17 Reasons Why You Failed in your First Business
Self-Employment is always in a very first goal many people would think of whether they are working as an employee or wanted to start their own business. But the fact is that it is not always easy. Many chance obstacles would get in your way and drag you down. Here are 17 reasons why many people FAILED in their first attempt doing business:
1. No great consultant
Not just good but great. Consulting a consultant is not just your colleagues which has not even started their first business. That’s why you can’t find a good, or even great way, to achieve your goal. Getting to the right people to get the right information is very important.
2. Choose the wrong person
Finding business partners are not a bad idea, actually it’s good. But the thing that failed you is that the one you partner with is not the right person to be with you in your business. Most of the issues are like: can’t make a deal together with you, can’t finalize the argument about money stuff, leave their job and don’t care, etc.
3. Use other people money to invest
Imagine a kid, His parents buy him a brand new Iphone 6, compare to another kid who save his money everyday for the next Iphone 6S and he’ll buy it the first person in town with his own money. Can you tell who will take care of the product like it’s part of his life? In the same way here, you’ll not ba able to realize how valuable the money is if it’s not your own money when it comes to investment.
4. Too shy to sell
How can your thrive in the big world of business if you afraid to sell ? How can you make money without selling whatever services or product your company has ?
5. Too much repeat
Right now in 2000s, there’s probably no original ideas or products. Most of the new ideas are from the old one and advanced it into a new one. Many people choose to start a business which is already in the trend instead of creating a new original one. And even worst, they did not find their unique in their business. The most visible example should be “Coffee Shop”.
6. Wrong understanding between business money and your own money
When we ask some failed business starter, they will obviously tell you that they can’t make profit out of it. But the fact is that most of them where using their profit in their personal stuff. This is why…
7. Can’t find the right person
Good, or even great, staff comes with a high salary. Average staff comes with an average salary. Bad staff will just require minimum salary. It’s really hard to find a good staff with low salary.
8. High EGO
Being an salary based employee, you can do anything. Some don’t care whether the company will have profit or not. But when you start your own business, doing in that way is very dangerous.
You have to really be patience with your customers because this is where your money comes. If your don’t gain, you’ll get pain for sure.
9. Lose Confident
When you start, you’ll sure face some unexpected problems. The thigh is that you’ll have to find your source of problem and fix it. Many people were just struggle for long, once they get tired, they quit. That’s why they failed.
10. Unexpected scenarios
Protests, flood, economic problems, have a fight with your partner, etc. Those are some expected things that can happens. And most of them, you can’t do anything with it.
11. Too much faith in Passive Income
Most of the books in the World right now were talking about passive income. But passive income will works when it has 2 factor:
- You have a very strong system in your business
- Your partners and team really love you and will never leave you
But in fact, there is none from above when you just start!
12. No time
Time! The real nonrenewable resources of the World! And every single business needs this resource in order to move forward. If you, the owner, don’t give their requirement. How can you success ?
13. Look down on your own business
Some people graduates in a very high level but works in a lower level business. They will always think that they deserve a higher level of business and always look down on themselves. When money is gain legally, it’s all good. You don’t have to look down on what you’re doing for living.
14. Never ending investment
Being a perfectionist is good but you have to be like that in some certain things.Be like that in buying perfect furnitures for your office from your first month little profit is definitely not a good idea. Invest smart will always bring you to a higher level.
15. Start is Success… NO
Start a business is not Success. It’s hard, tired, difficult. Once you think of starting one, you’ll have to be ready for those things. This is the toughness time in business.
16. Always other people responsibility
Blaming other people is the finest skill a loser has. Whoever near them will be affect from every tiny little problems.
Successful people blame too, but they blame themselves. They know what to adjust or change in order to reach the target.
17. Lose power to run to your goal
The only reason you don’t want to do something is because you don’t love what you’re doing. You don’t have your life target set. And when you don’t have those things, you’ll lose motivation to do things for your life.
Remember this 17 items above and your life will never be the same !
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