Why 99% of Entrepreneurs Fail on the first years of running their business

Why 99% of Entrepreneurs Fail on the first years of running their business

Reasons and advices for all the entrepreneurs and business owners:

1. Lack of Focus

A common mistake that an entrepreneur usually makes is not focusing on their main tasks. They concentrate on making everything perfect instead of improving their services and getting more clients. I had one client who changed her logo 3 times during the first half year of her business, instead of focusing on improving the quality of her services and getting more clients. At the end, she lasted less than a year in business.

2. Lack of Marketing

Many business owners think that they will do well without proper marketing. Proper marketing is essential for successful business. It is almost impossible to get new clients without a good marketing strategy. Lot of owners thing that only running ads will help their business grow. In reality, they waste big budgets for ads and don’t get the anticipated results in return.

3. Relying on Yourself Alone

One of the most important concepts in entrepreneurship is “Empowerment”. It is basically about empowering yourself first, and then empowering others around you. It is so important to have like-minded people around. They might run different kind of businesses, or even operate in a different country, but you can support each other and learn from each other’s experience.

4. Business Model Failure

Think which business model works best for your business. Before implementing it, try to know more about this model, talk with someone who runs his business on a similar model and figure out if you can implement it in your business. This is important, especially when you just start up your business, or when when you’re still at the first stages. Many people start hiring staff at early stages so they look solid and start big, delegating to others many of the tasks which they could do themselves. At the end, their operating cost ends up higher than their profit and their business can’t survive for too long. Know your capabilities clearly and try to stay around them.

 Share your thoughts on this in the comments section below.

Read also: The five ‘P’s you must consider when offering your product or service

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