How To Prevent Your Businesses From Failing

2014-06-23 14:20

About a year ago I wrote an article on 24.com sharing my observations on why many small businesses fail. The article was based on research I did from observing 150,000 entrepreneurs use my Problemio business apps. Since the article was originally published, I continued to research how to help entrepreneurs succeed in their ventures. In this article I'll share my findings from my most recent year of working with entrepreneurs, and some initiatives I am working on to help people starting a business.

Real Reason Entrepreneurs Fail

In the article I published a year ago I noted causes for failure like not understanding business financials, not understanding how to choose a target market, and other similar things. Those really are some of the biggest blind spots of new entrepreneurs. But they are easily solved if the entrepreneur has someone who can teach them the basics.

The ultimate reason people fail at their businesses during early stages is that they make some of the common mistakes I mentioned in my original article, get discouraged, and quit. Without strong partners, advisors, or a support network, many people just give up because they flounder and lose confidence. Once they lose confidence, the business isn't as exciting to them anymore and people start to procrastinate on things they have to do for the business. Once the procrastination cycle sets in, people eventually stop working on their business altogether.

To help entrepreneurs stay motivated and to give entrepreneurs a support network where they can get encouragement and good advice, I recently launched an entrepreneur community where entrepreneurs can interact in a private Facebook group and participate in regular group calls where they can ask questions and I would answer those questions.

If you are an entrepreneur, while I offer a number of resources to help you, they are just one option. What you must do is find some way to get good advisors, and make sure that you have a support network of people who can help you, and keep you motivated and encouraged.

Another thing I did to help entrepreneurs learn about various business topics and stay motivated is start a YouTube channel with business tutorials. To help entrepreneurs stay on track, I decided on a publishing schedule of at least one video per day. That way entrepreneurs can learn something new every day and build their confidence over time while getting into the daily habit of working on their busness. There are already 400+ business tutorials on my channel, and they are all free. Feel welcome to check out my YouTube channel and subscribe.

Persistence And Hard Work Over Time Is The Key To Success 

If you don't quit on your business, and continue to "hack away" at it, you will give yourself a far greater chance to succeed over time. When entrepreneurs first start working on their business, they are full of grandiose daydreams and hopes of how they will be rich, successful, and enjoy all the things that come with being successful. But in reality, the first year for an entrepreneur working on a business is typically riddled with mistakes and small failures that need to be overcome. The first year is the hardest. It is when you learn the most about your business. What you must do is persevere. It is even better if you are able to get good mentors, partners and advisors to help you navigate the stormy seas on entrepreneurship.

Unfortunately, most people never find good mentors. There is just far more new entrepreneurs than good mentors out there. If you don't find a good mentor right away, it is ok. You must move forward with your business and try to make at least a little bit of progress every day, or every few days. Over time you will be amazed at how far you've come. In fact, as you make progress with your business, it will be easier to recruit partners and mentors because the momentum you build with your business will make your business be far more attractive for them to join.

Last Initiative: My Business Books Based On Research Of 300,000 Entrepreneurs

As the number of entrepreneurs using my apps crossed 300,000 people in early 2014, I took all the questions entrepreneurs ever posted on the apps and compiled those questions into chapters and sub-chapters. I left out the exact questions and people's identities to preserve their privacy, but I kept the things people were wondering. That ensured me to write a book that addresses exactly the issues that entrepreneurs need with great accuracy. Feel welcome to learn more about my business book on my blog. And since after you start your business, the biggest focus is almost always growth and how to get clients, the other book I wrote is a marketing strategies book filled with ideas and tutorials for how to promote your business.

News24 Voices Terms & Conditions.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

AB praises selfless skipper

2010-11-21 18:15

Inside News24

 
/News
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.