Why Some Entrepreneurs Succeed And Others Fail

Have you ever heard the phrase, “Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”? Albert Einstein knew what he was talking about. This quote is true for our lives in general, but have you ever thought of it in terms of your business? The truth of the matter is, some entrepreneurs will fail and others will succeed. So, how do we make sure that you are in the group of entrepreneurs that succeeds?

KNOW WHAT YOU NEED FOR SUCCESS

I brought up that Albert Einstein quote to make a point. You could start a successful computer startup in your basement but you couldn’t do that if you were creating a company whose main purpose was to manufacture cars, right? Strangely, many entrepreneurs fail simply because they do not take the correct first steps when creating their business. The first key tip that we can give you: before you start with your entrepreneurial efforts, make sure you are setting yourself up for success. Sometimes, diving in can mean a big reward at the end, but by not giving your business the room and information it needs to succeed, you will soon find yourself with a failed company. If you don’t know how to do something (the fish) and you try to make your company jump into something without all the information (climbing a tree), you will come to the conclusion that being an entrepreneur isn’t right for you. That may simply not be the case.

ENTREPRENEURIAL CONFIDENCE

As an entrepreneur, you try your best to exude confidence and there is nothing wrong with this. There is a big difference between exuding confidence and knowing where your company is and how confident you should really be. Many entrepreneurs don’t understand that difference and how that can negatively affect their businesses. You see, you want to be confident and show people they can trust you, however, if you focus on acting confident instead of where your company really is, your confidence could quickly dwindle away once you realize you’re headed in the wrong direction. We have a term for this: irrational optimism. While there is nothing wrong with your confidence in the business, there is something wrong with being overly confident without having all the facts.

So, why do entrepreneurs fail? Well, the answer is, of course, that different businesses fail for different reasons. We wish we could pin point one simple answer for you, but the truth is there are many key reasons. Just remember that SEO and social media are great ways of advertising your business and making sure that your information is out there for everyone to see and use. Starting a company requires confidence in yourself, but it also requires a big dose of the facts. Remember to know exactly where you are and what you have going for you before you try and climb that tree!

What are other problems you find entrepreneurs are having?