Six Reasons Entrepreneurs Fail

by Shenron on October 18, 2009

There are tons of reasons why entrepreneurs fail at achieving their goals. As statistics have shown only, only 3% of entrepreneurs can actually turn their business into a full-time job that will be successful past the five-year mark. If you are seriously interested in entrepreneurship then you need to really understand these top six reasons on why they fail.

Entrepreneur fail Six Reasons Entrepreneurs Fail

Thinking Inside The Box

The majority of startup businesses that fail do so because the product or service they are offering is not unique. The chances of being successful by copying someone’s idea are slim to none. Even if you do come up with a brilliant idea, if you execute that idea the same way that everyone else does then it is less likely to be a success.

No Concept of Networking

Small businesses are less likely to feel the impact of not knowing how to network, but all the major players need to fully understand how to network in order to build successful relationships. In today’s world networking is becoming a dummy proof with the existence of social media websites such as Facebook, LinkedIn, and MySpace. Through these websites is extremely easy to find contacts that can help you in your entrepreneurship.

Lack of Discipline

If you are not willing to give it your all, then you will fail. People believe that there are still get rich quick schemes that actually work. This is far from the truth because every business no matter what it is takes hard work and the insane amount of time invested. You need to be able to focus on your goal and always be heading towards it.

Fear of Failing

The fear that your business will fail can actually make it fail. If you are always focused on the negative aspects of your business and not focusing on the positive then you will start heading down the road to failure. The fear can also cause a bad attitude and discouragement that makes most entrepreneurs give up before they even start.

Lack of Funds

For almost every business out there if you need to spend money in order to make money. If you are not willing or don’t have the ability to invest in your business then you can miss out on growth.

Entrepreneur fail 5 Six Reasons Entrepreneurs Fail

No Concept of Marketing

You can have the most extraordinary product or service in the world but if no one ever finds it then it is useless. If your business is either on the Internet or your running your own store you will face similar challenges in marketing. Internet marketing can be extremely hard trying to get people that are interested in your product or service to your website. The big advantage of an off-line business is that your store can actually be seen by people with no advertising necessary. But in the online world that does not exist and you need to find ways to show people that your website exists.

Please take all these suggestions to heart and further research them before you start your entrepreneurship.

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