Discover the secret of avoiding the
BIG 5 MISTAKES in business.
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So, you want to be an entrepreneur? Or, maybe you want to be a business owner? That’s a great goal. Many people enjoy amazing success running their business.
However, there is the other side.
Research shows that for everyone who can earn a profit from entrepreneurship, there are 50% of them who drop off in 5 years. This isn’t to make you think about quitting.
Instead, this is to make you aware of the odds before you begin your journey. Importantly, you want to find out what sort of things make other owners fail – pitfalls and experiences display valuable lessons.
Why? Because they help you learn to avoid them.
Now, let’s dig deep into the top four reasons why business owners fail.
1) Adopting “One size for all”
If you use the same strategy for business growth, you are going to have limited success.
That’s because it becomes too common, where every other entrepreneur is using it.
One size does not fit all.
You need to be flexible. Mix up your online strategies. Study them. Then amplify the ones that engage your best customers. Drop the ones that aren’t working.
That will lead you to the best strategy.
2) Lacking mindset
This is a big reason entrepreneurs fail.
They just don’t believe in success for themselves and so their clients never believe in them either.
Even if you never tell your clients that you don’t believe in your ability to succeed, they are going to sense it through your language.
The words you use will reveal who you are. It will show others how you think. Choose them carefully.
Make sure to work on yourself first. Shift what you tell yourself about what you do.
Then shift how you explain that to your prospects. That’s called mindset.
If you plan and write it out, you will begin to not only build rapport but also build longer relationships with your ideal clients.
3) Copying others
Some people work with a mentor or take a training class and stumble into a strategy. They believe in applying this strategy exactly like the other successful businesses that the training program exposed or the mentor glorified.
That’s where we lose sight of our own business.
As an owner, develop your own style.
Then apply strategies meaningful for your business success. That will ensure the best results in the right time.
That is the reason working on your business with the right business coach makes all the difference.
4) Lack of grit
Finally, many entrepreneurs fail simply because they lack grit.
If you continue working on your business, you are eventually going to make it. But you might already know it is going to take time. And moreover, it is not just about working in the business.
Get a helicopter view. That means getting ready for objective advice from a coach or mentor.
We know this is common in sports. Yet, few business owners recognize working with a coach as a competitive advantage.
Some that do keep it as a secret weapon.
For those of you who have read this article, it is not the case because you now know the answer to your success.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business then invest in a business coach in Houston, and set up your FREE Explosive Business Results phone call. CLICK HERE.