Entrepreneurs essentially bring ideas into reality while salespersons are the ones that sell for public consumption. Nowadays, the demand for entrepreneurs is increasing. In fact, an entrepreneur’s creativity is not only limited to the job performance.
Entrepreneurship is not business ownership, it is more about the drive and attitude of the person. Now you may ask yourself what it takes to become a successful entrepreneur and how can you become one of them. In this regard, there are certain traits and qualities that entrepreneurs should acquire for themselves in order to become successful in their business.Similarly, these personal traits are needed in order to stand out. On this note, the qualities that entrepreneurs must have in order to become an accomplished individual include confidence, drive to succeed, willingness to accept changes, high motivation, competitiveness and having the ability to accept rejection or criticism.
Primarily, entrepreneurs need to accomplish many things in business in order to become successful. However, there are certain instances that even if they have excellent ideas they still fail for some other reasons and factors. There are so many identified reasons for failure, however, here below we tackle the top 10 common reasons.
1) Focus. Focus is really important in your business since without it, entrepreneurs would have no goal or direction and most likely would fail in their struggle for success.
2) Lack of adequate capital. Hence, if required cash is not reached business can fail regardless of how organized the plan is structured. In fact, you should always have in mind the fact that business takes time to grow and develop. We recommend raising capital through a round of financing that you should start shopping around 6 months prior to having your business going out of money.
3) Wasting funds. Spending money without limits is another reason that triggers failure. Remember that money can be burned very quickly.
4) Lack of mission. This is another reason that make entrepreneurs fail. In short, a target or a mission should be there since without it entrepreneurs will be brought to nowhere.
5) Taking no risks. In this regard, taking no risks is another reason that makes entrepreneurs unsuccessful. Being too conservative can turn against you and kill your venture. If you are an entrepreneur you must learn to take risks and you can not be afraid to try something new if it brings value to your business.
6) Reputation. Here is another fact of great importance, as bad or good reputation will determine or somehow influence the success of an entrepreneur. Take note also that keeping your word and becoming honest in every transaction can avoid failure. Reputation is especially important amongst your employees. Make sure you ALWAYS keep your promises towards your employees and carry your word till the end.
7) Giving up. Indeed, there are some entrepreneurs who easily give up. Well, this should be avoided as giving up makes their business fail. Successful entrepreneurs have to persist and should not quit easily in running a business. It is critical to be a fighter!
8) Lack of control. The ability to control should be present as its absence will lead to failure. Make sure you are always on top of things.
9) Poor management. Failure can possibly happen anytime if the entrepreneur can not handle or manage the business and the people under his/her belt.
10) Poor knowledge. Hence, an entrepreneur’s success relies upon his proper and adequate knowledge in running a business and applying marketing strategies to enhance better market. Entrepreneurs should try to read as much as possible, otherwise the learning curve becomes an impossible battle.
In reality, there are many entrepreneurs who are successful in business, as you will be able to see throughout Rock The Post projects. However, even with the best economic policy and getting the right product they can they still fail. The fault can come neither from the economy nor the product but from the entrepreneur himself.