Statistics has it that 95% of businesses fail within it’s first 5 years, and 80% of businesses that survive pass the 5 years period will eventually fail.
Why do businesses fail (and this include online businesses such as a website/blog like this one)? One reason is because most entrepreneurs start their business for all the wrong reasons. It is nice to think that once you open the doors to your business, that you’re soon going to get rich. But it’d never work that way for anyone. Are these the reasons why you want to start a business:
To make a lot of money and never have to work again.
So you can have more time with your family and friends.
You are your own boss and no one can tell you what to do.
If these are the reasons why you want to start a business, you are not wrong, but this is what everyone else wants out of their business and most of them have failed again and again. So, try to consider the follow reasons why you should start business, and I hope this can solve some entrepreneurs’ headache:
1. You Believe in Your Business – This phrases is talked about many times, but most people only start a business because they saw someone else start the same business and gain success. They don’t believe in what they’re doing. All they want is to get rich as quickly as possible, so they can sell their business and be done with it. I know, because I was like that before, and still somewhat like that now. It is a poison that will kill any business. It is alright if the business your passionate about is already done by so many people; for example, I like network marketing, so even after I’ve been told many times not to start a “network marketing” website because there are already so many “network marketing” websites out there, I still do. Just make sure that you love what you’re doing and based on educated investigation, have strong believe that your business will fulfill a “real need” in the marketplace.
2. You Are a Leader – You have the skill and courage to take charge when an intelligent solution is needed. You are the tribal leader and everyone wants to follow your lead. You are most knowledgeable when the situation gets tough. You care about your fellow man and show this in your honesty and integrity. You get along with and can deal with difficult individuals.
3. You’re in Good Health – You exercise regularly and have the mental stamina to withstand challenges that might cause your business to fail. It is often overlooked, but health issues is the cause of many business failures. The reason is quite simple, if you’re running a small business and you’re in the hospital for sometime, who else will look over your business for you. Family members and friends? Can you really trust them with your business? Do they know how to operate the business in an effective way? Also, you can lose business deals if the companies you’re partnering with know that your incapable of watching over your business because of your poor health issue.
4. You Have a Strong Will – Failures can’t defeat you because you will just get up and start again. Many businessmen and businesswomen fail horribly, but they just get back on their feet and start again after learning from their mistakes. For example, Donald Trump was once in debt 900mil dollars and his businesses nearly went bankrupt, but he never backed down, and evidently he made it back to the top. He’d paid off all his debt and now he’s a multi-billionaire. So, even if you fail, learn from your mistakes and use those lessons the next time around. You have the drive, determination, patience and a positive attitude to succeed.