Starting your own business can yield amazing
rewards but at the same time it’s a pretty big
risk. One of the biggest reasons why people fail
is they enter into a business and doesn’t have
They may like what they are doing but they are
not making money. It is one of the keys to do
something you are passionate about, but if you
can’t monetize it, then it is not something you
may want to go into business in. It is necessary
to carry out research before you build up a
business to find if there is a demand for your
At one time to another, we have all fantasized
about creating our own business and being a
successful entrepreneur. It is exciting to
consider the possibilities but then the fears
We have all heard stories about people who
started their own business full of hope and
faith, only to unwind shortly thereafter and fail
miserably while losing some good hard earned
cash in the meantime.
Let us take a look at some of the underlying
causes that are not always discussed. You might
be surprised to hear that the lack of money is
not the main reason for failure; there are
several reasons why people fail in business:
· THE “COPY CAT” FACTOR – Many people go
into business or make a business choice because
they also think they can be successful in it.
Many people fail because of this reason.
You have to put into consideration that what
works for “MR. A” may not be applicable to
“MR. B” and it is better to go along with your
own idea and instinct instead of trying to be like
someone else. This is wrong.
· LACK OF DISCIPLINE AND CONSISTENCY –
Most people get the idea that they can make
millions by simply starting their own business.
Developing the discipline and consistency
necessary to be successful in any endeavour is
part of what makes success so sweet.
There are not many accidental success stories. It
takes tremendous discipline to be successful in
anything including a business. It is like getting in
shape or going to college. You will not make it
through the college if you only study one day in
Once you know what is required daily, learn to
discipline yourself and be consistent. Amazingly,
consistency and discipline not only elevate you
to higher levels of success, they also make your
work so much easier!
· LACK OF PERSONAL GROWTH – Most people
have it backwards. They think that one becomes
a millionaire and then starts thinking like one.
But it is the other way round. Before you can be
successful, you have to think like a successful
person. Your thoughts, words, and your
imagination will affect whether you succeed or
Personal developments of your attitude and
communication skills are a must. It is hard work
and it takes discipline. You will have a hard time
succeeding without protecting and working on
your attitude. This is especially true after some
failures. This is a learned skill. It is also
applicable in business.
· Lacks of direction/plan – Most people that
start a business have a little or no idea how to
succeed. Therefore, it is extremely inportant to
find a consultant who has the time and
experience to guide you through the maze, step
by step. Be sure this person will actually have
(or make) the time for you.
Sit down with hem and create a plan of attack,
set realistic goals and then learn everything you
can to help you succeed in your business choice.
· WRONG EXPECTATIONS – People are being
sold the idea that all you need to do is get into
business and the money starts rolling in without
doing anything. Sometimes it is the person’s
fault because they only hear what they want to
hear or they think they know better. Bottom
Line, Building a successful business is not a 60
yard dash but marathon.
QUITTING TOO SOON – This is probably the
biggest reason. People “try” to work the
business for a few weeks or even months and
then quit and they are on to their next failure.
First, you cannot try any business and succeed.
Have you ever done anything in life half way
and succeeded? With that attitude, you have
failed before you even started. You have to
have the attitude of “I will do whatever it takes
to succeed” (not illegal). It is a mindset.
Many people make the fatal mistake of
commencing on business with inadequate