It is one thing to be an entrepreneur and have your own business and another to actually succeed in your business venture. Running a business is demanding and requires a lot of planning and determination.
enterpreneurship
Now the difference between those businesses that succeed and the ones that don’t can be quite vague yet goes a long way. What is it that certain entrepreneurs are doing that is putting their business on the top of the market? What are those things that other entrepreneurs are failing to do or are committing that is causing their companies to fall below expectation?
Here are a few reasons.
#1. Vision impaired
One of the most common reasons why aspiring entrepreneurs fail in business is because of a lack of vision as to where the company is headed. Probably they initially had a vision but lost sight of it.
To succeed in business, entrepreneurs have to keep thinking of how their business can add value and to run after that vision. Failure to do this will mean the business gets subdued by other businesses who have a vision and are running after it.
#2. Poor management
This is definitely one of most common and popular reasons for business failures.
Poor decision making and weak leadership skills can cause a business to go downhill. You have definitely heard of where board of directors kicked the founder out or the founder has mismanaged funds.
When management is supposed to perform certain duties and responsibilities ands fail to, it can lead to a breakdown.
#3. No uniqueness
Business is a tough game- more like survival of the fittest. Every day you hear of businesses shutting down and hitting the road. Why? One of the reasons could be the failure to make a difference in the market.
With an increase in companies and everyone doing everything, it may be hard to make your mark. However, this is necessary to be able to survive.
Entrepreneurs fail in business as a result of a lack of ideas as to how they could make a difference and show their uniqueness.
#4. The fear factor (failure to take risks)
To survive in the market and to run your business will mean having to make decisions you aren’t really ready to make, taking risks despite the consequences.
Businesses and their entrepreneurs end up below the radar because of the fear of taking risks and end up failing. Making a change in the lives of many or in the market is directly linked to being creative, enjoying what you do as an entrepreneur and not being afraid to do whatever it takes to get what you want and be where you want to be.
#5. No customer relationship
What is more important than the customers that you are supposed to satisfy? If you are running a business that lacks touch with its customers’ needs and demands, then that business is on a path to failure.
Complete understanding of what your customers want is vital to the success of your company. If you fail to give them what they want, chances are that they will go to your competitors and make them a whole lot richer.
Thus, businesses fail for failure of the entrepreneur to walk in the shoes of their customers.
#6. Lack of focus
Entrepreneurs fail in business because of a lack of concentration. They want to do multiple things at the same time, yet not succeeding in any of them.
The key to succeeding in business is to dwell on your strengths and expand on them.
Your strengths are those activities you naturally enjoy doing and would naturally do for free your entire life, if necessary.
Entrepreneurship is about using your passion to make a positive contribution for the benefit of others
#7. Chasing money only
Most entrepreneurs only enter business, not to meet a need; rather, to gain enough money in their wallet to take them to that fine restaurant that just opened downtown.
If your primary motivation for being in business is to acquire wealth rather than to add value, then you’ve started off on the wrong foot. If the drive for money supersedes the drive to create innovative products/services that will add value to the market, then you are on your way to disaster.
To succeed in business, you have to be ready to give what customers want and get the wealth as a result.
#8. Lack of communication
Failure to communicate is a reason for most things failing, from relationships to the world of entrepreneurship and business.
Many entrepreneurs work hard to discover a point of differentiation then blow it because they do not communicate their message in a clear and concise manner.
