Many people know that building a successful business is a challenging endeavour that requires a unique combination of skills, qualities, and mindset. But they do not know to what extent these challenges can eventually do to them that will shake their self-belief.
While many aspire to become entrepreneurs and enjoy the freedom and rewards that come with it, not everyone is cut out for this demanding path. This is what I believe in. And here I am, writing this out to share the real reasons why your business is struggling and the lack of these essential qualities to thrive as an entrepreneur are probably the main culprits behind the struggle you are now facing.
You are not built to accept bigger risks
Let’s go back to you. I think you are built to achieve many great things but entrepreneurship is probably not one of them. You see, entrepreneurship is inherently risky if you are clueless, and success often hinges on the ability to take bigger risks. From investing significant amounts of money and time to facing the possibility of losing personal assets and enduring criticism, the entrepreneurial journey is not for the faint-hearted. And these scenarios are the opposite of being employed.
If you fear losing too many good things in life, I seriously think you lack the crucial aspect of entrepreneurial success—the willingness to take bigger risks. Starting a business requires significant investments of time, money, resources and sacrifices, often with no guarantee whatsoever of success. It means you must be prepared to put everything on the line, including your house, cars, other valuable assets and so on when the time comes for you to do so in order to survive. In severe cases, you could lose family members and their trust too. Nowadays, the amount of money you have equals families and friends.
If the thought of losing these possessions shakes you big time, it’s a clear indication that you may not have what it takes to succeed as an entrepreneur. Successful business owners understand that setbacks and failures are part of the journey, and they embrace them as learning experiences. They possess the mental fortitude and resilience to face challenges head-on, adapt, and persevere. You know what, I think almost all successful entrepreneurs out there had their fair share of downfall periods before they truly tasted success.
Another factor is that you just don’t have the ability to handle criticism and setbacks, coming from external parties. While everybody knows that criticism is an inevitable part of the entrepreneurial journey, can you actually deal with it positively? As you strive to build your business, you will face scrutiny, scepticism, and sometimes even harsh criticism from others. This can come from customers, competitors, or even family and friends who may not understand or support your journey.
If you find yourself unable to handle criticism and setbacks, becoming defensive or demoralised at the slightest hint of disapproval, it’s a clear sign that you lack the resilience required to thrive as an entrepreneur.
To overcome this challenge, it’s crucial to develop a growth mindset and cultivate the ability to separate personal emotions from business decisions. I know it is not that easy but you do not have a choice here. Embrace criticism as a chance to learn, adapt, and evolve, and use it to fuel your determination to succeed.
You lack discipline and treat your entrepreneurship journey as if you are being employed
It’s true that entrepreneurship is often romanticised as a path to freedom, flexibility, and a life of leisure. However, the reality to achieve that point of success is far from this idealistic portrayal. I’m talking about the journey, it’s going to be interesting—full of ups and downs. Running a successful business requires a high level of discipline, self-motivation, and a strong work ethic. If you approach your entrepreneurial journey with a lazy and lackadaisical attitude, treating it as if you’re being employed rather than being the employer, your business is destined to struggle.
Audit yourself, is procrastination and lack of focus part of your DNA? One telltale sign of a struggling entrepreneur is chronic procrastination and an inability to stay focused. If you constantly find yourself putting off critical tasks, succumbing to distractions, and lacking the discipline to prioritise your work effectively, your business will suffer.
Successful entrepreneurs recognise the importance of discipline and treat their businesses as if they were employed by someone else. They establish routines, set goals, and maintain a strong work ethic to ensure consistent progress. They understand that success is not a result of wishful thinking or hoping for perks to come in without putting in the necessary effort.
Another pitfall that hinders entrepreneurial success is a lack of consistent effort and an imbalanced approach to work and life. Some individuals enter entrepreneurship with the misconception that it offers a carefree lifestyle and the ability to work sporadically or only when they feel motivated. If you can’t stay consistent when it comes to putting more effort and always bark about the work-life balance, then perhaps entrepreneurship is not for you.
However, running a successful business demands dedication, hard work, and a willingness to put in those extra hours required to achieve your goals. There are no 9-5 or weekdays in the entrepreneurship world. Yet, it’s crucial to stay off work sometimes to prevent burnout. Go for a quick getaway, stay in the moment. Yet, it’s equally essential to recognise that building a thriving business requires consistent effort, even when the going gets tough. This is where discipline comes into play.
Successful entrepreneurs understand the need for discipline, consistency, and unwavering commitment to their vision. They are willing to put in the necessary time and effort, even during challenging periods, to ensure the long-term success of their business. And they also know when to back away from work and spend quality time with their loved ones.
You lack clarity and a clear sense of purpose
If you find yourself drifting aimlessly, lacking a sense of purpose, and solely motivated by the desire to avoid traditional employment, your business will suffer. A fundamental requirement for entrepreneurial success is having a clear understanding of why you are pursuing entrepreneurship, what you want to achieve, and how to work towards your objectives.
You lack a compelling vision. It means you do not have a deep sense of purpose and a compelling vision for your business. You do not have a deep understanding of your target market, you are unable to identify your business’s unique value proposition, and you lack a clear idea of how to position your business for success.
If you lack a clear vision and a sense of purpose, it becomes challenging to make strategic decisions and guide your business effectively. A strong vision provides a roadmap for growth and enables you to align your actions with your long-term goals.
When these happened, it shows that there’s an absence of a solid plan and sense of direction. Without a clear roadmap, you’re likely to find yourself lost, making haphazard decisions, and lacking the focus required to make meaningful progress.
If you want to become a truly successful entrepreneur, you need to invest time and effort in developing a solid business plan. If you aren’t sure how, then get a marketing strategist to assist. The strategist will help you and your team to conduct market research, define your objectives, and outline actionable steps to reach your business goals. This strategic approach ensures that every decision and action aligns with the overarching vision of the business.
It’s expensive to stay clueless if you are an entrepreneur. It is also expensive if you are not able to lead the journey. Many individuals are attracted to entrepreneurship because they want to escape traditional employment or enjoy the perceived perks of being their own boss. However, entrepreneurship requires much more than a desire for independence. It demands a genuine passion for your chosen industry or niche, a love for problem-solving, and a commitment to creating something meaningful.
If your sole motivation for entrepreneurship is to avoid employment or enjoy a carefree lifestyle, your business is likely to suffer. You will suffer. Your workers will suffer and your loved ones will suffer too.
Conclusion
Maybe the time is now for you to forget entrepreneurship. Maybe the time is now for you to reconsider your moving forward strategy. If your business is dying, it’s essential to assess your current position and whether you possess the necessary qualities to become a successful entrepreneur. Think carefully and make wise decisions.
If you struggle with accepting bigger risks, lack discipline and treat your entrepreneurship journey like employment, or lack clarity and a clear sense of purpose, it’s crucial to reflect on your aspirations and determine whether entrepreneurship is the right path for you.
It takes a unique set of qualities, including a willingness to take risks, discipline, and a clear sense of purpose, to thrive in the business world. If you find that you don’t possess these qualities, it may be time to explore other avenues or reassess your goals.
Remember, entrepreneurship is not for everyone, and that’s okay.
. . .
The more you read, the better it is. Subscribe for more marketing and business insights.
