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13 Reasons Why Entrepreneurs Fail to Succeed in Business

13 Reasons Why Entrepreneurs Fail to Succeed in Business

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Published by Maurice Kelleher
Are you an entrepreneur? Are you going to succeed in business or not? Here are some pointers to why most entrepreneurs fail in business and how you can avoid business failure.......
Are you an entrepreneur? Are you going to succeed in business or not? Here are some pointers to why most entrepreneurs fail in business and how you can avoid business failure.......

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Published by: Maurice Kelleher on Jan 20, 2011
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11/02/2012

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13 Reasons WhyEntrepreneurs Fail toSucceed in Business
1.Lack of a well defined purpose 
Definiteness of purpose is the starting point of all achievements.
” – 
W. Clement Stone
 
Lack of a well defined purpose is
the major reason why entrepreneurs fail to succeed inbusiness
. I have come across a lot of entrepreneurs living without personal purpose; not totalk of business purpose.
They have no dream, no mission, and no target
. This typeof entrepreneur wakes up in the morning and say "
let me go out and see what today holdsfor me.
" They operate their business with no set goal.If you take a closer look at these entrepreneurs,
you will observe that their life is driven byfate
. They believe in luck and simply take whatever comes to them with this sentences "
suchis life
" or "
life is unfair.
" These entrepreneurs have lost control of their destiny."
Control your destiny or someone else will.
"
 – 
 
I have a friend who happens to be an entrepreneur
. He plays the lottery weekly, hoping tohit millions one day
. He goes to his business daily hoping that one day;
he is going to makea kill
.The funny thing is that
he has faith that he is going to make it big but the problem is thathis faith and hope are channelled in the wrong direction
. The truth is that entrepreneurslike this friend of mine will never succeed in business. If they do, then luck is probably ontheir side.
2.Inability to aim above mediocrity 
Okay, you must have probably scaled through the first point;
that means you have a setgoal, purpose and some North stars you are aiming at
. If the situation described abovesuits you, then I say congratulations. If you have a set goal,
you are one step ahead of thepack
but a question I want to ask is this:Are you aiming above mediocrity?Is your goal challenging enough?I am poised to ask this question because
I have entrepreneurial friends who are goalgetters but the problem with this business friends and associates of mine is that they failto aim above mediocrity
. Entrepreneurs in this category take their time to set goals but theyset small goals;
they set goals they know they can achieve easily
.This may sound ridiculous but I want you to know that there are entrepreneurs with this kindof mindset.
They don’t want to fill guilty of not achieving their set goal
; they don't want tostress themselves or
go beyond their comfort zone
so their best bet is to set small achievablegoals.An example of such is an entrepreneur with a current year turnover of $1,000,000, setting thegoal of achieving a turnover of $1,050,000 in the coming year.
Now what stopsthis entrepreneur from setting a turnover goal of about $2,000,000
 – 
$2,500,000
? The
answer is mediocrity. They don't want to pay the price for success; they don’t want to leave
their comfort zone."
Those who dream small dreams, continue to live life as small people.
" 
 – 
 If you are in the category of entrepreneurs described above;
then it’s high time you change
your perception towards goal setting
. If you continue to operate under the same perceptionof setting small goals, you might not fail but you will definitely not be among the outstandingachievers.
Aim for the moon. If you miss it, you may hit a star.
 – 
 
W. Clement Stone
 
 
3.Lack of self discipline 
This is another undisputable reason why entrepreneurs fail to succeed in business. The worstthing about an entrepreneur that lacks self discipline is that there is no remedy. He can neversucceed in business even if placed in the best economy.
Discipline starts with self controland self control is a product of a strong self imposed personal standard
.
4.Procrastination 
"
Show me a failure and I will show you a man, who does today, what he shouldhave done yesterday
."
 – 
 I read in a book that
procrastination is time’s natural assassin
 
and I know that’s the
truth.
Procrastination is as a result of laziness and strong resistance to leaveyour comfort zone
. But let's face reality, every one of us has at one time or the otherprocrastinated. There is nothing wrong in that, but the evil comes when it becomes a habit.
5.Over Cautiousness 
"
He, who insists on seeing with perfect clearness before he decides, never decide.
"
 – 
 
Henry Frederic Amiel
 Over cautiousness is probably the utmost reason why entrepreneurs fail to succeed inbusiness.
Some call it fear and others call it analysis paralysis
but it all boils down to onepoint;
inability to take action despite tremendous proof 
. I have seen
investors turn theirback to excellent investments simply because they are being over cautious
.I have seen entrepreneurs with
the right business idea, the right plan and everythingneeded to start
but they just do not make a move.
They are waiting for theperfect economy; the perfect trend and the perfect time. They want all lights to go greenbefore they leap
. The sad news is that in business, all lights never go green.
It’s the du
ty of an entrepreneur to grab one piece and start the business, theremaining two pieces will be found along the way. Finding the remaining twocomponents may take a year or more than 10 years; the point is, start with what youhave
.” – 
 
Robert Kiyosaki
 
 are known to start with what they have at hand and pick up therest along the way.
The truth is that over cautiousness is the brain child of fear
. An overcautious entrepreneur is simply afraid of failure and no one plays a game with fear and win.
Don’t fear failure so much that you refuse to try new things.
” – 
 
Louis Boone
 

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