The sole reason I created KENFlix was so that I could teach, I want to see each and every of you succeed. Whether you are scared to take the leap, or if you are dedicating your blood, sweat and tears into your company, you want to see your ideas blossom, and so do I. The daunting statistics say that 80 percent of businesses fail within their first couple of years. Yes, those are terrifying odds, but fortunately, knowledge is power and understanding the reason why entrepreneurs fail at building successful, profitable, blooming businesses can help you to avoid making the same mistakes.
I’ll admit I don’t have all of the answers, but I can share with you the patterns I’ve noticed in other failed businesses. And if you can manage to avoid these five ever so common reasons why entrepreneurs fail, you will abundantly increase your chance of becoming one of the 20 percent of entrepreneurs who DO succeed and be an entrepreneur, instead of a wantrepreneur:
1. They Waste All Of Their Time Planning
The entire foundation of entrepreneurship is ever-changing, and what is taught in business textbooks doesn’t always remain relevant.
When you’re starting your entrepreneurial journey, ditch the 45- page business plan. Why? Business plans aren’t based on reality. They are built around the idea of “what if.” A one-page (or at least shorter than 45 pages), solid business plan is often more effective, will take up less of your time, and allows you to remain adaptable and flexible.
2. They Obsess About Creating the Perfect Business Idea
The easiest way to fail at entrepreneurship? All talk and no action, and by that I mean never taking real action to actually become an entrepreneur, because you’re overly obsessed with your idea alone.
This is the reality for many wantrepreneurs, obsessing about the details of our business ideas, endless researching, instead of just doing it!
Yes, research is necessary, but when you are overly obsessed, you find yourself with the inability to make any decision because all of the information you’ve consumed has left you paralyzed.
While obsessing, you’re fooled into believing you’re taking action, because you are putting in work, just not the right work.
3. They Worked Hard, But Not Smart
New entrepreneurs often feel they have to be fill too many roles and be everything to their businesses: sales, copywriting, administration, marketing..
But, the one-size-fits-all model of the entrepreneur is ineffective. You’re far more likely to succeed if you do solely what you’re good at, I promise.
Tune your energy into the small amount of activities that you rock at doing, and either outsource the rest or let your business ride on the wave you’ve created with doing excellent, focused work.
If you keep trying to do it all, you’ll be mediocre at everything, rather than great at one thing.
4. They Tried To Be Too Innovative
In the current business world we live in, most things have already been done before and if it hasn’t been done, it’s often a sign it shouldn’t happen.
Remember that you are trying to get your small business off of the ground, not trying to become the next technology extraordinaire (unless you are, then go for it!)
5. They Spent Too Much Money On Marketing
I’ll let you in on a little secret: some of the best business marketing is free. Think content marketing and word of mouth! Try the free stuff first. Don’t let your business go belly up because you kept opening your wallet to pay for marketing before trying the free marketing opportunities that are out there.