(ThyBlackMan.com) One of the biggest challenges for entrepreneurship is the failure. While many people fail to succeed, people like Richard Branson, Michael Rubin, Oprah Winfrey, and Andreas von Bechtolsheim start one business after another and run them successfully. Why are you not one of them? Why is your business not reaching the expectations?
There can be many reasons, and here’s a list of 5 reasons why some businesses fail to perform while many others succeed.
1. You’ve lost your vision
There is no momentum. You can’t see anything working. You are fully disappointed. You’ve lost your vision, and it’s hard for you to find inspiration in the company. The reason is, you have come too far from your brand’s vision. You’re no longer connected to it. Remember why you started the business. You wanted to bring a change. You wanted to give something valuable to your customers,
and you wanted to earn well at the same time. It’s not too late. Fix your eyes again on the business. Ask yourself to give you a glimpse of the decisions you made. Prepare your own report card and check what went right and what went wrong. Start again with a vision. Stick to it and do everything possible to make things happen.
2. Not working on your weakness
We’ve all had it – that feeling when you know you lack some skills and your business is sinking. It sucks and it hurts badly. We all want to be great at our job, but when we make mistakes or lack something, we feel so vulnerable inside. After all the internal criticisms, we plan to change and work on our weakness, but we fail. You know that you have weaknesses, and you’re afraid the problem will lead to your failure. Remember that with the right mindset, you can change things. Don’t criticize yourself too much because the true aim is to bring the results you want to achieve. The aim is to create success.
3. Less to zero money
It’s a part of the life. Poor financial condition of your business is the biggest reason why you are not seeing the results you expect. Not every entrepreneur is born rich. Many of them started with almost nothing. So if you don’t have money and you’re expecting to do more in the business, it’s better you stop and create a plan. If you use all the money your business generates, your business can never grow. For small business owner, this is the biggest challenge. They earn money and use it for household bills, and fail to put anything for marketing. If you are only taking from your business and not giving anything in return, you cannot expect growth.
4. You never learned to give
Businesses need to develop a culture of giving back and it should start from you. As an entrepreneur, when you give back, it not only drives a positive change in the community but also within your business. It doesn’t have to be money or any financial support, you can, in fact, ask your employees, customers about their needs. Ask them what they need to feel more comfortable, to feel more positive, and to grow on their path. You cannot fulfill all those wishes, and you’re not responsible for things which are out of the scope of delivery, but you can at least take a step forward and give something to at least 5 percent of them to make people realize that they are special for you.
5. You are just a ‘typical business owner’
It is not enough to have a title of entrepreneur or CEO with your name. You have to make great products and you need to have great marketing skills. First of all, you need to be a great salesman. Steve Jobs, Elon Musk, Bill Gates and almost every successful entrepreneur was a salesman first and an entrepreneur later.
Develop a unique value proposition because if you don’t develop one, you will get lost. Think about what makes your business different. What makes your business unique? A large number of businesses don’t meet the expectations of their owners because there’s nothing unique in them. If you fail to differentiate, you will fail to see the results you are expecting.
Staff Writer; Corey Shaw
Have any Tech Tips? News? Hit up our Tech Guru at; CoreyS@ThyBlackMan.com
