Here's something most people may not like to hear. But it's the cold truth.We’ve all made mistakes in life and our businesses, whether you’re successful or not, we’ve all done it. The key difference is successful people learn from their mistakes, adapt and become better.Many entrepreneurs who fail say they work just as hard as someone who’s successful, but luck wasn’t on their side. Hard work doesn’t mean anything when you don’t focus on the right things; when you don’t know when to take risks and when not; when you don’t know when you should pivot your business; when you don’t know how to lead others and delegate your tasks; when you don’t have a vision; when you simply and undeniably do not realize that you are indeed the problem that’s causing your business to fail.I founded a successful business 5 years ago through trial and error, many ups and downs like an episode of Silicone Valley. From my own personal experience and the people I've met over the years, a lot of businesses fail because of 2 main reasons.1) The founder/owner themselves - before you examine every aspect of your business, examine yourself first! There is a reason why most private equity firms invest in the founders, not the business. With the right founders, they can create a successful business in any market. It's not just about smarts, it's the personality and mindset of the founder. To lead a startup, or be a CEO, you need to have high emotional intelligence. You need a lot of discipline, you need to exude positivity, and you need to learn how to bring out the best in people around you.2) Going into the wrong market or/ with the wrong product - Most businesses fail because of improper market research. They enter a market with a product or service that is not unique, of high quality, and provide no additional value to the customers in that market. If that's you, you have sealed your fate before you even started. Never too late to pivot (knowing when to pivot is crucial in the survival of any business, even if they're established). If you decide to sell a ME TOO cell phone case today, you will get slaughtered. I have seen so many people selling something that they would not buy themselves, why the heck would a customer buy from you? You have to put yourself in the shoes of your ideal customer. If you don't know your ideal customer, what problem you are solving for them, if you don't know what motivates them in their life, what "success" is in their eyes, then STOP, and do your damn homework! You can never be completely ready, I agree, but you should always be well prepared.Perhaps this is all old news to you. Perhaps you learned something. To those struggling with their business, take a step back, and look at yourself. What can you do to improve? If you can't find any faults, you got a problem.For a daily dose of inspiration, which everyone needs, no matter how successful you are, listen to this podcast - How I Built This. They interview some really successful founders on that show, it really lifts my mood when I feel down. To those of you, no matter what stage of the business you are at, it's tough to be the owner/founder somedays. You may feel the whole world is weighing down on you, if you get what I m talking about, drop a comment or DM! see hubwealthy.com/wealthy
0 comments:
Post a Comment