5 reasons why entrepreneurs fail
Become an entrepreneur and start your own business is one of the most difficult and worst incidents that any of us could do. To be successful, you have to stay focused, make wise decisions and truly believe in yourself and your business.
However, you can read at least a hundred useful books about business, to learn the stories of successful entrepreneurs and still fail.
Below are five of the most common mistakes why many aspiring entrepreneurs burn out and fail. Take the time to read them, and, perhaps, will be five fewer things you care about, starting your own business.
1. Natelegawa task
You’re a lone wolf who is sure that will cope with any task on their own. You yourself are trying to make a logo using their basic knowledge of photoshop. Want to develop the concept of the site and draw a layout, and I think that he will cope with accounting.
In the end, you spend five hours a day to watch tutorials on photoshop, bookkeeping and other things that took.
Needless to say, instead of wasting precious time, you just had to pay the designer to design the logo, the screenwriter for shooting commercials, marketer, accountant, and so on. Everyone should stick to what he’s strong, and not take on everything at once.
A lot of entrepreneurs are perfectionists, so they’re trying to do everything yourself. The problem is that they spend too much time instead of focusing on things management and strategy.
2. Information overload
When you start something, it’s important to learn as much as possible in order to make rational decisions.
Then you must take action and be flexible enough at any time to return. However, many entrepreneurs fool themselves into thinking that they must know everything in order to avoid any risk.
It is important to focus on tactics, but there comes a time when you just need to take the risk.
In the end, you should know enough to make a deal or sale. Otherwise, you happen analysis paralysis if you try to understand and to foresee.
The most important factor when starting your own business is consumer demand. If you’re not sure that someone will buy your product or service, we take wrong decisions in their company. You are just wasting months of his life.
Before you open a business, ask your friends and acquaintances, they would have to buy a particular product? If the majority answer in the negative, should take note. It is also important to study the market competition of the product that you plan to trade. The presence of competitors also means that your product/service is in demand.
3. The lack of participation
You can be very happy and obsessed to madness with his idea, but don’t expect that your environment has the same feelings. Whether the people you hire, or co-founders, you can only use their talents.
Almost every businessman thinks he’s the only one who understands your business. In fact, it may be that employees are just not motivated. They just can’t see the bigger picture of their participation in your business.
All that you can and should do is share their vision, to talk about the potential of a business of an insane income.
4. Dealing with criticism
There will always be those who are against. To take a verbal punch with humility is one of the best features of the entrepreneur. You have to understand that criticism is something that reflects someone else’s opinion to your business.
Other people’s thoughts is hardly necessary to take seriously, especially the opinions of people who have never been in your position. Another thing, if customers are not very pleased of your services or goods, in this case, the business will lose to competitors.
The best solution is to listen to what is not satisfied customers, and ask them to share what they think could improve your product (service) so that they will pay for it.
5. Crazy personal life
For this reason alone, many entrepreneurs out of business. It is a known fact that, in order to qualify, you have to sacrifice a lot. You have to work a day, and you will hardly have time for myself. But, if you devote time relaxing with his girlfriend or friends, rest in full. Do your work in the workplace, but, when you communicate with your loved ones, not distracted by work.
It is best to take it a rule to spend one day or even evenings away from emails and mobile phones, to devote himself to family. Consider it a weekly ritual for you to prepare, to relax a little and have fun.
Your personal life does not have to be crazy. Learn to balance, or risk losing or relationships, or business, and sometimes both.