The 5 Predictor's of Failure For Entrepreneur's is a path you want to avoid at all costs! These warning signs are things that will rear their ugly head, after you have launched, and you are running your business. Make sure these things are not in your company's future.#businessrulestoavoidfailure
Avoid these and you still have a chance to be successful. These predictor's are things that forewarn, or actually should be, embedded in your very fabric. Otherwise, you better go work for someone else.#businessplanning
Follow this path, and it is a non-refundable journey to ruin!
So here we go;
Don't let this be you!
1 - Low Business Acumen
If your idea or company, heaven forbid, fails to ad value to the business, consumer or supplier, you are not going to be in business very long.
See the only reason to start something is to be a maverick, to solve a need. If you cannot attain the necessary discipline, and follow through on your original idea(which you should have identified and tested), then you have not done the proper due diligence.#successstories
This can only mean that you are not ready to be running your own company. It is very rare that someone just pops out of nowhere, and they know everything to do.Now that is not a knock, I am saying that you should just be doing something else.
That's not to say you won't be successful, you just aren't cut out to be a successful entrepreneur. There is a very big difference. I have been both. Successful at a job, and been a successful entrepreneur. They are nothing at all alike.#howtoavoidbusinessfailures
2 - Jack of All Trades
This is a pitfall that harnesses many a good business idea! Keep your eye on the prize as they say, right?#becomingsuccessful
You are damn right. Doing the status quo and not doing what you do best, will hold you back. You have to have tunnelvision. A singular goal! You must be able to drown out the noise. If not, you will not be successful. Too many of us, let too many things get in the way.
Remember, your business plan started out addressing and solving, a particular need. You branch out too soon, or lose sight, your on the road to ruin!
3 - Shortsightedness
So you have started a company and it is really taking off. Well our first instinct is to push on! NOOOO! Slow down, follow through, push for even greater efficiencies in your original WINNING plan.
Going for it all very rarely ends up with a happy ending. Be greatful for what you have achieved, and stay on course! Discipline, discipline, discipline.
I guess I should have called # 3 Discipline....
4 - Extravagance
1 of the 7 deadly sins. Well not really but sort of. Extravagance, hmm, well let me explain what I mean. You find yourself satifying unnecessary needs. You find yourself here, it means you will ultimately fail. In a down market, that is the first thing to go!
You will no longer find your company relevant. Make sure you are in a market that is relevant, no matter what. If you don't you will end up lost.#businessstrategies
5 - Insecurity
Not building an efficient, talented team is a formula for failure.#entrepreneurs
Yes, there could be someone more talented and smarter than you are. That's good! That means you have done all the right things, for all the right reasons. Do not EVER let ego get in the way. It will sink your ship!
I could list a million businesses that are all ruined because of this one thing. You see, at the end of the day. You are the torch holder, you are the leader. That does not make you the smartest one, that does not make you even the most important one. You are an entrepreneur. You are not necessarily the one that is going to drive your business to the next level.
If you have built your team right, this won't even come into play. Threatening talent is only a good thing. Embrace it, nurture it. It is probably your future.
Just a little side note;
Here is the definition of Entrepreneur;
It is derived from a 15th century French verb, Entreprendre
Meaning "to do something" or "to understand"
Those are powerful meanings, don't you think?
If you adhere to the exact meaning, for which the word originated, then that is all you need to know right?#howtobuildabusiness
It is self explanatory. It does not say;
- Forward thinker
No, it simply means, "to do something", which should be lengthened into, "extraordinary". But that is just my opinion.
All this means is, you can't be all things to all people. You were the guy who came up and, Did Something!!
Now hopefully the organization you built can assist you on your journey! As long as you don't fall into any of these 5 things.
Thank you so much for following this blog. I am grateful people read it, and I hope you get as much out of this as I put in.
I am available for consulting, and am certain I can help any business with their struggles or barriers. Please contact me if you ever need my help, insights, wisdom, or advice. You will see results, I guarantee it.