The majority of startups fail. Will yours? Are you going to be successful in business or not? Read on to find out what the factors for success – and failure – usually are.
They say the natural foe of time is procrastination. We’d add that it’s time’s fatal foe. The one limited resource we have is time, but some entrepreneurs just can’t learn to appreciate it. They’d rather stay in their comfort zone. Procrastination is fatal to business because there is only one right time to launch your products or profit on a trend.
Lack of Purpose
A lot of budding entrepreneurs don’t have a very clear idea of why they want to start their own company. Usually, they’ll say something really general like, “I want to work for myself” or “I don’t want to wait for a paycheck”. It’s not that these aren’t legitimate reasons, but people tend to overlook the negatives. A business takes serious investment. You have to wait a long time for returns. Ultimately, people aren’t putting in the effort that’s needed to develop a successful company, become discouraged easily, and give up. Then, they’re back in an office working for someone and waiting for a paycheck because that is at least guaranteed.
This is a major reason why entrepreneurs fail to succeed in business. Is it fear or simply inability to take action? Maybe it’s a bit of both. Some people don’t dare act even in favorable circumstances. Being hesitant is a bad trait for an entrepreneur. An investor can turn his back on an excellent opportunity just because he’s too hesitant.
This is probably the main reason why entrepreneurs fail to succeed in business. Some novice businesspersons can be too reliant on the advice of laymen friends, or they’re not with the right business partner. Your chances of success are slim if you take advice from people without a solid background in the industry and business acumen.
Finally, these aren’t the only reasons entrepreneurs fail. Oversaturation of a given market is also a factor.