Causes of small business failure are not what you might imagine. According to the Small Business Administration, approximately 600,000 businesses fail every year. Only about half of them failed for financial reasons. This implies that the other half of the entrepreneurs, while financially successful, quit anyway. Competition is survival of the fittest. Are you fit enough to manage the challenge?
How often do you read and learn new things? If you were you were someone who rejoiced, at the end of school, because you thought that you would never have to take another test then being an entrepreneur may not be for you. Long-term entrepreneurial success demands constant improvement and a lifelong learning commitment. Innovate or die.
Staying focused may be the most challenging part of owning your own business. Starting a small business is a marathon effort, not a sprint. I know of no person who was successful without the help of others. Family, friends, and alliances greatly increase your chances of success. They could also bring you down quickly. This month may not be the best time for you to start a new endeavor. Examine your relationships. Determine which relationships need to be severed or nurtured. Your new business will demand large amounts of your time, effort, and emotional energy. Be sure that the rest if your life is low maintenance and in order.
Depend on yourself for your financial future, not your boss. This is why we become entrepreneurs. If you’ve had enough of having enough then this is your first step towards the ultimate definition of freedom.
Motivation is not enough. That initial burst of energy and excitement soon burns out. You will need to remember why you are ready to be an entrepreneur. You must have the desire to win by serving others, the need to lead your own path, and the want to make your new idea a reality.
Questioning your motivations now will help you keep the fire lit when your energy grows dim. You will have many temptations to quit. Better paying jobs, the stress of a start-up, or maybe not knowing whether you will be successful are all constant reminders. It is better to work though those doubts at the beginning, not three years into the struggle. Ready to be an entrepreneur? Ask yourself these three questions:
- Can you compete in a crowded marketplace?
- Are you strong enough to stay focused?
- Can you stay engaged long enough to achieve sustainability?