Why Some Entrepreneurs Make It While Some Don’t?
Businesses fail all the time and the entrepreneurs behind those businesses are the primary reason why that happens – the market is there, people are ready to buy and the money seems to flow all right; recession or no recession, life will go on and people will buy things. Why then did your business flounder? Why couldn’t you help keep it afloat? Plenty of reasons there among which the important ones would go like this:
- Approaching business like a job: You would generally start a business on something you are good at – for instance, a carpenter or wood-worker opens up a furniture shop a designer opens a web-design or graphic design company, etc. You are a technician, according to Michael.E.Gerber – the author of E-Myth Revisited– and you show tendencies to think that you are the best at what they do and hence you continuously keep working at it. Trouble is that you could only handle so many clients at any given time and hence your income gets stuck. This isn’t bad, but it only limits your income. At this point, your business still seems to look like a fancy job you got for yourself instead of working for someone else.
- Lack of passion: Entrepreneurship isn’t about waking up in the morning and taking the daily commute to office; it isn’t about getting promoted; there is no career ladder to speak off and there is no one to spank you if you aren’t doing what you are supposed to do. If you started your business (or going to start) just because you hate your corporate job, have some business smarts about you, since you might not last long. You won’t because you didn’t start because you wanted to; you started because you have no choice and it seems to be much better than working for that lousy company.
- No foresight, and not putting in enough hours: So, if you are the typical corporate type, you would get used to the 9-5 schedule. You would want to go home after 6 in the evening? Entrepreneurship won’t allow you such privileges. When you don’t work on Saturdays and Sundays, it’s two days worth of business gone. When you go home early, you are missing the opportunity of getting more business. Most entrepreneurs get involved into operations of daily business that the businesses continue to be and run the same way for years – no expansion, no leverage and no financial freedom.
Entrepreneurship is supposed to get you that financial freedom, but you don’t allow it to happen. It requires a different kind of mindset. Do you have it in you?
