There can be a multitude of reasons. But it is the lack of a well-defined purpose that is the main reason why entrepreneurs fail to succeed in business entrepreneurship. What most business owners don’t realise is that they seldom have a proper dream, mission or target. This type of an entrepreneur wakes up in the morning and says to himself, ‘let me go out and see what today holds for me’. Most of them are fate driven rather than being goal-oriented. They often lose control of their destiny.
Inability to aim above mediocrity
Business entrepreneurship is not about waiting for things to happen. It’s about setting goals and figuring out the purpose of your business. If you have set your goal, then you are one step ahead of the pack. But do ask yourself:
If you have a set goal, you are one step ahead of the pack but the question you should ask yourself is this:
Q. Am I aiming above mediocrity?
Q. Is my goal challenging enough?
Entrepreneurs in this category start by setting small goals, goals they know they can achieve easily. They do not want to go beyond their comfort zone and don’t want to feel guilty of being unable to achieve their goals. The reason behind this type to behaviour is mediocrity.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Aim for the moon. If you miss it, you may hit a star.[/sws_blockquote_endquote]
Lack of self discipline
This is another reason why entrepreneurs fail. If an entrepreneur lacks self discipline, then there is no remedy. This is a sure sign that he cannot succeed even if he is placed in the best economy. Discipline starts with self control and self control comes with self-imposed personal standards.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Show me a failure and I will show you a man, who does today, what he should have done yesterday.[/sws_blockquote_endquote]
Procrastination is said to be time’s natural assassin. Procrastination is the result of laziness and strong resistance to leaving one’s comfort zone. But each of us procrastinate at one time or the other. There is nothing wrong in that, but it becomes evil if it turns into a habit.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]He, who insists on seeing with perfect clearness before he decides, never decides.[/sws_blockquote_endquote]
Over-cautiousness is probably another reason why entrepreneurs fail. Some call it fear. A more technical term is analysis paralysis. But it all boils down to the inability to take action despite proof. Many investors lose out on excellent investments simply because they are over cautious. They wait for the perfect economy, the perfect trend and the perfect timing. They want all lights to go green before they leap. But sadly, all lights never go green in business. Successful entrepreneurs start with what they have and pick up the rest along the way. The truth is that over cautiousness is the brain child of fear. An over cautious entrepreneur is simply afraid of failure.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Don’t fear failure so much that you refuse to try new things.[/sws_blockquote_endquote]
Lack of persistence
Is persistence necessary for success? The answer is ‘yes’. Successful entrepreneurs such as Bill Gates, Ray Kroc, John D. Rockefeller and Henry Fordemphasized the importance of persistence in building a business.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Most people give up just when they are about to achieve success. They quit on one yard line. They give up at the last minute of the game, one foot from a winning touch down.[/sws_blockquote_endquote]
Lack of persistence is another reason why many entrepreneurs fail. Some entrepreneurs start their business on a very good note with high expectations. But if their expectations are not met, they get weary and just on the brink of having a breakthrough, they quit saying ‘it doesn’t work’. Unfortunately, they quit when a little persistence should have made the difference between success and failure.
Bad business associates
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Be careful of the environment you choose, for it will shape you. Be careful of the friends you choose for you will become like them.[/sws_blockquote_endquote]
Similar to how friends can push you up or pull you down, so is the case with business associates. If you take advice from non entrepreneurs or your most trusted friends who are not entrepreneurs, then the chances of you succeeding are very slim.
Lack of focus
[sws_blockquote_endquote align=”left” quotestyle=”style02″]The sun ray does not burn until it is brought to a focus.[/sws_blockquote_endquote]
There are many entrepreneurs who want to generate multiple streams of income, despite being unable to develop one business. Ensure you hone your business management skills and focus on one business at a time. Even if you dream of owning multiple businesses, start with one and then diversify when you have established that business.
Most entrepreneurs spend money on an impulse as they lack control over their personal finance. Curtail unwanted and unnecessary spending.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]The most important word in the world of money is cash flow. The second most important term is leverage.[/sws_blockquote_endquote]
Lack of enthusiasm
Enthusiasm is self explanatory. It is passion, self encouragement or zeal. No great business can ever be built without enthusiasm on the part of the entrepreneur. If you are not enthusiastic or passionate about your business, you are bound to fail.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Every tomorrow has two handles. You can take hold of the handle of anxiety or the handle of enthusiasm. Upon your choice, so will be the day.[/sws_blockquote_endquote]
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Capital can do nothing without brains to direct it.[/sws_blockquote_endquote]
Cash flow is like the blood of business. Inadequate capital can ruin a business. In fact, lack of capital is another important reason as to why businesses fail. Entrepreneurs might sometimes come up with winning ideas or strategies, but a lack of capital is bound to kill them.
Lack of integrity
Above all things, your greatest asset in business is your reputation. Most entrepreneurs fail to succeed in business despite the fact that they have sufficient capital. They fail because they lack integrity. All over the world, investors, customers, suppliers are looking for entrepreneurs they can trust.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]The most important thing in your business relationships is your reputation for honesty. If you can genuinely and sincerely fake honesty, you will be a success. Never doubt it.[/sws_blockquote_endquote]
Some entrepreneurs fail to deliver when given a credit line. As an entrepreneur, it is important that you preserve your integrity like gold. You must honor your word and avoid shady deals and practices.