What causes failure in Business? Why do some people appear to achieve business success with little effort, and others try hard but fail? Is there a ‘What Not to Do’ list that people can follow? Sure there is, but it doesn’t apply to all people. Fundamentally, what not to do in business is to get complacent, to give up and to fail to find the factors that led to others failing to help you avoid them.
Rather than give you a big long list of ‘what to do’ here is a short list of ‘what not to do!’
- Never Give Up
Do you honestly believe that Richard Branson, Bill Gates, Colonel Sanders and Thomas Edison achieved instant success? Here is how they started on their way to entrepreneurial stardom:
- Richard Branson: Took a few hard knocks at first and lived and worked in a railway carriage before he had enough money for a real home and office.
- Bill Gates: His first company was Traf-O-Data. That failed and he became a Harvard drop-out. His passion eventually led to Microsoft.
- Colonel Sanders: His recipe for fried chicken was rejected more than a thousand times before a restaurant agreed to try it. He was 65 years old when KFC was eventually founded! No giving up there.
- Thomas Edison: His teacher told him he was too stupid to learn anything. Imagine what he might have achieved if he was clever! He burnt his way through over 9,000 filaments before he lit up the world.
There are many more examples of people who refused to give up, including Henry Ford, Steve Jobs (Apple) and even Walt Disney! So the #1 thing Not To Do is to give up!
- Never Make Excuses
Excuses are for people unwilling to accept responsibility for their actions or decisions. If you screw up then admit it. Don’t blame somebody else or make excuses. Examine what happened and figure out how to make sure it doesn’t happen again. If you fail to identify the root of a problem and eliminate the cause, then the same thing can happen again and again.
- Never Stop Learning
People learn though trying things out (Thomas Edison tried 9,000 times before he finally achieved success) so never give up because what you have tried doesn’t work. However, even more important than that is to learn from what went wrong. Look closely at your failure and learn from it. How many square wheels were invented until somebody hit on the round one? Even then, it wasn’t perfect until somebody invented the brake!
- Never Go to Bed Without a Plan
Always work to a plan. A plan enables you to make the best of the time available to you. Make your plan for tomorrow tonight. If you begin each morning on an ad hoc basis, then you are not going to be working efficiently or effectively. Planning has been an important aspect of all successful entrepreneurs. Plan how you will use your time, and also plan how you will use your money.
- Never Focus on Money and Profit Rather Than the Product or Service
It might take time before you can actually make money. Money is not the business – it is what you do to get that money that counts. If you focus on improving your product or you service, then the money will come in time. Colonel Sanders continued to improve his fried chicken until people started noticing it. His business was the product, not the money it made.
- Ignore Current Events and Latest Technology
Successful entrepreneurs keep up with the latest trends and developments in technology and with national and international news. Being part of modern popular culture can help give you a guide as to the way you should focus your business or product.
Sure, an ability to look ahead can give you a clue as to what will be wanted in the future. However, if you are aware of what is happening now, then you can predict what will be happening next. Keep an eye on the news, and check up on popular blogs such as the Huffington Post and blogging sites in your niche. CNN and Reuters can also be of use in providing clues for future needs.
- Never Talk Without Acting
Never spend time talking about what you are going to do – just do it. Nobody is interested in you talking about your plans for the future – they want to see action. Make your plans, carry them out and learn. Repeat until you achieve success.
Factors which leads you to failure : Conclusions
The ultimate cause of failure in business is a lack of business! In other words, a lack of sales of your product or service. If you avoid the above seven traps, then you will improve your chance of success immeasurably. Never be afraid to take positive action – in fact, any action that will improve your product and your business.
Too many budding entrepreneurs become dispirited too quickly. Look at why you are failing and do something about it. If the problem is a lack of skills in your staff, then change your staff. If your strategy is wrong, then change your strategy. Analyze your business and identify the weaknesses, then take action to eliminate them. Never accept failure as an option for your business.