Why entrepreneurs fail? (even when they have good ideas)
If I could get a dollar for every idea then there would be no need for me to be an entrepreneur. The point is, an idea in itself has no monetary value. The money becomes real when you perfectly execute it. This requires skill, hard work, patience, networking, leadership and a lot of other things apart from just an idea.
Entrepreneurship, thus, becomes a balancing act of making so many things right at the same time. It becomes a question of habits. And a gamble not on your idea itself, but on the way you choose to execute your idea. Remember that nobody gets instant results. Success is a result of constant effort, adjustments, trials and failures.
So even if entrepreneurs have good ideas they can still fail because of the below mentioned reasons:
They don’t know how to measure their growth and the real amount of hard work required
Passing with a good grade from an Ivy League school is great and does require hard work, but to be a successful entrepreneur you need to take yourself to a different level. You may have good grades but how many times did you actually took a fall??
Even though you may be hardworking but you have to know that real world is not like a school where you can measure success in terms of grades. Here success is measured in terms of risk taken and number of pitfalls survived.
Most entrepreneurs will fail because they cannot measure their growth in terms of these two parameters. And when they do, they get a shock as to how much amount of effort it actually takes to achieve results like that.
They chase instant popularity
Don't chase something just because it is popular. I can see so many people investing their efforts in social media apps just because they are popular these days. It is like opening a pizza store because you like pizza. You will fail because you do not know a thing on how to run that business. There must be something that you are good at and you have to develop a market for that.
For example if you are good at writing then you can create a blog or if you are good at making chocolate chip cookies you can sell them online. In the end your own skill will take you far and not the mainstream rational way of following the herd mentality.
The best investment is in a good team and not seed funding
If you think you can go at it alone then you are wrong. You will struggle if you are not ready to share your workload, capital risk and network. And that’s what poor leadership sounds like. You cannot be a one man army but you can always lead a great army to victory.
Remember that the ownership of your project can always be yours but still you will need a team for making your idea work. You will also need to treat your team like a valuable asset rather than just a commodity.
They are unaware of the fact that they are unaware of a lot of things
There are so many pieces of puzzle to every great story. The moment you think you have figured it all out will be the moment you will stop listening to good advice. This happens quite too often with those having years of experience.
You need to have an attitude to always look out for things that you don’t know. Seize that one moment because that is the only way to learn and grow faster.
Remember that failure is the first step towards success and those who can keep carrying on to struggle for their dreams will eventually reach their goals at sometime. In my final words I would like to remind you of the following quote:
I haven't failed, I have found 10,000 ways that don't work─Thomas Edison.
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