For every successful entrepreneur, there are at least a few who fail. Despite their best intentions, for some reason, they simply didn’t succeed. Most hit a barrier that they couldn’t overcome. Many of these barriers are in the way of all entrepreneurs, but those who are prepared for them are able to overcome them and continue on their path to success. If you’re a new entrepreneur who is ready to begin that journey, you should be prepared to deal with these barriers to success. If you are, you’ll be able to handle them and reach your goal.
You’re Too Focused on Profit
When larger retail chains open a new location, they often don’t expect that store to see a profit for several years. Some are happy if a new store turns a profit within five years. If you’re opening a new business with zero brand recognition that may not even be a realistic goal. You have to accept that you may not see much of a profit for years. You need to be constantly re-investing any money you make back into the business. This will help you grow and, in the long run, will result in much larger profits more quickly.
Don’t Move Too Quickly
This barrier is tied to being focused on profit. Many who want to see their business start to pay the bills will try to expand much too quickly. They will add new products, hire more employees, and may even look at purchasing a larger or additional office space before they’re able to sustain themselves. This leads to over-extending and, unless something is done very quickly, the business will end up bankrupt.
Marketing is perhaps one of the largest barriers for new business owners and entrepreneurs. The problem is that most of these people aren’t marketing experts, but they also don’t have the money to hire a marketer. Marketing, though, is absolutely vital to a new business. Don’t think you can do it on your own — while you may be able to put together an ad or run a Face book page, there’s much more to marketing than that.
Without a solid marketing strategy executed by a professional who understands how marketing works, your new venture may be in trouble. Take marketing seriously and give it the budget it deserves. No one will buy your products or services if they don’t know they exist.
Do you ever find yourself struggling to keep motivated? If you’ve worked for several years to build your new business but don’t seem to be getting anywhere, you may start to lose the drive to continue. That can lead to no longer giving your business your all, which in turn can lead to failure.
In order to keep motivated, you’ve got to look for sources of inspiration. Listening to motivational speakers, reading inspirational books, and remembering the reasons you started your own business venture can help you keep your motivation going.
Don’t Be Afraid of Failure
Too many entrepreneurs hold themselves back because they’re afraid of failing. Some see failure as the end — it’s something that they can’t come back from. Others see it as a waste of time. If they fail, they lose resources, time, and progress towards success. But failure isn’t the end of anything. It’s also not a waste. Failing shows you what not to do. It teaches you valuable lessons that you can use down the line to avoid additional failures. If you’re afraid to fail, you’ll pass over business risks that could pay off in huge ways.
Sometimes things outside of your control are going to cause your business plan to become obsolete. You have to be ready for that and be willing to pivot. You may have to completely change your path or make significant modifications to your original idea. If you don’t, it’s likely that your business will fail. Remember, though, that in times like this, it’s not because you failed. You didn’t make the wrong type of plan or focus on the wrong thing. It can be very difficult to correctly anticipate how the market will change or what consumers will suddenly need. In times like this, all you can do is be as flexible as possible.
Another barrier to success is lacking the correct resources to move forward. Sometimes this is due to poor planning. You may think you need a certain amount of capital, space, and employees only to realize you need much more. If you can’t quickly gain these resources, your business may be in trouble.
On the other hand, sometimes the issue is that resources you thought you had secured don’t come through. You may believe you have a large investor on board, for example, only to have them back out at the last minute. You might not be able to find employees for the open positions you’ve advertised. There are many factors that can limit your resources, which is why you always want to have a backup plan whenever possible.
You Follow Unhealthy Lifestyle
You must know that eating a well-balanced diet and getting enough sleep adds on to reducing stress and mental tensions. So try to get enough sleep to be healthy in your life and in order to face any business ups and downs. You must quit unhealthy habits of excess sugars, alcohol and smoking cigarettes in order to deal with your business stress and tensions.
Most people tend to increase their daily number of cigarette smoking at the time of a stressful business situation that causes more harm than before. Also, smoking can be a deal-breaker because the nicotine smell after a smoking session can definitely irritate your business colleagues or partners around you. So, if you are a hardcore smoker, switch to vape as an alternative which is 95% less harmful and more socially acceptable than traditional cigarettes. It is also found in the research that switching to vaping is a much safer option than traditional cigarettes.
You Have No Plan
Of course, one reason some businesses fail is that they simply don’t write out a solid business plan. This lack of preparation is a barrier many people face. Some simply don’t understand what a business plan is or what it needs to include. Others don’t think they need to write out a formal plan. They feel like they have everything they need in their head, so they don’t take the time to put it down on paper.
However, writing down a business plan often makes someone realize they haven’t thought everything through. They realize there are more things they need to plan out and to prepare for. It’s also useful to have a written plan in times of chaos since you may be a bit panicked.
For those who are looking for investors, many are going to want to see a written business plan. They’re going to want to know exactly what it is they’re investing it. Without a strong business plan, these investors are going to move on.
These are just a few of the barriers entrepreneurs are going to face when starting a new business venture. Be certain you’re ready to overcome them. Otherwise, you may find your new business fails to take off.