The path of entrepreneurship is not for everyone. Anybody can try their hand at entrepreneurship, but not everyone has the character or personality that will fit this lifestyle. And it totally is a lifestyle. The entrepreneurship benefits and risks do exist. When you set yourself on the path of entrepreneurship, you give up the stability and predictably of having a normal 9-5 job. You also gain independence and the potential to make it big.
Before embarking on the journey of entrepreneurship, you must know that there will be tough times ahead. As previously mentioned, entrepreneurship benefits and risks are to be taken into account. As with everything worthy in life, it takes time, effort, and dedication. This especially true with entrepreneurship. This is why so many entrepreneurs quit early on in the game. Below are some reasons entrepreneurs fail that might bring you inspiration:
They have no clarity on the vision, no idea where are they going
Everyone dreams about financial independence, passive income, geographical and time freedom. These are all very generic desires. In order to be laser-focus, resilient and unstoppable in your business the entrepreneur has to live and breathe the vision of future self and the life that he/she creates. The more detailed, concrete the vision is, the better.
They don’t understand (or forget) the value of compounding results
Humans are inclined to think in linear ways, so it’s difficult for us to think that our efforts could pay off in the future. All that brand building, SEO, content creation, it all seems for nothing when the results don’t seem to be coming in.
These entrepreneurs often forget that the game of entrepreneurship often goes the long haul. Things such as building brand loyalty and getting promoted in search engines don’t happen overnight. They are the result of the good work done previously.
As Warren Buffet once said:
“Someone is sitting in the shade today because someone planted a tree long ago”
They don’t know enough
Another one of the reasons entrepreneurs fail is because of information. Information is power. This is especially true in our current era of information. The Internet has made it easy for any and everyone to learn about any topic they wish. Failing to take advantage of this is foolish. The right education plays an enormous part in the entrepreneur’s success. Being resourceful, figuring things out these are very important entrepreneur’s qualities.
Every entrepreneur should have what is called an “umbrella” of knowledge. This means having a general knowledge of several fields (marketing, coding, SEO, customer service, etc.) but putting your focus on your strong qualities. This knowledge can give you new ideas and inspiration that you wouldn’t have had before.
They don’t DO enough
Some entrepreneurs actually have the opposite problem. They might educate themselves a lot, but they’re afraid to take action. Information is power, and taking action is the conduit to exerting that power. Focusing on wrong things each day this is a common mistake that can later lead to a massive blow up and fail.
“The way to get started is to quit talking and begin doing.”
– Walt Disney
They don’t appreciate failure
Failure sucks. It feels bad to fail. It makes us question our self-worth and whether we’re even on the right path. However, failure is also one of the best learning tools for entrepreneurs. Nobody is perfect, not even entrepreneurs, so they will inevitably experience failure at one point or another, making them question their entrepreneurship benefits and risks. Some entrepreneurs get discouraged when facing failure, but the ones that succeed take it and run with it.
I have not failed. I’ve just found 10,000 ways that won’t work.
They doubt themselves
The final of the reasons entrepreneurs fail is because entrepreneurs often question whether they have what it takes to make it. Chances are, they absolutely do. With positive thinking and hard work, anything is possible. Self-doubts stop them from playing a bigger game, but as Tony Robbins says “If you do what you’ve always done, you’ll get what you’ve always gotten.” Playing bigger without self-doubts is the way to a dream life.
Hopefully, these six points gave you the inspiration needed to continue your entrepreneurial career.
With much love