Entrepreneurship is a sweet poison. If you could drink and survive, you get a taste of sweetness, if you can’t, you are just a wantrepreneur.
Everyone wants to be an entrepreneur because all we see is sweet fruits, but no one sees the time and effort imported to grow all of that sweet fruit.
In a journey of entrepreneurship, only a very little amount of people SURVIVES and make it until the end; the rest FAIL. Before I tell you the reasons of failure, I want to tell you a very well-known saying:
“97% of people fail and give up on entrepreneurship. The 3% who don’t, they hire those 97%”
According to Forbes, 90% of new businesses or start-ups fail. That’s 9 out of 10 business fail.
So, what’s happening over here? Why is success ratio so low?
The answer is “YOU!”
Top 5 Reasons Why You’ve Failed As An Entrepreneur
You are the main reason for success or failure. Ask yourself, “Why have I failed as an Entrepreneur?” I can assure you that you will get the answers here.
Below are a few reasons of failure in an entrepreneurship career.
1. You Have a Fear of Losing the Game
As I said earlier, entrepreneurship is not easy but if you don’t try how the heck are you going to know the results? You need to come out on the pitch and start playing the game. You’ll never ever know what is in level 3 if you are sitting in level 1.
You’ve got to take out the fear and try.
We try but many of us still make very BIG mistakes. We wait for perfection; we wait for the perfect product because we afraid of losing the game. How will you know that your product is perfect? You won’t.
Your audience will tell you whether your product is perfect or not. There are 2 CORE rules of this game:
- Be ready for failure.
- Don’t stop, iterate & test until you succeed.
The Apple iPhone 6S is the biggest gift to us in human history. This product has changed the way we live. Do you think that this happens overnight? No. It took Apple 8 years to build the finest and perfect product; the iPhone 6S.
When they launched their first iPhone in 2007, the iPhone was taking 1 minute to start and today, it takes less than 5 seconds. You iterate and test until you succeed.
2. You’re Not Investing in Yourself
Don’t be a penny-pincher when it comes to investing in yourself. You need to learn new skills, tactics and strategies if you want to win the game. Read blogs, watch videos, listen to the podcast, distill and consume what is good.
Invest in some courses that can enhance your skills and which can help you GROW your BUSINESS.
Some people spend hours and hours on Google and YouTube to search and learn; which is OK but it is a very long process.
Before you go through that path you should ask certain questions to yourself: what you are trying to learn? Do you have the knowledge to differentiate between legit and B.S content or material? How long will it take to learn if I take this path?
Smart entrepreneurs know the value of TIME and SKILLS because they do their homework. They know that they have to invest and learn these skills to achieve a positive outcome. Business is not a magic and not overnight get rich scheme.
Don’t step back when it comes to INVESTING in yourself. You are the heart and brain of your business.
3. You’re Not Doing the Right Things
You are doing a lot of things by yourself and the end result is no success and at the end you give up. STOP doing everything by your own and outsource the less important or the unproductive things so you can focus on the core activities of your business.
Time is equal to Money; you are the one to decide on the amount of time spent on any activity in your business. Before you make any decision you need to find out what is worth spending? Money or time?
You might have heard people saying “Work smart, not hard”
You don’t need to be superman/woman in your business but instead be “YOURSELF”.
In my business, I outsource video editing and activities related to it because I have no clue how it works but I know that if I spend some time then certainly I can hack that skill.
Before I open my YouTube app and start learning, I ask myself; is it worth spending time on learning this skill?
The answer is BIG no.
My expertise lies in capturing leads and getting more customers.
I can set up a sales funnel which converts, and one of my powerful skills is copywriting. That is all, I don’t do any other things in my business besides teaching small businesses and entrepreneurs to get more leads, sales and customers. Rest? Outsource…
Remember – Do the right things and don’t be superman/woman.
4. You’re Not Learning Fundamental Business Skills
You failed! It’s ok, at least you tried. But learning from that failure is what you need to do. Today’s entrepreneur after their failure, they change the product, they change the market, they change sector or industry.
And? Failure again…Why?
Because we don’t bother to learn the fundaments of business and its skills.
The failure of a business lies in the foundation of a business and foundation of ANY business is customer research, knowing your target audience.
Study and analyse your customers. Do a proper customer research before diving into that pool. If you understand your target audience MORE than themselves then half of your journey is complete.
Learning the fundamental business skills is important and don’t take that for granted.
Otherwise, be ready for another FAILURE.
5. You Give Up Too Early
You are a desperate and hungry wolf in the beginning but as soon as the time passes your motivation levels go down. Why? Maybe because your business is not acquiring enough customers, no growth or less revenue.
At this stage, MOST of the entrepreneurs give up but they don’t realise how close they are to their winning point.
At this stage, you need to do TWO things:
- Think outside the box, make a smart use of technology and marketing to hack your growth or success.
- Get yourself some motivation.
Dan Western (AKA Wealthy gorilla) is doing some great work for our entrepreneur community. He is providing us with a great motivational and inspirational entrepreneurship articles.
Before I wrap things up, I want to tell you one thing; you don’t need to learn MBA or any business degree to become an entrepreneur or to do a business but if you have it that is a plus point.
What you really need to learn is “How to learn”.
Go for it.
Have you failed as an entrepreneur? Leave a comment below.