This is the era for the entrepreneur to EAT. The year 2018 has sparked fire and excitement in many today. People are starting to see that the good ole days of going to school and getting a good job after graduation no longer exist. So now more people are starting to monetize their gifts & crafts to leave the corporate world.
Though being self employed is very attractive most overlook the cons until they are faced with the challenges of the entrepreneurial world. According to the SBA (Small Business Administration) only 20% survive the small business success mystery. Here are a few reasons why:
1. Personal Development- Many come in to the entrepreneurial world with what they know. That can only take you so far. Without locking arms with others that are smarter than you and can help you expand your network, it will feel impossible to grow your business. Strength is always in number. Take 1 stick and try to break it. A 9 year old can break it. Take 10 sticks bundled together and try to break them. The task is much more difficult. From Success Harbor, personal Development and leadership are the top qualities that a business owner must possess and expand on daily.
2. Flexibility- Flexibility means to bend easily without breaking. Many get attached to companies, names, colors etc and become stuck. Always remain flexible. If you have a business name that you love but your business coach recommends a change, be flexible and make the switch. Take a look at any big corporation today and research their history. For example, Uber has changed the look of their logo and revamped their policies several times. In order to keep up with the growth of their company it was needed.
Changing does not mean you have quit. It means you had to revamp. That will give you a long life in the entrepreneurial world.
3. Urgency-Putting things off such as launching a new product, collaborating with others, or not doing events to keep you fresh will burden your entrepreneurial career. Have you noticed that when you visit a big box store there are always changes? There is always a new commercial. There is always a new product that you can buy. They create a sense of urgency for you to purchase. They have a timeline of how long an item will be available and when a new item is going to be displayed. Plan for the business you have now and the one you will have in the future. Failure to do so will keep you behind or stuck.
There are many reasons small businesses fail. These are just a few. I will continue to blog on this topic. The more you know the more you can grow. Expanding your skills will help avoid pitfalls and add value to you. You will remain in the 20% like myself of successful business owners. I recently opened a co working space in North Dallas that is tailored to professionals and small business owners. Stop by and get some work done when you are in the area. BusinessLoungeDallas.com