March 27, 2019 Last updated March 20th, 2019 313 Reads share

Why Do Entrepreneurs Fail? Know the Obstacles to Entrepreneurial Success

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As an entrepreneur, you’re bound to encounter many obstacles along the way. Fortunately, you can overcome them and achieve success. Here’s how.

Nothing in life comes easy. This is especially true of anything that’s worth having. You must work for things and be willing to overcome any obstacles that may stand in your way. Of course, this essentially summarizes the life of an entrepreneur for you. With this in mind, here are some ways you can overcome the main hurdles that stand in your way and become a successful entrepreneur.

Stop Worrying About What Other People Think!

Practice isn’t going to transform you into a perfect entrepreneur. Instead, you must get active, get involved – even before you think you’re 100% ready to do so. Far too many entrepreneurs get caught up thinking they must write out a long, involved business plan before they can do anything. While this is what you may have been taught in school, this isn’t true because as soon as you print the “perfect” business plan, it’s already dated. Instead, of thinking everything through, simply forego the plan and go for it – wing it if you must. In this way, you can let go of perfectionism and you may even be pleasantly surprised to see that you’ve achieved better results by doing so.

Stop Being Afraid You’ll Fail or you Won’t Make Money!

Failure is part of entrepreneurship. While the occasional “overnight success” may happen, it’s rare that someone doesn’t take a few missteps along the way. Most entrepreneurs will start several businesses before they find a formula that works for them and earns them the income they’re after. Don’t let this scare you so bad that you can’t act, create, or found a new business. Instead, You must find some acceptance along the way. Remember, you’re not alone.

Unfortunately, there are numerous reasons why startups fail today. CB Insights says that the most common reason is that the market didn’t need the type of business that was created. This is why it’s so important to start by conducting some market research so you can make a data-driven decision. In doing so you can learn from other entrepreneurs’ failures before launching your own business. The key here though is that you mustn’t fall so much in love with your idea that you don’t look at things from both sides.

Another common reason so many entrepreneurs fail is that they don’t have enough money to fund their business. In fact, about 30% of entrepreneurs say they run out of money before their business took off. There could be many reasons for this, including:

         Failure to be aggressive when it comes to collecting accounts receivable

         Improperly leveraging PPC ads

Regardless of the reason, make sure you accept your failure and learn from it so you don’t repeat your mistakes.

Stop Focusing on What You Can’t Control!

Life is messy and change is hard. This is also true when you’re trying to grow a business. There will be times when you feel like everything is going wrong at the same time. Ultimately, there will always be things you can’t control and things you shouldn’t even attempt to control. Of course, there are also things you can do something about. For instance, you may need to readjust your marketing plan, return to a sales plan that’s proven to work or let go of employees who are causing more trouble than they’re worth. Focus on finding practical and actionable ways of fixing these tangible things then fill up your “to do” list with things that will lead to the results you’re seeking.

Stop Lacking Self-Confidence!

Sometimes the barriers to our success come from the internal voices in our head. Only you can overcome these but the best way to do this is with the help of industry experts. They can help you believe in yourself and the fact that you really can achieve the goals you’ve set for yourself. These motivational speakers will help you build a drive within yourself that will result in success. Additionally, they can also help you build your self-confidence and determination along the way too.

Stop Being Closed-Minded!

You should always look for ways to develop your skill set. By staying on top of what’s important in your field and keeping your creative spark alive you’ll be better equipped to adapt when changes come your way.

Stop Blaming Others!

It’s only natural for everything to seemingly go wrong, at least occasionally. You can’t let yourself focus on these things, nor can you play the “blame game.” All this does is rob you of the energy you need to use in searching for ways to overcome these obstacles. Of course, if it’s appropriate, you should be willing to accept responsibility, but you should never hold on to anger towards things that are out of your control or it’ll only eat you up inside.

Stop Trying to Please Everyone Else!

As an entrepreneur, you’ll never enjoy success if you spend all your time trying to please everyone around you. This attitude must start when you create your business plan. You don’t want to dilute or distort your idea to make everyone happy or because you’re worried about what everyone thinks.

Stop Being Stagnant!

Antoine de Saint-Exupéry once said that “A goal without a plan is just a wish. You must execute a plan if you want to reach a goal in any part of your life.  If you don’t take the time that’s necessary to plan what you will do to reach your goals when you hit a stumbling block, you won’t stumble, you’ll crumble. However, when you have a very specific plan, you’ll have the encouragement you need to take the steps that are necessary to make your dreams a reality.

Stop Being Afraid of Going Outside the Box!

Being a successful entrepreneur requires you to think and act outside the box. There are many ways in which you’ll be called upon to do this. None of it must be as difficult as you first imagine, as long as you simply set your mind to it. Hopefully, these tips have encouraged you to do just that: Commit yourself to be a successful entrepreneur. If they’ve helped you in this regard, it won’t take long before you start seeing the success you’ve been hoping for and dreaming about for quite some time now.

 

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Mila Jones

Mila Jones

Mila Jones is a Senior Business Consultant, with rich experience in the domains of technology consulting and strategy, she works with both established technology brands and market entrants to offer research inputs and insights on leveraging technology as a source of strategic competitive advantage. She is a prolific author and shares her expertise with tech enthusiasts on popular digital publishing platforms. She loves not only to write about several topics but also loves to explore new ideas about Lifestyle, Travel blogs and many more.

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