Many Businesses Will Fail!
It’s a sad fact of life that many businesses are doomed to failure and a business is most vulnerable at the startup and early stages.
If you stop to think about it, this is quite surprising.
After all, a person who decides to start a business is usually experienced, bright, confident and happy to devote their valuable time to their business. So you would indeed wonder why businesses fail to succeed.
Even though they will have learned that the startup mortality rate in any business is very high, they are still happy to challenge the existing players in the market because they feel they can do as good a job or do an even better job than those existing players they intend competing with.
They will be well-informed, they will have some experience and expertise in that business area and they will be prepared to devote their time and energy into developing their business.
Unfortunately, not every business person is capable of tacking the multiple challenges involved when starting their own business. Although, the very fact that they have kick started their business from scratch, shows they have abilities which most of their colleagues lack – which is no mean feat in itself.
So, why do they fumble?
While failed businessmen are happy to trot out the same old excuses, I feel it’s usually not because of these particular three reasons:
- external market circumstances
- because they were technically incompetent
- because they ran out of money
I think, in truth it’s usually an ego problem………………………………….which means their immaturity comes in the way of their success.
Many entrepreneurs think of themselves as being supermen or superwomen.
They believe they should be able to handle everything themselves and when problems arise, and you and I know there will always be problems, often they are not willing to ask for advice or help until it’s far too late.
And that, my friend, is a fatal error.
An error that can put a business out of business overnight.
Yes, I know what you are thinking and you are right in thinking the way you do – this should be such an easy problem to solve………. all you would have to do is point out the deficiencies and him or her would then be able to fix them.
But, of course, it’s very hard for a person to identify and accept their own faults. The very fact that they’re emotionally immature may mean they don’t have enough self-awareness or don’t even realise what skills they are missing.
They may refuse to confront reality until it’s too late. Then they go around scrambling trying to turn things around, frustration sets in, morale goes through the floor and the entire house of cards comes tumbling down…………which is so sad.
Emotional maturity is a highly desirable trait for anybody going into business.
While this is not easy to gauge, I think someone who is experienced and who has seen some of life’s ups and downs will, most likely, be emotionally resilient and willing to reach out for help when things go wrong with the business and will not think it’s below their dignity to ask for that help.
I think it is also very sad, especially when I know there is an exceptional amount of professional training, help and support available at little or no cost. All of which, I believe, should be undertaken as part of any new business startup process and thereby avoid many of the preventable problems that arise.
Let me give you an example, an aspiring businessman or marketing affiliate can sign up as a Starter Member with a company called Wealthy Affiliate and it will cost them nothing……….yes it will cost nothing.
Wealthy Affiliate provides exceptional professional business training and support that is way better than anything else that’s available out there.
They provide this at two levels – Starter Member Level and Premium Member Level……………….see image below:
The aspiring businessman or marketing affiliate can take advantage of the free Starter Membership to see for themselves the exceptional levels of training and support that are available and, if they wish, go Premium when they are happy and ready.
It would be a huge tragedy if they did not avail of this option, especially if it’s their immaturity that is causing them to shoot themselves in their very own foot.
Believe me, and I would not mislead you or anybody else on a matter this serious, all the help and support that will ever be needed is available directly when they become a member at Wealthy Affiliate.
So, take my word for it and sign up as a Starter Member HERE – it’s free, so you have nothing to lose.
Otherwise, if you are not quite ready yet, here at Powerful affiliate you will find a huge amount of information that will help you decide.
Check out how to start an online business that makes money where you will also find links to the current most popular articles.
And, don’t forget to get “An Internet Millionaire’s Secret Formula“…
Take your time, make sure you have a really good look around my website and contact me if you want any help or clarification.
Well, that’s it for today.
Thank you for visiting.
Don’t forget to leave a comment below, I do love getting feedback!
Cheers for now.