When you have the passion to start your own business, you do not have the word failure in your vocabulary. The only thing that matters is implementing your Ideas and becoming success.
This is a good attitude but I would like to share with you a few ideas that you have to seriously consider before starting your own successful business
There are many reasons for these failures.
There are so many reasons why people want to start out a business as there are as many reasons why people are afraid to get into it.
The main reason being the opportunity of better income and when done right, even wealth.
We have often been told that 90% of businesses fail during the first year of operation and only a small percentage of the remaining ten-percent really make it.
It would then be smart to look closely into these failed entrepreneurial ideas and take lessons as to why businesses fails if one is to increase the chances at succeeding.
These are some examples of failed entrepreneurial ideas:
Lack of Passion
Nothing worthwhile in this world has really been achieved without passion and this is very true.
Passion with no market
There have been a lot of businesses built on a passionate desire but because the market is not aware of it, it will never succeed.
Being Too Passionate
Enthusiasm is required if one is to succeed at any attempt. It is the fuel that fires a person up. But being too passionate can sadly blind you to see the reality. This will lead into making wrong decisions and guaranteed failure.
I remember very well that in my previous post I have encouraged you not to be afraid to sell the same product in the same market.
This time I am talking about copying or getting into a similar business just because someone has done it successfully. Make a careful study because you do not know the reason behind that person’s success.
Very strong profit motive.
Now, what could be wrong with that? Ask any seasoned businessman and he’ll say everything. Build a pipeline first think of profit only when the business is sustainable. Otherwise you will find yourself focusing on profit not business.
How to avoid These Mistakes.
Take stock of what you have and of what you are.
There are things and characteristics unique in each of us that could be cut and pointed to the needs of the marketplace.
You are as different as the person sitting next to you. Surely there is something that only you could do best and in a unique manner that could be offered.
This is another way of saying be passionate about what you do but take a step further to say: What is it that will rub your passion on other people. Will other people really want to buy it? Or how would you make the market to want what you are offering? How would you make them react favorably?
Know your competition and your market well. Do not underestimate the cost nor over project the sales. Nothing is really that new in today’s marketplace. Only the approaches and the processes could differ which could spell a marked difference when you put your personality into it and not someone else who have succeeded before you.
There is a sufficient supply of good books that are immediate for practical business application out there.
Many times, when potentially good ideas fail, it could be because the person did not take that much time in discussing the ideas with someone else who is in the know.
Remember do not do things if the only reason that tempts you to do it is the profit motive. You could end up doing things you do not want to do which will not give you the energy required to stick to it.