6 Entrepreneur Characteristics That Leads To Failure

business failureAre you super secretive?

You may think you have the greatest idea in the world and if you even give a single hint at what it is everyone is going to steal it. The reality is that no one cares about your idea until it makes a few bucks. Odds are most people won’t have you vision or understand why your solution is that much better than what is already out there.

Now there may be certain parts of your idea that make it special but that doesn’t mean you have to give it all away. You have to be able to get feedback, advice and thoughts from your potential customers but that doesn’t mean showing them the nuts & bolts of your idea. You will do a lot more good than harm by letting people in rather than blocking the entire world out.

Are you Mr/s Know it all?

Every young business owner makes the mistake that they have all the answers and knows more than mentors or even their customers. No one else has this great idea or has done it before so how can they be able to help?

The best thing you can do when starting out is seek all the advice possible. Even if it’s not directly about your business you need to learn about the industry, the leaders and everything you can about the business world. You have to be learning everyday to succeed in business.

Are you driven by money?

Who doesn’t have a million pula idea? Ask any group of first time business owners and you will have multiple people proclaim their company will do just a million pula or so in the near future. Many of them will make claims of being the next Choppies, Orange, Naledi Motors, and so on.

Now it’s important to dream big because it’s those dreams that get you through those long nights and days of work before you ever see a dime. Just understand you have a long way to go before a million or even a salary that supports you should be mentioned. Don’t make unrealistic financial projections. So look at your finances and figure out how long can you really survive with little to no money. What happens if things get delayed by 6 months or even a year? Will you survive when you hit roadblocks that will inevitably come on the road to building a profitable company? You have to be realistic and prepare to be broke for years at first, even with a million pula idea

Are you reluctant to start?

So you have been working on this great idea for the past year? Where is it? Why can’t I use it? So many ideas, good ones, never get used by anyone because they simply don’t launch. That doesn’t mean they couldn’t launch, it means the founder wouldn’t launch it because something wasn’t right.

You have to launch! Your idea never stands a chance if it doesn’t go live. Drop the features, stop working on that last piece you can’t figure out and get it out there. Most companies all worked and looked different when they went live. They adapted, learned from users, and kept tweaking things to become million dollar companies.

Are you waiting for finance before you can begin?

So many young entrepreneurs are waiting for someone else to pay them so they can build their dream. No in reality you need to put in some hard work! Find ways to make it happen. Do whatever it takes to bring something to market. Remember, it doesn’t have to be and won’t be perfect. Make a sale, get some users; prove a person actually might use your service or product.

Once you do those things you may realize you don’t have to take up a loan or if you do you will find the money easier to get and with a better deal. Don’t put your company’s success on someone else’s checkbook.

Are you Lacking of focus?

Ever have one big idea lead to a million others? There is always another feature, side project or even company that gets thought up once you start building something and getting into the industry. Then all of a sudden a simple problem that you found a solution to has multiple solutions with different feature sets and targets.

These goes back to point #4 (are you reluctant to start); where the main idea that may have been simple and good fails to launch because so many side things pop up. Write down those ideas and put that paper in a folder while you get the main piece up and running. Focus on that problem you saw and the solution you had and execute.

Startup Botswana

Startup Botswana

Startup Botswana is a support platform for small business owners focused into giving them access to business resources they need to be successful.
Startup Botswana

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Category: Running A Business, Tips & Advice

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