Being a successful entrepreneur is not easy. Aside from tough competition in the market, it is hard to stay focus and unwavering. Challenges and obstacles seems endless because you face one problem after another. It is true that running your own business is promising and the benefit is rewarding. However, it is not a flower path. It is not for the weak as well. Lots of entrepreneurs fail in their attempt to grow a successful business. It requires dedication and other sacrifices. It sound so daunting but if you are already afraid now, you are not going to survive later.
Find out things that can make you a failed entrepreneur
Being entrepreneur doesn’t require you to be wealthy. There are other things that will contribute to your success. Financial resources are important yes, but other things such as problem-solving skills, leadership, time management, and others which are as crucial. The most challenging phase is the first two year. According to Forbes, 8 out of 10 fail within that period. So what most likely to make entrepreneur fail in running their own business?
This is the most common thing that makes entrepreneurs fail in working on their business. Running your own business from scratch means you are the boss yet you still have to do other responsibilities instead of sitting pretty. There are many things on the plate that can make you feel overwhelmed. You have to deal with the market, accounting, customers, taxes, and many more while being stress managing your team. Thus, failure to plan will result in disaster. Planning doesn’t guarantee your business to be successful. However, it can help you reach success smoothly. Business plan is like a map that can guide you to reach your success. Successful business is gained via well execution of a well-thought-out plan.
Poor time management
This is important factor in business because you won’t get nowhere if you keep being left behind. It doesn’t mean you should run your business in a rush. However, time management is about how you make time as effective as possible. No matter what your profession, you only have 24 hour a day. That’s why time is the greatest asset. You won’t get it back once you waste it. To make time as effective as possible, you need to know how to prioritize every task. In addition, always say no to procrastination because it is your worst enemy. Try to create system that can help automate your everyday tasks.
Lack of persistence
It is true that entrepreneurship is not for the weak and quitter. Running a business can be tiring. That’s why lots of them end up giving up before reaching anywhere. That’s why it is highly advised by the experts to start a business based off what you are passionate about because it helps in maintaining motivation. Another thing to do to keep your persistence is to focus on your roots. You need your reasons to outweigh your excuse to stay persistent. Keep reminding yourself the reasons of why you are doing what you are doing.