5 Reasons Why Entrepreneurs Fail
Youth Entrepreneurs and Innovation
Starting your
own business and being an entrepreneur may be a dream for many young people.
However, the road to entrepreneurship is not filled with roses. Sometimes it is
full of stones, obstacles, and challenges that you need to overcome to achieve
this dream.
"At some level,
almost all entrepreneurs fail," Bill Demas, CEO of Conviva, to Business
News Daily. "But at the same time, there is a notion that an entrepreneur
can't fail because failure is part of the learning experience, and from those
experiences, the entrepreneur builds a business with a higher likelihood of success."
Here are the
most common reasons for the failure of Entrepreneurs.
They quit early
“Many failures didn't realize how near they were to success when they
give up".
Failing is part
of the process. It’s common in the field of entrepreneurship, especially if you
are conquering a new sector.
First, you have to determine your definition of failure. Is it mean poor
sales numbers, not getting funds, or bad feedback from customers.
Then, think about the reasons behind your temporary failure and dig as
deeper as you can to know the origin reasons.
Do everything on their own
One of the main reasons for failing in entrepreneurship is that founders
play different roles in the team; the founder and the CEO, the accountant, the
marketer, and the customer service agent.
You can’t do everything. Even in the beginning. This will distract you
from focusing on the important things like (business model, the service or
product, fundraising, …etc.).
You can depend on freelancers with entrepreneurial spirit in the beginning
if the budget couldn’t cover full-time employees.
No budget for Marketing
In the beginning, many entrepreneurs may prefer not to spend on
marketing and direct money to improve the product or service provided.
They may rely on friends and
family to buy their product or service and spread words about it. But the real experiment
proved the failure of this way.
Marketing is one of the main pillars of entrepreneurial success. You
have to develop a complete marketing plan that focuses on your targeted
customers. Directing your marketing messages to customers who need your product
or service will help drive sales and achieve success.
Long-term Vision
Many entrepreneurs don’t have long-term goals. They start their business
with a focus on their target and how to achieve it, but not further than that.
What their product or service will look like after 10 years. What is the
growth plan? How to maintain sustainability in the project?
You have to think about these questions with your team and set your
project long-term plan.
Horrible Partners
Choosing your partner may affect your startup success. Some partners
might be grabbled to take the driver’s seat.
Put in your mind that leadership in the entrepreneurship world is not an
honor. The conflict between the founders over the leadership seat is not a
healthy sign of the company’s success.
Think about your and your partner strengths, what is the value that each
one of you can add to the startup, and who is the best one to lead for the good
of your startup.
References
https://www.businessnewsdaily.com/15677-pitfalls-that-stop-entrepreneurs.html
