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Categories: Millionaire Mind

people fail in businessHave 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…

Belief System

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.

Opportunity Seekers

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?

lamborghini

  • 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:

  1. Does the coach has any reputation and track record?
  2. What’s the comment of /review of the course?
  3. 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.

To Your Success,
Ming Jong Tey

8 Responses to “Why Most People Fail In Business – One Big Reason Exposed”
Read them below or add one

  1. Jeane says:

    That was really gold mine article. Strategics for starting an online business is vital for planning and the outcome of your dream business. Got a handful of tips and learning here. Learn from others mistakes and develop a strategy to combat and avoid any of that. Must share post.

  2. bbrian017 says:

    Really awesome article Ming Jong, I’ve been told so many times by some of the great bloggers online that the blog engage rss services would never be a success. But I never once let that get to me and it was for two major reasons.

    1. I knew the services had value and I know the price was right
    2. I love blog engage and figure if I believe in myself I will become successful.

    Well here I am 7 months into business, 115 customers and over 1800 usd a month in revenue. My advice, never give up, if people tell you you can’t do it try harder!

    Sorry if I went off topic but I thought it’s a nice story to share.
    bbrian017 recently posted..$1000 Blog Engage Best Guest Blogging Contest

    • Ming Jong says:

      @bbrian017: Thanks for your compliment Brian :) Love your attitude mate! Obviously you know what you are doing and certainly you know the value of your services that bring to people.

      The important thing is that you have the faith in yourself! Once you have a break through, the rest is just history :) Well done, Brian!

      Thanks for sharing your inspiring story. This is such a great example and going to motivate others to have the persistence, faith and right mindset to themselves.
      Ming Jong recently posted..Turn Your Buried PLR Into Gold

  3. Grady Pruitt says:

    Mindset is a powerful thing when it comes to reaching goals. I see people fail at NaNoWriMo (a 50K in 30 days noveling event taking place right now) every year because they don’t have the right mindset. Get the mindset right, and you can achieve any goal. 50% of reaching a goal is mindset, 25% is having a plan, 24% is taking action, and 1% is everything else.

    Thanks for the great post!
    Grady Pruitt recently posted..What Is A Better Way Than Punishing Children For Misbehavior?

  4. Alex says:

    Great post mate.

    Came over from your awesome post on Outsourcing at FB.

    Any post that good deserves a follow to the blog owners house – so here I am.

    Cheers mate, it’s nice to meet you.

    Really enjoyed this post too – my takeaway from it was that I need to be more visual with where I ‘see’ myself. Maybe not the message you meant to share – but that’s what I took from it

    • Ming Jong says:

      @Alex: Great to see you here Alex. I am glad you get something out from the post. Different people will have their perception and feeling when they read the post. So, as long as they get some thing out from it, I am happy since the post did its job :)

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