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There is no doubt that starting a business is a challenging thing to do and vast majority of business startups fail. I will give you 3 main reasons why this is happening , although I am sure that many other factors could be added to this list.
I am sure there is some kind of relatively accurate measuring to these stats. I got some info about it through the years without doing any specific research about it. Some say that over 50% fail within the first year (I definitely believe that), while others claim that staggering 90% fail within first few years of its existence.
I am not trying to scare you of, especially if you are a first time entrepreneur, but you should have few things in mind in order to not only survive with your business, but also to truly succeed.
My first 3 business startups failed before I had a successful one, and they were really based on these 3 reasons I am to talk about here. All my attempted startups were online businesses and that is what I will be focusing upon here, but it does not really matter cause these are universal for both online and offline world.
1. Bad Management
Managing your business includes many different things. You need to know your business, how to do things and then find a proper use of them in order to grow it. Generally, you need a proper way of scaling things up, either through proven methods or developing your own.
This way, openness to always learn about new strategies and methods is a necessary thing if you are going to have a successful entrepreneurial career. I know that this is a challenge as well cause we live in a world of information overload, and it may be tricky to know what you will have a use of.
It happened many times that I attended the webinars and seminars about things I thought would be useful to my business, only to discover the opposite. It also happened that the information and training I received came to use sometimes after I thought it would be needed.
Management also depends on business mindset which is a fundamental part for proper planning and discipline, which are both next steps in this list. Managing practical things are as important as managing the mindset.
You need to be in control even in times when you can not control much of it. This is the most important aspect of it, especially when it comes to money and investments needed for your business development.
2. Lack of Planning/Vision
I have never been a big visionary and planning things has never been natural thing to do for me. After all failures I experienced before I developed the good sense of how to approach things. I do plan my next steps now, but I do not put to much emphasis on execution and results. Why?
When we plan things we can never be absolutely sure that we will successfully execute what we planned and that the desired results will be produced. This happens more often than the opposite. Fortunately, the success in business does not depend on it, but we must remain unmoved in our minds when these things happen.
On the other hand, if you do not plan and vision the direction of your business, you will be drifting aimlessly. This way you will never get anywhere with it, so it is necessary to do it.
My suggestion is following! Plan and see in your mind where you want to get with your business but remain detached and open. Work effectively when there is a possibility for moving forward and rest patiently when things are going slowly.
3. Lack of Discipline
Proper discipline comes with knowledge and experience. I do not believe that you can develop the discipline just because somebody tells you that you must have it. It does not work that way, even though the reminder like this one helps.
When I think of my failures I realize; I did not have a chance to succeed at that time! I lacked the discipline, I lacked the planning and I had no proper management to my projects. But now, I just know how things work and I am not bothered when things are not moving forward. I can just wait it out.
So my discipline comes from understanding and experience not from the discipline itself. The best remedy for this is to have mentor or somebody who can give you some perspective in difficult times. I know, it is not easy to find. I never had one so my experience mentors me now.
Some people have the natural discipline, but most do not. When things do not go well, and you will certainly have those phases, my advise is to pull back and get centered in yourself. Do not overthink the process! Wait out for proper solutions to reveal itself and you will soon sail out of storm.
Paying attention to these things will definitely increase your chances to succeed. I would like to point one thing at the end. Nobody have batter talent to succeed in business than somebody else. It is all about the knowledge, focus and experience. Everybody failed at some point!
I appreciate comments so leave me one below!
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