Successful entrepreneurs are special and rare. They have great big dreams and work hard to get there. But according to Forbes magazine, 9 out of 10 start-ups fail. So what factors are at play here?
The top 5 factors in start-ups and small business failure
(Don’t worry, we’ll follow it up with the good news after!)
1. Woolly thinking
You need to know what the bottom line is and understand what’s happening every day. “Visionary” entrepreneurs (who are all about the ideas) often ignore this part.
A passionate start-up founder is in love with their business idea and thinks that everyone else should be too, but not everybody wants to work overtime for an amazing idea. Most just want a steady job and some decent pay.
Self-confidence is something you can’t do without if you’re going to run your own firm, but arrogance is another thing altogether. Listen to people when they try to warn you something won’t work.
Are you sure that you’re getting all your business advice from the right people? Are they motivated and capable of giving you the very latest up-to-date information?
5. Running a business
Small business owners need to handle accounts, funding, operations… all these strands of specialist business knowledge are suddenly your responsibility and won’t just go away.
Keeping on keeping on
Let go the Fear
Fear of success can be as bad as failure for keeping people from getting that project off the ground. Identify the fear and look for strategies to overcome it. Prepare yourself for success.
All work and no play…
…can make Jack lose his drive, start making mistakes, lose friends, and generally wish he’d never started working for himself. Jill too. Get some sleep, eat well, and exercise. Don’t forget your family and friends.
When it seems hopeless
When you don’t know what to do, just do something. Sometimes taking that first step to action is enough to get the ball rolling and overcome anxieties.
The most important method to a successful entrepreneurship is… keep going! Don’t give up in the face of adversity.