Entrepreneurs have been behind some of the most revolutionary changes in human history. They have championed inventions that totally changed the way we live and do things, and yes, they have also failed. Some, so many times that we’ve lost count.
Some failures have been so massive, affecting thousands of people and jobs at a time. In some cases lives have also been lost.
One may wonder, but why do entrepreneurs fail?
There are several reasons why entrepreneurs fail, chief of which is the fact that they’re human after all. In spite of their portrayal and perception as Supermen, entrepreneurs are still human after all, and as such are prone to making mistakes, sometimes costly ones.
7 Reasons Why Entrepreneurs Shouldn’t Stay Down
It’s okay to fail or fall, we all do, so there’s nothing to be ashamed about failing. But after falling it is expected that we rise, and here are 7 reasons why entrepreneurs shouldn’t stay down:
1. We all fall, fail, so it’s fine to fail
2. It’s dusty, dirty on the ground
3. You can get trampled, buried
4. Someone, somewhere, somehow is looking up to you
5. You’ve got bills to pay
6. You’ve learned valuable lessons from failing
7. You can start again, and better too
Yes! As the last one in the list says, “You can start again”. Probably, failing is equal to bankruptcy, and your account has that bankruptcy record which will make it hard for you to apply for a loan to start a business again, but there’s a way to remove it according to Crediful. You can do it! However, before you jump back in the race, it is important to trace the reasons for the fall or failure in order to prevent a recurrence.
5 Reasons Why Most Entrepreneurs Fail and What to Do Instead
To succeed as an entrepreneur you need confidence, sometimes over the top confidence. This is because some of your ideas will be so revolutionary and practically unbelievable to onlookers.
Many ideas have been sat on and suffocated to death because their owners were too scared or unconfident to push and back them. Sad.
At the other end of the spectrum, we have entrepreneurs who are just so overconfident, cocky, snobbish and self-absorbed. Those who would never listen to constructive advice or criticism.
Their pride makes them fall and makes it impossible for them to accept their faults and retrace their steps. Don’t be that entrepreneur who is overconfident and cocky. Be very confident but listen to trusted confidants.
2. Stress and Overworking
Entrepreneurs are usually very driven individuals, especially during the startup phase. Whereas many quit their 9 to 5 jobs hoping to have more time to pursue their passion, experience shows that entrepreneurship can take up all your time plus some.
Overwork is one side effect of entrepreneurship. Sadly, many perfectionist entrepreneurs have a hard time delegating work. Somehow, they have a compulsive urge to want to do all the work themselves.
This can invariably lead to stress and burnout, which can hamper effectiveness and productivity. Important little details can be missed as a result which can result in more stress for the perfectionist.
3. Being Bossy
Now that you know to delegate some of your non-core business tasks to learn to trust your staff to deliver, and avoid the temptation to (overtly) micromanage or be bossy. This can be achieved by building their capacity to deliver via relevant training.
By learning to effectively delegate work you free up more time that you can invest in more important executive business functions. With more time you can upgrade your skills, take up a new course, etc. You will also experience less stress and more peace and focus which are great for entrepreneurship.
This way you also beat the need to be bossy, something many staff finds irritating. A bossy boss can create unnecessary tension in the workplace and effect staff ability to focus and work effectively. Rather than fear you, your workers should be free enough to cooperate with you and contribute their quota.
Learn proper engagement with your employees and other significant business skills by checking out TrainingConnection.
4. Not Listening
Overconfident, bossy bosses don’t listen, sometimes they just can’t. Entrepreneurs who don’t listen will miss valuable feedback and warnings.
Majority of their staff simply stay until they can find another job because the (wo)man at the top doesn’t have an ear. That way they only work for the paycheck and not for you or your interests.
By not listening you can miss important information like crucial customer feedback on your products or services which can negatively impact your bottom line.
Your staff may also keep important information from you since you’d never listen even if they cared to share. It’s worse if you don’t listen and you ridicule them for speaking or trying.
5. Going it Alone
Solopreneurship is great in it’s own right. For instance, you literally get to keep all the profits alone, but that also amounts to taking all the risks alone. Not to mention the workload, stress, etc. It is also much easier to give up when you’re alone than when you have a team.
Solopreneurship also limits your ability to grow and take on bigger jobs or contracts. However, there are some ways to get around this barrier.
One of which is hiring competent freelancers to whom you outsource some of your work. This will give you time to focus on core business tasks.
Another way to not fail as a solopreneur is by engaging, networking and interacting with other solopreneurs or entrepreneurs. This way you can stay motivated when you feel low.
Here are some words of encouragement from other entrepreneurs to help you through the tough times because sometimes you need company to grow your company.
There are many reasons why entrepreneurs fail, 5 of them are:
2. Stress and Overworking
3. Being Bossy
4. Not Listening, and
5. Going it All Alone
Avoiding these will increase your chances of succeeding as an entrepreneur.