Why do we fail in our entrepreneurship?
When we start our business, we almost begin that with doubts within us. Always have thoughts, “Can I do this project cleverly? Am I good enough to do it?”
I asked someone this other day can you join me in my writing project. Do you want to know the answer I got from that person “No, I am not good at writing” The individual did not bother to ask even what sort of you do? What do you want me to do?
Therefore, that shows most of us thinking about us with many doubts.
You are trying to produce the perfect product to start itself.
Most entrepreneurs waste a long time in producing a perfect product. Once they finish after a long battle, they think I have created an ideal product and want to launch that in the market.
However, they fail to think that might be a perfect product for you and may not be for the others who come to buy that product. Therefore, that becomes a failure. Consequently, the ideal reason that breakdowns spent a long time and money to produce that product.
Instead, you have to produce a product within a short time and market it without spending a considerable amount of money. If that becomes successful, then start to make the revisions and go a step ahead then improve in producing a better product.
Entrepreneurs get affected by negative feedback.
If a customer gives you negative feedback, you should never consider those unless you got useful points to improve your product. When you react badly for the negative feedback, you are making yourself weak and letting yourself down. If you an intelligent entrepreneur, learn to ignore the negativity and take the passivity in that feedback and use it to better yourself and your business.
Further, the reason for the 95% of the entrepreneurs to fail is that they give up after seeing a few failures. Remember, in entrepreneurship, failing is constant and healthy, and you are supposed to find the reasons for the crash and use it to develop your business.
Then many entrepreneurs hold themselves back and do not bring themselves due to the fear of hearing criticism. I do understand that you do not want to hear criticism from your close ones, but what do you care about outsiders when they criticize you.
We, as entrepreneurs, when getting negative critics, you laugh to yourself, thinking these negatives could not do anything like these but all out to laugh at me.
The start - sup make some crucial mistakes.
Then the start-ups spend a lot of money on the wrong side of things, and after a while, they become knowledgeable and try to do the jobs. However, at any stage, an entrepreneur needs money to take the business of the ground. Then they end up doing things on their own and with no finance that leads to failure.
When owners of businesses work on their own will take a long time to succeed because bound to make many mistakes. Besides, get stressed out all the time, challenging to learn the short cuts, as they do not have enough time to invest in themselves.
Nevertheless, sometimes people keep moving from one business to another if that is the case, not easy to become successful.
All that said, if you want to be a success, the essential thing to stay in business until you achieve your goal.