There is a variety of analysis and research that show how most persons who tried themselves in entrepreneurship fail, while much smaller part succeeds. It is not easy to be an entrepreneur. The question is what is the real reason for failure?
To start a business it is enough to have an idea and passion to implement that idea into reality. However, to sustain and grow the business, there is a need for much more additional elements that an entrepreneur needs to possess.
Yes, it sounds scary, but it is not something that cannot be acquired through experience. This does not mean that if someone doesn’t have knowledge about marketing shouldn’t try to start a business. But, those persons should be aware that they will need to increase their skills after the first day when they open the door of the company.
In this post, I will present some of my thoughts related to the real reason for failure and why some succeed and some simply fail.
1. It is not About the Idea, it is More About You, the Entrepreneur!
Often entrepreneurs find the reason for failure into their business idea. Sometimes it can be true, their business idea might be guilty. But, on the other hand, I don’t believe that someone would start the business that didn’t have a potential to attract the customers.
The number one rule for each idea is to have at least one buyer who is not the entrepreneur or his family. So, do not try to make your idea as the only reason for failure, the reason is you.
2. We Are All Different!
Yes, we are all different. We all have different thoughts, habits, ideas, abilities, knowledge, etc. So, we cannot expect that everyone will be a good baker. Someone will be a good baker, and some will be a good designer. Well, if we take two bakeries we cannot expect to have the same success. One would have better quality, better starting finance, higher sales, better team, etc.
3. The Startup is Different From Maintaining and Growing the Business!
One thing is to start a business, which is really the easiest part of the business life cycles. However, to maintain and grow a business is something completely different and require completely different actions, knowledge and skills by you as an entrepreneur.
Many people believe that they will start a business, and that is the greatest success. But, that’s nothing, just a simple start of a long journey into the world of equations with many unknowns.
4. It Takes More Than Passion!
Starting a business without a passion for that business is a sign that something in the start is condemning to the failure. But, on the other hand, just a passion is not enough to reach the success. Therefore, it doesn’t mean that if you have a passion, you’ll be a good and successful entrepreneur, and your company will grow only because of your passion. However, it is necessary first to expand that passion on other business functions like marketing, finance, and sales, and then continually increase your knowledge of the industry.
5. It is not About the Competition, It is More About Your Creativity!
Often it is easier to tell that the competition is the reason for your failure. However, do we really expect that our company will not have competition? As we fight to each customer on the market, our competition also will fight for them. They are not guilty of our failure. We are guilty because of our weak creativity in attracting customers to our company. Today, more creative persons will succeed.