‘Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.’ – Samuel Beckett
Running a business is hard. Starting a successful business is extremely hard. A person can have a great idea, bundles of talent and good intentions, but sometimes barriers present themselves, and the entrepreneur quits the business early. Here are seven reasons this can happen.
1. Surrounded by the wrong people
It doesn’t matter how good an idea is or how hard an entrepreneur is willing to work, if he or she is surrounded by the wrong people, they are likely to fail. Whether it’s a lazy co-founder or a team that isn’t as committed to the entrepreneur’s vision as they should be, this lethargy can manifest itself into a toxic environment that brings the project down.
2. Mentally ill-prepared
Getting a business off the ground and turning it into a success requires an enormous amount of determination and personal sacrifice. Long hours, financial losses, and lost family and personal time are just some of the things a person has to deal with, and sometimes a new business owner just isn’t prepared for it and throws in the towel.
3. Taking on too much
In the early days of a company, over enthusiasm and financial necessity can lead to the entrepreneur taking on too many roles within the organisation. Juggling numerous responsibilities can be draining and isn’t always productive, often leading to burn-out and sometimes a resignation.
4. Lack of mentorship
The guidance of an expert is invaluable to a budding entrepreneur. Sometimes a person can have a great business idea, but when they sit down and try to formulate a plan, they get lost and discouraged. A good mentor can help navigate a novice through these early days and provide the encouragement to get the project off the ground.
There are only so many hours in the day; a person needs to be extremely focused on their new business to thrive. Sometimes a day job, family life or other projects can distract a person from pursuing their business idea, and it can get shelved indefinitely.
6. Not a salesperson
You could come up with the best business idea in the world, but if you can’t sell your vision to investors or consumers, then it’s unlikely your vision will become a reality. Where an entrepreneur is unable to convince people that their strategy is a winner, it’s possible they’ll get frustrated and call it quits early.
A positive mental attitude is everything in business. A company owner will encounter roadblocks at every stage of a project, especially at the start. If an individual doesn’t have sufficient belief in themselves or their vision, it’s likely they’ll succumb to a negative outlook and simply give up.