Failure is a choice. Let’s not sugar coat the truth. Most businesses fail due to owners who don’t make wise, conscious decisions to succeed on a daily basis — right from the beginning. Through much research and years of experience, here are 5 reasons your business will fail:
1. You’re not hungry.
If you’re not hunting for success, it will escape you. Hunger is what separates the doubtful and ordinary owners from the definite and extraordinary leaders. It’s your drive and aimed diligence that determines just how far you will grow and the level of prosperity you will reach. What many fail to realize is that the things they want to manifest on the outside, must first be tackled and achieved within. In other words, success has to first become an inner hunger and strong mindset to later show up around you. So get hungry for more, don’t slow down for adversity, and never get bored with learning.
2. Your overhead is too high.
Good businesses consistently fail because of cash flow or overhead issues. Overhead refers to all non-labor expenses, which includes rent, salaries, utilities and equipment. Trying to prove your growth or value by taking on additional overhead is a major error. Despite your current financial standing, you must never neglect measuring and analyzing your cash flow. After taking the numbers into consideration, set realistic goals and only expand where absolutely necessary. If you don’t take the time to fulfill these essential steps, it can ruin your progress in the long run.
3. You didn’t start with the end in mind.
Why are you building your business in the first place? What’s your exit plan? Do you want to leave your company to your children and retire? Do you want to sell your business for millions in the end? If you can’t answer these questions, you probably didn’t start with the end goal in mind. Although new ventures are exciting, jumping into something without knowing where you want to end up can terribly harm the future of your business. It’s imperative to have a personal direction to guide your daily activities.
4. You have a secret business.
Are you, your friends, and your family members the only people who know your company exists? If so, that will stunt your growth! If you’re waiting around to market and advertise until you feel everything is “just right”, you’re holding yourself back with a fictitious goal. Things will never be perfect. So get out there and make your business known. It’s the only way to generate lasting income and reach everything you dream for your company.
5. You don’t realize that only the strong can and will survive.
Everyone experiences both challenges and triumphs, but in order to make a clear and steady breakthrough in your industry, you’ll have to become a strong entrepreneur. Only the strong entrepreneurs will make a lasting impact. A combination of tenacity, focus and wisdom is needed to maintain strength in the business world. Simply going with the flow and forgetting to constantly build upon great qualities will backfire as complete company failure. You don’t want to be the weak one in a tank full of sharks. Be tenacious about sticking to what works, don’t break focus on priorities, and go after wisdom to find the right path in everything you do.
Choose to succeed and don’t make failure an option!