The Reason Why Many People Fail in Business
Many people’s choices and decisions are often influenced by the potential of making money. We want to attend prestigious universities because we dream of well-paying jobs. We’ll commit crimes and risk spending time in jail because the idea of having lots of money is too compelling to resist.
As important as the role is which money plays in motivating people to work hard every day, what I would like to go over is a mindset that many new entrepreneurs have when starting a business – one that is often the reason for their inability to grow and achieve their financial objectives, and is a common reason for reason for small business failure.
The internet is full of practical ideas which are worth billions. Many of them, however, require profound expertise in particular areas. For instance, if you want to start an e-commerce, then you have to learn about Search Engine Optimization, Social Media Marketing, back linking, etc. Acquiring such expertise often requires several months and years of practice.
Many people prefer businesses which can yield immediate results without having to go through extended learning curves. Perhaps that is why many ‘gurus’ selling online courses on how to make crazy amounts of money in ’30 days or sell’ are actually quite successful themselves. It’s not because they follow the magic formulas which they preach – it’s because they are opportunistic marketers that know how to take advantage of other people’s shortcomings.
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Everyone wants to achieve results as fast as possible. Starting a business in order to make a quick buck is where many people get it wrong. Success in any line of business is determined by how good one is at the set of activities which make customers choose their products. Such activities can be characterized by a variety of things, including:
- Creating Products so Good they can Sell Themselves
- Creating Formidable Marketing Plans based on Consumer Psychology
- Learning How to Achieve Rapid Growth by Becoming a ‘Growth Hacker’
- Mastering the Art of Customer Retention
The bottom line
Patience and perseverance are prerequisites for success. Getting into business in order to make a quick buck inadvertently makes someone likely to throw in the towel after a few challenges.
The bottom line is to never to let money be at the forefront of all your thoughts and courses of action. In fact, forget about it for a while; instead use that energy to educate yourself, plan and implement your tactics, make mistakes, learn from them, establish strategic alliances and become a force in your field.
Remember that the goal is to become good at the set of activities that will help present a strong case for you in front of your prospective customers. And because that could take a long time to achieve, you are better off being ready for a long, nasty battle. You will have competitors too, and they are not sleeping.
That is not to say that one cannot be successful in a short time. In fact, many people have done so and continue to do so every day. You are just better off preparing for a long battle because that will help you develop a mentality to push through all the challenges and setbacks which are forthcoming.
You will always know at the back of your mind that success is just around the corner, even if it takes several years – you will be patient enough to wait. Impatience is one of the common reasons for small business failure.
Your mental preparation is what determines how far you will be able to go. Aspiring entrepreneurs who are prepared for a long term battle will eventually find their success, whether it’s 6 months or 6 years down the line. The ones who seek quick results and only think about money – well their days are numbered.