may or may not apply. However, I’ve met many who are either coaching people in one area or another or creating programs for people to subscribe. Hone your sales skills. Learn some basic NLP (Neuro-Linguistic Programming) techniques and know how to close someone and drive results.
Not Having a Goal: Set S.M.A.R.T. goals (Specific, Measurable, Attainable, Realistic, and Timely). If you want a business you can love, be proud of and leaves a legacy, you’ll want to have goals attached to it.
No Support: It has been proven that those who have a support structure around them succeed at a pace greater than those who do not. The right coach can catapult you into success-dom, but make sure you choose your coach wisely.
Lack of Financial Management: This is critical! Be sure to educate yourself on how to manage your finances. Here’s an easy rule of thumb to follow. Break down your income into thirds: 1) one-third goes back into your business, 2) one-third gets put aside in an account for taxes, and 3) one-third is used for living expenses and savings.
Implement these steps into your daily routine and watch your business grow.
Mark Gundlach is a business coach that works with business owners, salespeople and entrepreneurs who assists his clients in creating a sustainable business that fuels their life’s legacy. Mark’s clients have experienced exponential growth both personally and professionally. He believes that when your activities are congruent with your ambitions, you will thrive. For over 20 years, Mark’s experience in sales, leadership and coaching & training others has positioned him as one of the most applauded coaches in the industry.