The word entrepreneur creates from the French word “entreprendre” it means to start a new business. An entrepreneur is a person who wants to start the new company, everyone wants to be an entrepreneur and want a great success. Entrepreneurship is not very easy; it’s tough to become a successful entrepreneur and role model of society. Do you know why a lot of people fail as an entrepreneur? I think you don’t know, here I am going to mention top 5 reasons why you failed as an entrepreneur. Let’s move to know about these major pitfalls.
Read About: 5 Business Lessons From Steve Jobs
In the whole time of entrepreneurship, more than 90% people fail as it is a famous saying
“97% of people fail and give up on entrepreneurship. The 3% who don’t, they hire those 97%.”
According to our research just one business is getting success out of 10. So, what people are experiencing in business? Why are they failing? Why is the success ratio so low? The answer is “YOU!”
Read About: 9 Free Business Productivity Tools for Startups
Top 5 Reasons Why You’ve Failed As An Entrepreneur
You are the primary cause of success or failure. Just ask yourself, “Why have I failed as an Entrepreneur?” I’m 100% sure you can get the right answers here.
Here are some reasons why you fail in your entrepreneurship career.
1. You Have a Fear of Losing the Game
As I told you above, entrepreneurship is not very easy, but it does not mean it’s impossible you can get great success if you work bravely without the fear of losing.
We try, but many of us still make major pitfalls. We wait for excellence; we wait for the perfect product because we’ve fear of losing money. How will you know that your product is perfect? You won’t.
Your audience will let you know whether your product is perfect or not. There are 2 CORE rules of this game:
Read About: 7 Business Apps for Every Professional Woman
- Always get ready for facing failure.
- You should not stop until you succeed.
Give time to your product because success takes time. The Apple iPhone 6S is the significant gift for us in human history. Do you think that this happens during the one night? No. It took Apple 8 years to build the best and perfect product; the iPhone 6S.
When they introduced their first iPhone in 2007, the iPhone was taking 1 minute to start and today, it takes less than 5 seconds. You iterate and test until you succeed.
2. You’re not Investing in Yourself
If you are not paying time, I n learning new ideas then it’s your mistake. You have to acquire new skills, tactics, and strategies if you want to get great success. Read blogs, watch videos, listen to the podcast, and know about new ideas and know what is good. Invest your time in some courses that can improve your abilities and which can help you getting success.
Read About: How to become a successful Businessman
3. You’re Not Doing the Right Things
You are working very hard by yourself but at the result is the failure and at the end you just become hopeless. Stop doing the useless things so you can focus on the important activities of your business. Just think of spending your time and do a brilliant work before you make any decision you need to find out what is worth spending? Money or time?
You might have heard people saying “Work smart, not hard.”
Read About: How to Maintain a Business
4. You’re Not Learning Fundamental Business Skills
If you failed as an entrepreneur than be relaxed and it’s ok, at least, you have tried your best. But learning from that failure is what you need to do. Nowadays entrepreneur after failing, they change the product, they change the market, and they change sector or industry.
And? Then again they fail. Why? The reason is that we have no abilities. The failure of a business lies in the establishment of a company and establishment of any business is customer research, knowing your target audience. You have to study and analyze about your clients. Do a proper customer research. If you know, and have considered your target audience you have got limited success almost.
Learning the basic business skills is very significant and don’t take that for granted.
Otherwise, prepare yourself for another FAILURE.
Keep in mind – Do the right things and don’t waste your abilities.
Read About: Some Reasons to Keep Your Business Small
5. You Give Up Too Early
In initial stages of your business, you are like a hungry wolf you just want quick success, and I know I am right. You don’t wait and just give up.
At this stage, a lot of entrepreneurs give up, but they don’t understand how close they are to their winning point.
At this point, you have to do two things:
- Make a good use of your technology knowledge and marketing to hack your growth or success.
- Inspire and motivate yourself.
As an ending I want to tell you one thing; you don’t need to take MBA or any business degree to become a successful just learn new things because you have the technology.
What you need to learn is “How to learn”.
Go for it. Remember to leave your feedback in the comment box below.