5 Signs Your New Business Venture Will Fail
A Note From The Editor
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You’re gearing up to embrace the wonderful world of entrepreneurship. Before you set out to earn your millions, though, do a quick attitude check to be sure that you aren’t unintentionally sabotaging your goals.
If you agree with any of the following statements, stop what you’re doing and take stock because your new business venture could be headed for failure.
Related: 5 Thoughts That Crush Success
"I’m only in it for the money."
Everyone wants to create a sustainable income and entrepreneurship is an exciting way to accomplish this. If you're hoping for a big payoff while ignoring the fact that you need to create a product that's useful and beneficial for people, you're shortchanging yourself and your target market.
Entrepreneurship is driven by a passion for creating solutions to problems. When you study the great minds in your field, don’t overlook the fact that these individuals gave their hearts and souls to the products they created. A focus on delivering a quality product will lead to the true gateway to your financial success.
"I need others to support me if I want to move forward with my goal."
It's wonderful to begin a new venture with the support of a team of like-minded businesspeople. But what happens when everyone disappears to chase their own goals? Will you keep your ideas afloat or let your dreams sink?
You can't depend on the support of others for moving your business venture into fruition. Your dependence on other people leaves you at their mercy and that's a method that can easily fail.
There's always a way to create what you need to move ahead. Don’t think of it as walking alone. Think of it as steering your ship. You have to learn how to solve problems independently if you want to be a truly successful leader. You’re the captain so navigate.
"I trust the opinions of others more than I trust myself."
You have set a goal of becoming an entrepreneur and at your core believe that you can become one of the success stories. Your idea might appear irrational or unrealistic to others but for some reason you believe you can do it.
The only thing standing in your way is a doubtful friend who wants you to make a safer choice. This person probably doesn’t mean to harm you. Rather he or or she is intent on doing you a favor and believes extreme success happens to other types of people and doesn't want to see you fail and be miserable.
Whom do you listen to?
You must trust yourself more than anyone else, especially if your friend has not achieved what you hope to do. If somebody doesn’t believe a goal is possible, he or she will try to convince you of the same. But perhaps your goal is not impossible. Entrepreneurial thinking is a force that changes the world.
"I’ll throw a lot of things out there and see what sticks."
You’ve watched people like Scott Delong create ventures that sell for millions and you want some of that action. You begin buying up as many domain names as can, posting random wisdom on your website, believing that you’ll attract a huge audience and be featured on Entrepreneur.com in a matter of months.
Whoa, tiger. You don’t seem to understand the formula behind most success stories.
If you want to be a success at a venture, create a product that adds immense value for your audience.
Success can result from creating a single venture and working through the kinks, issues and obstacles to push it to the top of its field. Once you've developed a formula for reaching success, try to replicate it with another venture and learn even more about business development.
By the time you create your third venture perhaps you'll have a working strategy that you can trust. Simply throwing money into random business ventures will not reap rewards. You might as well donate to charity.
"I’m giving this business one year and I’m giving up if it doesn’t work out."
How many years will you hold on to your dream if it doesn’t produce the results you desire in the time frame you had hoped for? Don’t give yourself a deadline. Instead create a lifestyle around your venture. Incorporate your business venture into your everyday life in such a way that it becomes a part of who you are. This will ensure that you'll never truly quit.
If your dream is to become an acting coach and you can’t find paying clients, teach free improvisation classes. If your dream is to open a restaurant and you can’t find startup capital, buy a food cart to operate in the evenings.
Your business activities should mean more to you than just clearing a profit margin. They should become a lifestyle. If you want to build a successful venture, stay connected to it as if without it you would die.