What is the number ONE reason entrepreneurs fail?
As I talk with entrepreneurs, CEOs and business owners, I have noticed a pattern. When an entrepreneur becomes COMFORTABLE, he fails. Comfort and complacency halt innovation. When innovation stalls, the window is opened wide for the competition to come in and take over your position in the marketplace.
Customers are thirsty for innovation and they will move on if they can’t find it with you. If you are facing challenges in your business, think about these questions:
- Are you comfortable where you are?
- Have you stopped innovating?
- Have you stopped challenging yourself?
- Have you stopped desiring the next level?
Most businesses experiencing challenges will say it’s because of the market or sales, but it’s really all about the business leader’s mentality. If he’s lost his vision of where the business needs to go… his sense of innovation to bring new things to the marketplace… and the certainty he had when he first started the business… then it is the beginning of the end for that businessman. That is a dangerous place to be.
What can you do about it?
The first thing you can do is remember why you started the business. If you can’t easily list those reasons, then maybe you should get out of the business. Have a tough conversation with yourself and decide if you really want to continue down the current path. Is the current path leading you to your purpose? If the path isn’t bringing you closer to your purpose in life…if you aren’t juiced up to go to the office each day… you are in the wrong business.
If you aren’t passionate about what you do… you are going to fail. Second, ask yourself, “Am I mainly in it for the money?”
There’s nothing wrong with being in it for the money, but don’t lie and tell yourself this is your passion. Be real with yourself and admit you are in it for the money. If you are in it for the money, you won’t be able to grow the business effectively. Find a way to hire someone with the passion for that business so they can grow it for you.
Every successful business was built with passion and vision. You are only as good as the passion, vision and innovation you communicate to your team and your current and potential customers. Don’t lose the passion, vision and innovation that got you to the top in the first place. Don’t lose the EDGE. If you’ve lost the EDGE, find out how you can get it.
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