Entrepreneurial success actually has little to do with good ideas or bad ideas, strong markets or weak markets. It has everything to do with how you think and behave. Your thoughts and habits are the determining factor to success.
Here are 12 common causes of entrepreneurial failure and how to avoid them:
1. Believing That Situations Are Unchangeable
You have the power and capability to change things. If you don’t think you can change and influence a situation then you certainly won’t and you’ll certainly be facing failure. Push away your self-doubt and dare to take action.
2. Believing Money Is Absolute and That You Can’t Take Action Until You Have It.
The tools available to entrepreneurs today allows us to build and grow our business with little to no capital. I’m not saying you don’t need money to start your business or that you won’t have expenses because you will. But too many entrepreneurs sit back and wait for money to fall in their lap before taking action towards their goals. The reality is that money loves action.
3. Focusing On The Past, Ignoring The Present, and Doubting The Future.
This is like 3 in 1…Merry Christmas! When you focus on the past you turn your back on the future. The past is over. Successful entrepreneurs certainly look ahead to the future but they are also very aware of the present. If your present situation isn’t ideal then you’re likely to doubt the future as you wonder how it will be better. This is a mistake you need to avoid. Be clear on your present situation and use it to make the necessary adjustments for the future.
4. Waiting To Act Until 100% Ready.
Successful people have the habit of taking action before they are ready. When you wait until you are absolutely certain about something before taking action, you are destined to fail. You can course-correct as necessary. Develop the habit of taking action first. You’ll get better and better at it as you go.
5. Stressing Over Minutia.
Way too many entrepreneurs focus on the little things that don’t matter and fail to focus on the things that lead to results. I recently spoke with someone who told me they couldn’t write new blog posts because their header wasn’t how they wanted it to be. So, their lead generation had come to a screeching halt while they waited for this small detail to be perfect. Unreal.
6. Accepting Failure As Permanent.
You can’t correct mistakes if you’re ashamed of making them. Don’t let failures and setbacks upset you. You can’t correct mistakes if you never make them. The faster you fail the quicker you reach success. There’s nothing permanent about failure UNLESS you stop pushing forward. Mistakes are essential to success. Learn from your mistakes and keep confidence in yourself.
7. Unwillingness To Adapt.
Your business WILL look different than your original idea. Every successful person has adapted along the way. Take Google for example, in the beginning they were determined to never allow ads on their site. Obviously they adapted and look at the success they’ve achieved since. Success is often determined by how quickly you move to plan B.
8. Unwillingness To Ask For Help.
No one achieves success on their own. Being afraid or unwilling to ask for help is a big step towards failure. Ask questions. Ask great questions. Don’t worry about looking dumb. There is no such thing as a stupid question (unless you’re watching a movie with my mother).
9. Being A Poor Student.
You should NEVER stop learning. Everyone I know who has achieved business success is an avid reader, attends seminars, and has a coach or mentor. It’s astonishing how many entrepreneurs and business owners there are who are not aggressive when it comes to their education. There is always something else to learn and you can always benefit from brushing up on the basics.
10. Exaggerating Challenges So You Can Have An Excuse For Quitting.
Some people make their challenges SO big that they convince themselves that no one could overcome them. It’s an easy out for quitting. Successful people deal with reality. Don’t make a challenge bigger (or smaller) than it truly is.
11. Focusing On Challenges Instead Of Solutions.
Focusing on challenges is unproductive and leads to more challenges. The moment you’re faced with a challenge stop and write out a list of solutions. Those solutions don’t have to be perfect but the process of shifting your mind to focus on answers will not only release stress, it will move you a huge step closer to overcoming the challenge.
12. Lacking 100% Clarity On What You Want.
Successful people know EXACTLY what they want and they are relentless about achieving it. You’re facing distractions every single day. When you have clarity on what you want, you spend your time wisely and only work on the tasks that move you closer to your goals.
Review this list and take a close evaluation of yourself. Don’t be disappointed if you’re making some of these mistakes. Be thankful you now know it. The key now is to do something about them.