“I have never met a man who has given me much trouble as myself.” – Dwight. L. Moody
“The father of success is work; the mother of success is ambition.” – Anonymous
My fellow entrepreneur,
This article is really going to be personal and very touching. Why? It is going to be so because as you read it, you will be forced to take a look at your life. In life, many entrepreneurs fail to succeed in business. Even with the best economic policy and the right market or product, they still fail to succeed in business.
The fault lies neither in the economy nor the product but in the entrepreneur. I am going to reveal 13 undisputable reasons why entrepreneurs fail to succeed in business. Below are the reasons:
1. Lack of a well defined purpose:
This is a major reason why entrepreneurs fail. I have come across entrepreneurs without personal purpose, not to talk of their business purpose. They have no dream, no mission, and no target. This type of entrepreneur wakes up in the morning and say “let me go out and see what today holds for me.” They have no set goal.
If you take a closer look at these entrepreneurs, you will observe that their life is driven by fate. They believe in luck and simply takes whatever comes to them with this sentences “such is life” or “life is unfair.” They have lost control of their destiny.
I have a friend who happens to be an entrepreneur. He plays the lottery weekly, hoping to hit millions one day. He goes to his business daily hoping that one day; he is going to make a kill.
The funny thing is that he has faith that he is going to make it in life but the problem is that his faith and hope are channeled in the wrong direction. The truth is this; this kind of entrepreneur is never going to succeed in business. But anyway, i wish him the best of luck.
2. Inability to aim above mediocrity:
Entrepreneurs with this type of attitude are better than those without a well driven purpose. But the problem with this class is that they fail to aim above mediocrity. These groups usually take the bold step to set goals but they set small goals.
They set goals they know they can achieve easily. They don’t want to stress themselves. An example of such is an entrepreneur with a current year turnover of $1,000,000, setting the goal of achieving a turnover of $1,200,000 in the coming year. Now what stops this entrepreneur from setting a turnover goal of about $2,000,000 – $2,500,000? The reason is mediocrity. They don’t want to pay the price for success. I just remembered a quote from my mentor:
“Those who dream small dreams, continue to live life as small people.” – Rich Dad
3: Lack of self discipline:
This is another hot reason why entrepreneurs fail to succeed in business. The worst thing about an entrepreneur that lacks self discipline is that there is no remedy. He can never succeed in business even if placed in the best economy. Self discipline is self control and it results from self imposed personal standard.
4) Procrastination:
“Show me a failure and i will show you a man, who does today, what he should have done yesterday” – Ajaero Tony Martins
I feel procrastination is as a result of laziness. But let’s face reality, everyone on of us has at one time or the other procrastinated. There is nothing wrong in that, but the evil comes when it becomes a habit.
5. Over Cautiousness:
“He, who insists on seeing with perfect clearness before he decide, never decides.” – Henry Frederic Amiel
Some entrepreneurs have the entire laid down plan, strategies and everything needed to start but they just do not make a move. They are waiting for the perfect economy, trend and time. They want all lights to go green before they leap. The sad news is that in business, all lights never go green.
Successful entrepreneurs are known to start with what they have at hand and pick up the rest along the way. The truth is; over cautiousness is the brain child of fear. An over cautious entrepreneur is simply afraid of failure and no one goes to war with fear and win.
6. Lack of persistence:
Lack of persistence is the primary reason why entrepreneurs fail to succeed in business. Some entrepreneurs start their business on a very good note with high expectations but if their expectations are not met, they get weary and just when they are about to breakthrough; they quit and say “it doesn’t work.” They quit when just a little more persistence should have made the difference between success and failure.
7. Bad business associates:
Just as there are friends that will either push you up or pull you down, there are also business associates with the same stance. In life, entrepreneurs and investors are known as risk takers. So when an entrepreneur begins to take advice from a friend or associate who hates risk, that entrepreneur is bound to fail.
8. Lack of focus:
“The sun ray does not burn until it is brought to a focus.” – Anonymous
I have come across entrepreneurs who are on a quest to create multiple streams of income when they have not being able to grow a single business. Please forget the multiple streams of income shit. Start a business and focus on it. Bill Gates worked on Microsoft for years; Warren Buffet did the same with Berkshire Hathaway. Observe both men, multiple streams of income did not make them rich, a single business did.
9. Unnecessary Spending:
Most entrepreneurs spend money on impulse. If you cannot control your personal cash flow, i wonder how you can control that of your business.
10. Lack of enthusiasm:
I don’t really know what to write about enthusiasm because it is self explanatory. Enthusiasm is simply passion, self encouragement or zeal. No great business can be built without enthusiasm.
11. Inadequate Capital:
Cash flow is the blood of business. Inadequate capital can ruin a business. Entrepreneurs sometimes might come up with winning ideas or strategies but lack of capital will hinder its implementation.
12: Lack of integrity:
Above all things, your greatest asset in business is your reputation. Most entrepreneurs fail to succeed in business despite the fact that they have sufficient capital. They fail because they lack integrity. All over the world, investors, customers, suppliers are looking for entrepreneurs they can trust.
Let me tell you a secret you don’t know. With integrity, you can start a business with none of your own money. Some entrepreneurs fail to deliver when given a credit line. As an entrepreneur, avoid shady deals. Preserve your integrity like gold; it will profit you in the long run.
13. Desire for instant gratification:
This is a fundamental reason why entrepreneurs fail to succeed in business. They desire instant reward. They want to get rich quick. However, they fail to recognize that a successful business takes time to build. There is no short cut to success, you must give your business time to grow and yield profits.
In conclusion, my advice to you is this; don’t just read this article and dump it. Instead, read it and analyze your life to see if you possess any of these traits. Do this and i will see you at the top.
