Why Most Entrepreneurs Fail
It takes three primary characteristics to thrive as an entrepreneur: Humility, Enthusiasm, and Hustle.
Most entrepreneurs fail because one or all of these characteristics is lacking.
I mention humility first because there is always a learning curve when starting your own business. If you assume you know it all, you can do it on your own, and that success will come easy, you’re in for a rude awakening.
When attempting to stay humble, I often remind myself of the following quote: “A wise man learns from his mistakes. A wiser man learns from the mistakes of others. The wisest man learns from the successes of others.”
Yes, it’s important to believe in yourself, but stay humble throughout the process. Forever be a student of your craft. Reach-out and reach-up to those you admire. I would encourage any aspiring entrepreneur to make as many connections as possible in your field. If you find someone you admire, offer to buy them coffee and learn their story as to how they gained their success. You’re never too good to learn a new lesson from someone else.
In short, the lesson here is simple: stay humble, be open to new ideas and connections, and be eager to learn. With patience and persistence, you will create your own path to success.
In addition to humility, enthusiasm is also a key characteristic for any successful entrepreneur. Enthusiasm is vital because, without it, one’s work ethic will inevitably deteriorate with time.
Two key things to consider here: 1. Action comes before motivation 2. One’s enthusiasm is more important than one’s experience or resume.
As any entrepreneur will tell you, it can be tough to stay motivated. It takes a great amount of self-disciple when you are solely accountable to yourself and solely responsible for your own success. Unlike passion, however, enthusiasm is a choice. One’s passion may fluctuate, but enthusiasm is a reflection of true dedication.
Many entrepreneurs have the will power to start strong at first, but everyone hits road blocks at one point or another. This is where a strong “action first” enthusiastic attitude can give one the determination and resiliency it takes to succeed, even when motivation is at a low point.
Another common misconception is that experience matters more than attitude. To an extent, yes, I would prefer to hire someone who has tried and failed than one who has never tried. However, give me someone with genuine enthusiasm for the mission, and for all the reasons listed above, I’ll hire that person in an instant over someone with lukewarm enthusiasm but a better resume.
The third characteristic to becoming a successful entrepreneur is hustle. But, to be honest, there are plenty of great “formulas” for success. There are books, speakers, and business leaders who are more than willing to give someone all the tools he or she may need to be successful. If this is the case though, why do still most entrepreneurs fail?
We live in an age where, with the $15 purchase of an audiobook and the touch of a button, we can have essentially direct access to many of the most prominent business leaders of our time. Yet, 25 percent of new businesses fail within the first year. After five years, only 20 percent of small business owners are still in business. And five years after that, 80 percent of those business owners will close their doors as well.
You can give someone a formula for success, but without hustle, it doesn’t mean a thing! There are no short cuts. Entrepreneurship is not easy; no one else is going to do the work for you! It takes a ton of work, thought, trial and error, risk, time, and resiliency. Yet through it all…
Your hustle is a muscle. The more you work it, the more it grows!
In conclusion, business don’t fail, entrepreneurs do. Egos, lack of enthusiasm, and laziness are the primary reasons why.
Being an entrepreneur is often ten times harder, takes ten times longer, and is ten times less profitable than one might expect getting into it. The stories you may hear of “overnight” success are often inflated or outright lies. It takes a lot of work! However, if you’re willing to accept these circumstances and you’re still willing to do the work, you should do it!
Image source: https://thenextweb.com/entrepreneur/2014/03/24/entrepreneurs-obsessed-failures/?amp=1