Saturday, April 14, 2007
The Hidden Factor Behind Most Business Failures
You've always heard the grim news about the high percentage of new business failures. Depending on who you listen to, you'll hear that 80%, 90%, or even 98% of all new businesses will fail.
But you rarely hear anyone explain why that number is so high.
I think a lot of it has to do with this hidden factor that most business owners never realize:
When you're an employee, you can easily hide your weaknesses. If you don't prioritize well, you don't have to worry. Your boss will assign what work to do. He or she will, to a large extent, set your priorities for you.
If you don't carry through on assignments well, you don't have to worry, either; project deadlines, set by somone else, will motivate you to get them done.
When you're on your own, with no one setting priorities, deadlines, strategic vision, or anything else, those weaknesses can become fatal to your business.
It's not enough simply to say you want to make a lot of money and work in your pajamas every day. You have to bring to your business everything that your bosses, their bosses, and all of your co-workers brought to your old job for your business to be a success.
That is no small assignment!
But it's essential if you want to avoid becoming part of those grim statistics. Learning how to identify and overcome your own weaknesses needs to be as much a part of building your business as learning how to build a website or drive traffic your site is.
Jeff
P.S. You wouldn't bet your business' success on being able to guess how to get visitors to your site. You seek out someone or something who can give you that specialized knowledge.
You wouldn't bet your business' success on being able to instinctively understand what it takes to make a sale. Again, you seek out help from someone who knows what to do.
Similarly, you can't afford to brush off the weaknesses in your entrepreneurial mindset and assume that they'll work themselves out on their own.
WRONG!
You want to find guidance in recognizing the weaknesses that hold you back and in reversing those weaknesses so they become strengths.
That's why I urge all the new business owners I work with to get help in these areas from what I have found to be the most effective, no-nonsense course on building a better you: BANABU multi-media personal growth course.
Unlike many of the more famous books on personal growth or building personal wealth, it doesn't just urge you to think more positively and leave you at that. No, I've found that BANABU offers solid teaching and effective, real-life exercises to build a more effective you.
Click here to read my review of BANABU and get the inside story on it.
Or click here to go right to BANABU's main page.
You've always heard the grim news about the high percentage of new business failures. Depending on who you listen to, you'll hear that 80%, 90%, or even 98% of all new businesses will fail.
But you rarely hear anyone explain why that number is so high.
I think a lot of it has to do with this hidden factor that most business owners never realize:
When you're an employee, you can easily hide your weaknesses. If you don't prioritize well, you don't have to worry. Your boss will assign what work to do. He or she will, to a large extent, set your priorities for you.
If you don't carry through on assignments well, you don't have to worry, either; project deadlines, set by somone else, will motivate you to get them done.
When you're on your own, with no one setting priorities, deadlines, strategic vision, or anything else, those weaknesses can become fatal to your business.
It's not enough simply to say you want to make a lot of money and work in your pajamas every day. You have to bring to your business everything that your bosses, their bosses, and all of your co-workers brought to your old job for your business to be a success.
That is no small assignment!
But it's essential if you want to avoid becoming part of those grim statistics. Learning how to identify and overcome your own weaknesses needs to be as much a part of building your business as learning how to build a website or drive traffic your site is.
Jeff
P.S. You wouldn't bet your business' success on being able to guess how to get visitors to your site. You seek out someone or something who can give you that specialized knowledge.
You wouldn't bet your business' success on being able to instinctively understand what it takes to make a sale. Again, you seek out help from someone who knows what to do.
Similarly, you can't afford to brush off the weaknesses in your entrepreneurial mindset and assume that they'll work themselves out on their own.
WRONG!
You want to find guidance in recognizing the weaknesses that hold you back and in reversing those weaknesses so they become strengths.
That's why I urge all the new business owners I work with to get help in these areas from what I have found to be the most effective, no-nonsense course on building a better you: BANABU multi-media personal growth course.
Unlike many of the more famous books on personal growth or building personal wealth, it doesn't just urge you to think more positively and leave you at that. No, I've found that BANABU offers solid teaching and effective, real-life exercises to build a more effective you.
Click here to read my review of BANABU and get the inside story on it.
Or click here to go right to BANABU's main page.
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