Why Most People Fail In Business – One Big Reason Exposed
Have you been told that starting your own business is risky and likely to fail? In fact, statistics in the past history show that 40% of all businesses fail within first year. Subsequently, 80% of all businesses fail within the first 5 years. Why is running and surviving a business so tough? Have you ever thought about the reasons people fail in business?
Strategic Business Owners vs Opportunity Seekers
One of the major differentiators between successful entrepreneurs and those who fail is their MINDSET. Successful entrepreneurs are strategic business owners, not opportunity seekers. They develop a well thought plan with calculated risk. After that they implement it, tweak and improve along the way until they succeed. They understand their strength and will leverage their strength to turn it to become their competitive advantage, so that they can always be the market leader. On the other end, opportunity seekers do not have a proper plan to execute and they do not have a systematic way to manage, measure and control the risk. Some of them don’t even dare to take risk. This is the worst part…
There is a significant difference in the belief system between successful strategic business owners and the opportunity seekers. Belief system is a critical factor causing people fail in business.
Successful Strategic Business Owners
Below are a number of the popular beliefs the successful strategic business owners possess:
1. You are responsible for your own life and any decision you make.
2. Anyone can succeed in business with the right mindset and skill set.
3. You need to create our own business to gain more leverage and time freedom.
4. If you want to be rich, mind your own business and work smart.
5. You need to have a clear direction on where your business is going based on the business model you are adopting.
6. There is no free lunch. I can only succeed with the accurate thinking process, focus, perseverance and taking massive actions.
Some of the popular beliefs of the opportunity seekers are shown in the following:
1. I’m not smart enough to start a business.
2. I can’t afford to start a business because I can’t hire or outsource.
3. I don’t have time to start a business because I have a full time job.
4. I don’t have enough knowledge and skill and I’ll wait until I master every single skill set required then I can start my own business.
5. There is a “push button” holy grail somewhere. I only need to get it then I will achieve financial freedom.
6. I need to take care of my family and can’t afford to take any risk.
Once you cultivate the right mindset to become a successful business owner, you are on the right track to your success journey. So, what do you do next? You might be wondering I don’t know anything about creating a business. There are courses in the offline world that you can attend to acquire the essential skill to start your own business. If you are on shoestring budget, just go to book store and start picking up the information or you can get lots of free or cheap resources/courses online.
Have A Strong Reason To Start Your Own Business
The key here is that you need to have a strong reason to start your own business and get out of your comfort zone. Once your reason is strong enough, you will definitely find a way to help yourself to get you there. Find out your pain and pleasure in your life by asking yourself several questions below:
- Are you happy with your current job now? Can you imagine what your life will be in 5 years if you remain in your current job?
- What’s your desired lifestyle? A big bungalow with a fancy Lamborghini? What about traveling 6 times per year staying in 5 star luxury hotel?
- When you achieve financial freedom, what would you like to do? Perhaps spend some time to accompany family members? Or To help your family and friends to get what they want?
However, always use accurate thinking process, to filter out the crap and junk in both online and offline world, to mitigate the risk of being ripped off.
Ask Questions To Help You To Make Decision
Before you committing to invest in yourself with great quality tuition, ask yourself 3 questions below:
- Does the coach has any reputation and track record?
- What’s the comment of /review of the course?
- What will you actually get out from the course?
Once you identify a great quality course, put your soul and heart into it and master it before you start to learn other course. Follow through is the key to succeed. Majority of the people attended a course simply give up if they do not succeed after the first few attempts.
Do not be fooled by the get rich quick scheme or push button solution. Starting out is always the hardest thing. Just like when the baby first starts to learn walking, how many times do they fall off? Would you tell them not to try, shut them off and let them crawl in the future of their life? Of Course you won’t because you know that people can walk if they are not disabled. The truth is that you need to have the belief that with the right mindset and skill set, you can succeed in business.
What’s your view on this? Feel free to leave a comment below and I would love to hear your thoughts.