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8 Challenges for the Entrepreneur

Recently I had a few readers tell me they all knew of someone who had tried self-employment and had failed. So have I! In fact I’ve failed at it before, more than once. Looking back I’ve thought of 8 reasons why I and others have failed in business. Let me share them with you:

  • You have a po-go stick mind. I’m a bit ADD, and I admit that I get bored if I have to do too much of the same thing all of the time. However…if you jump around from business idea to business idea, you’ll never gain firm ground on any of them. Settle on one idea, then when it’s profitable and self-sustaining, move onto the next.

  • You’re not willing to DO ‘due diligence’. I’ve met hundreds of people who are convinced they have a profitable business idea…and then go broke trying to make it work. Do your research. Start small – learn the ‘ropes’. Or start work as an employee at a competitor for 4-6 months for an inside look at operations. See their strengths and weaknesses up close.

  • You’re financial situation is weak. Few, if any, businesses make a profit from the ‘get-go’. Even ‘boot-strapping’ a business takes ‘some’ money. Don’t underestimate your needs and overestimate your profitability.

  • You’re not a self-starter. Waiting for someone else to pick up the ball and run with it won’t work. Remember the old saying, “If it is to be, it’s up to me!”

  • You’re not a self-promoter. Some people have issues with self promotion because they lack confidence. And just who do you think will ‘toot your horn’ if you don’t? If you’re hesitant, understand the reasons why and overcome the problem; promotion should become part of your daily practice.

  • You have issues with self-worth. Some people feel like they don’t deserve to be paid well for what their effort. Read Success Magazine. There are people featured in there who get $15,000 – 25,000+ for a speaking gig at a conference. What are YOU worth?

  • You tend to get frazzled when things go wrong. If I had a breakdown every time a client had a gripe, my income went down a little or something didn’t go my way, I’d be living in a cardboard box under a bridge and eating at the local street mission. Emotional maturity doesn’t develop in a world without problems: learn to think issues through, find a solution and implement it.

  • You’re a dreamer, not a doer. Vision boards are nice: I have one in my office with pictures of the classic car I’m going to purchase, the beach front home and mountain cottage my wife and I plan to own when the last child leaves home. My ‘DREAMS’, sure: but I also put in 40-50 hours per week doing the things I love, including publishing a series of books on entrepreneurship. Are YOU willing to work for YOUR dream?

Okay, That’s my list. Got some other reasons that you think the self-employed fail?

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