For entrepreneurs, success and failure are two sides of the same coin. If your hard work pays off, then it’s a success story, and if you rely a little too much on luck, you fall on the other side of the coin and the potential for failure is high.
Many entrepreneurs start their ventures with a small idea and an overwhelming state of mind. There are many aspects of entrepreneurship that many fail to recognize, which can cause some problems.
Why do entrepreneurs fail?
There is no rule book for someone to ace entrepreneurship, but there are experiences that count. The maturity comes once you’ve had a career full of rich experiences. But why is it that 95% of entrepreneurs fail in keeping their startups alive? These probably could be the reasons:
1. Impatient behavior
Many entrepreneurs start enthusiastically, wanting immediate results. But hey, ‘Rome wasn’t built in a day.’ So, if you want your business to flourish, give it all the time you can. Do not give up on every other inconvenience easily.
2. Trusting a little too much
When you start a business, you don’t have a team, but if all goes well, you build one. You have to handle people like clients, employees, etc. and you have to start putting your trust in a team to manage your business successfully. And sometimes people unknowingly cause blunders, putting your business at stake. So, put your trust in people wisely.
3. Not enough knowledge
It is true that you won’t learn much until you start doing some real work, but having a prior knowledge about your niche industry is more than a bonus. Many times entrepreneurs enter the market with high hopes and little knowledge about the industry. That’s when things take quite an unpleasant turn. Entrepreneurs should be able to foresee the future based on industry knowledge.
4. Unrealistic goals
Entrepreneurs have big goals, which is understandable because if you don’t dream big you hardly achieve anything. But having goals that are unachievable is quite unrealistic because when you fail to achieve these goals, your confidence and motivation suffer.
Entrepreneurs should have a vision and a constant will to work towards their goal. Anyone who thinks of entrepreneurship as a fad won’t be able to sustain and succeed. So change your mindset and think of entrepreneurship journey as a marathon, not a sprint.