Four Reasons I Am A Failure In Business
Running a business is no easy task. For some, starting one is no easy task. For the minority able to do both, growing one is the most difficult part.
Point is, there is imminent failure at every stage in business. Inevitable failure. And that’s what I love about it.
My aim with this article is to release you, and give you permission to fail.
Please note: I said fail, not lose.
Failure is something I have been great at, over the last 6 years of my business journey. I have started projects and failed to even continue them. I have registered companies and had them dissolved. I have created brands and had them woefully discontinued. I have made money and lost it all. I have gone from being a walking ATM to most to being stuck in debt and eventually lost in translation myself. But that’s okay. Failure is good. Failure is great.
I release you to fail.
The number one reason I have failed as a business person is due to broken focus. Trying to do too many things at once, in record time. Like many, I regularly over-estimate what can be done in 30 days, and underestimate what can be in a year. Big mistake. This only brings heartache, anguish, pressure and immediate pain.
Focus on one thing. At a time. Build that. Master that. Establish that. Then move on.
I release you…to fail.
Number two reason is not taking my finances seriously. Businesses need money like cars need fuel. They cannot run on air and passion alone. Raising capital & then using that money wisely is probably the single most important factor in successfully starting a new business venture. I am only just learning this, after 5 years of “doing business”, through very unexpected & harsh experiences. Before your business can be a money making machine, it needs to be fed. Systematically.
Learn about how money can & will help your business grow. What are the necessary investments you must make in order for the company to grow? How can you find inventors & sponsors and raise £10,000 to £100,000 this year for your new business? Think. Be creative. Find people willing to partner with you & build properly.
Number three reason is a lack of worthy mentors. Mentors, coaches, consultants, teachers, parents. They are all needed. I have made the mistake of thinking I know it all, when I don’t. I can’t. Mentors will humble you, challenge you, hold you accountable when you need to be. They will sit you down and reveal your potential from a neutral point of view. The value of a worthy mentor is priceless to an up and coming entrepreneur.
The wonderful thing about business is that it’s an age old industry. Business has been taking place on this planet for thousands of years. Since the very beginning. Which means there is a plethora of experienced teachers who can share their tips & tricks in regards to what works and what doesn’t. We need to find these people. And stick to them like glue.
We all know someone:
- Smarter than us
- Wiser than us
- More experienced in entrepreneurship
- More knowledgeable of our industry
- Who knows someone we want to know
- Creatively gifted
- Great with accounting or legal stuff
- Transparent/Brutally honest
- Rich (with money to sponsor/invest)
Question is, why don’t we make use of them?
I release you…to fail
The final reason I’ll mention is fear. Fear of the unknown, fear of success, fear of rejection, fear of failure. This fear thing stops millions from one day making millions and it has to stop.
Action is the cure for fear. Forgetting that rejection and failure is probably likely to happen, and doing it anyway. This is how winners do it. Day in. Day out. Like a newborn baby trying to walk for the first time, they don’t get discouraged every time they fail or fall. They simply get up, and try again and again.
I constantly fear success. I never admit it to myself but I do. I’m not scared of hearing no’s, I am not scared to fail and I am not even scared of the unknown. Success scares me. And it’s something I need to confidently work on taking away. Unless it will stop me forever.
What are you most afraid of? I release you to fail.
Ask yourself what you are scared of and begin to face it head on. Do things you would not normally do & fight the fear with faith.
Other notable reasons for failure: Procrastination, distractions, hiring too late, thinking too small, setting low targets, not charging high enough fees for my work, not finding investors, not connecting enough with other entrepreneurs, no work life balance, not learning enough about my industry, over sleeping.
Failure is inevitable in business. So go out and fail. Fail forward. Fail boldly. Fail with faith. Do what you could not do before, and see yourself grow in ways you have never seen. I dare you to fail. Good luck!