5 Reasons Why People Fail in Business

Do you ever worry that your business will fail? It’s hard to contemplate failure, especially when you’re working so hard and want so much to be successful.

Considering failure is valuable, though, because the very ingredients that make for business failure can be transformed into business success.

Here are 5 ingredients that go into the mix of business failure, and how you can transform them for your own business success:

1. Unclear purpose

Here’s the thing: the more clarity you have about what you want, the more likely you are to get it. In your business, having little or no focus on anything but making a profit results in scattered effort and less effectiveness. Ironically, it leads to less money too.

Transformation: Clear Purpose

Have you ever been part of something greater than just you and your self-interest? Feels great, right? The reason it does is that we are actually built that way. We are motivated, and can accomplish great things in service of something bigger than ourselves. It’s no different for your business. Define your greater purpose. Define the impact you want to have in your business, your community, and the larger world. Then you’ll have clarity and energy to do more with your business. You’ll have the motivation to pull through tough times, for even greater success.

Communicate that impact purpose to your prospects and customers. People are drawn to businesses with a higher purpose.

2. Destructive thinking

A day at work filled with thoughts about imminent failure and negative perceptions of people’s motives will drain you and your motivation, and ultimately, kill your business. Not only that, destructive thinking also negatively affects your health and even your life span.

Transformation: Constructive Thinking

Your thinking affects your actions in your business and everywhere else in your life. Optimistic thinking followed by persistent action leads to better results. If you’re not naturally inclined that way, the good news is that you can learn optimism. Problems become less personal, the size of the problem more realistic, and the fleeting nature of problems more clear.

You can support your constructive thinking with a daily ritual that includes mindfulness (e.g., meditation, breathing exercises), visualization (mentally rehearsing your desired outcomes), and affirmations, including gratitude. Schedule your daily ritual in. You can do this in 15 minutes, and it will make a great difference, especially as a start to your day.

3. Unproductive action

Low productivity means you can be working all day for days on end without moving closer to business success. We’re in a culture of busy-ness, and it’s tempting to fill our hours without thinking too much about whether the actions are in themselves valuable.

Transformation: Productive Action

Productivity begins with focusing your actions on your impact. Will this help me to be more impactful? Is it aligned with my impact purpose?

A quick overview of powerfully effective strategies for productive action:

· Plan before you begin each day. Plan the night before if you can.

· Do the most impactful thing first, so you always have some progress each day.

· Rush unimportant tasks. Set a time limit on each job to help move you through it more quickly.

· Delegate. Allowing others the opportunity to offer what they do well in areas that are not your strengths is a great service to them, and a great time-creator for you.

· Segment your time, then rest. I work in 50 minute blocks, followed by 10 minutes doing something completely different to rejuvenate. Find the time frame that works for you.

No doubt about it, choosing productive actions requires discipline. And in the best way! Discipline serves you by helping you to choose the things that will help you reach your business goals and be successful.

4. Constricted connection

It can feel comforting to stick with your close circle and not expand further. It takes work to reach out and maintain new connections. Staying with your same small comfortable group, though, will hold you back in your business.

The quality of your connections matter too. Are you surrounding yourself with negative people? People who aren’t as interested in success as you are? Who you spend time with matters.

Transformation: Expanding Circle of Connection

Expanding your circle of connection is one of the most powerful things you can do for your business success. The more people you know, the more likely you are to learn new things. They also become a source of inspiration, and more connections that can help you in your business. People love to be helpful. Give them that gift of asking for and receiving their help.

Find and welcome the support you need to be successful. Learn from an experienced business person as a mentor or coach. Reach out to people you admire and ask them questions. Make this a regular practice.

5. Money obsession

It can be tempting to become too focused on money. First, our culture encourages it. It’s considered a good thing to accumulate stuff. And you need money for that. The thing is, money and stuff don’t bring you happiness or vitality.

Second, if business isn’t going well, you can become hyperfocused on money and leave your values behind in order to make a profit.

Transformation: Money Health

Instead of focusing on money, focus on connections with people and with your purpose instead. Helping others in your business is what will bring you business success that is both healthy and sustainable.

Find balance and harmony around money. Yes, it’s important to know where you stand with money. But money is only a tool. Instead of loving money, love yourself and others. That is key to business success.

These 5 reasons why people fail in business don’t have to be a recipe for failure. Instead, you can transform them into success.

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Are You in the Right Business for You?

Do you love going into your business every morning and spending time with your clients?

This may seem a strange question to ask. If you know your life purpose, you will find the answer comes easily. Your business will become your drug initially and maybe continue to be for a very long time. So, we aware of the sacrifices that you may have to make in being a business owner.

I often wonder if solo or micro business people really know if they are in the right business or not. I do believe that if you know your WHY (your purpose) you will know if you are in the right place for you and your growth. Being in business is not something that you can do half-heartedly. It needs to be something that you want so badly that you will do whatever to make it work.

All too often I meet with people and clients who really have not thought about their WHY or the Vision and Mission of their business. To get real clarity you need to firstly know your ‘why’ for your life and only then can you really be aware if the vision is correct for you and your future.

To be in business on your own you need to be an entrepreneur who has a dream to create something extraordinary. You have to be prepared to go to whatever lengths to make sure it happens, understanding that initially there may be no money, long hours and ups and downs. It takes COURAGE to be in your own business, especially in the early days.

Firstly, ask yourself why you are in business? What is your reason? It is because you love what it is or are you there purely to make money?

Choosing the correct business is important. We are all different so there is no one size fits all. Ask yourself what type of business attracts you? If you understand who you are and where your innate gifts are you will find it easy to know the type of business that suits you best.

Are you a people person or someone who likes to be behind closed doors? Once you understand this part of your personality and what it is that you love to do, then, and only then, will you know who you need to put around you to support you to grow your vision.

Knowing the industry you wish to be part of is important as well as understanding the target/ customer market that suits your service or product. The demographics are important too, for example gender, age, background, knowledge etc. Having an idea of what you want in the way of size and of staffing or if you want to do it alone needs to be considered too.

Is your business to be a quick get in and get out type of business or a hobby type business? Do you know how much you want to earn? Have you considered an Exit plan for the future also? All important questions initially.

It is also a good idea to find out what your customers/clients want that they are not getting elsewhere. What can you create that will fill the need? How can you solve their problems? What is their greatest criticism of where the marketplace is letting them down or not meeting the demand?

Has your business come from a hobby or personal interest that has heart and mind in it? Or, is it what you have been trained to do and can’t think of anything else that would suit you? Do you love what you are doing now and is it what gets you out of bed in the morning?

Is your business home-based or needing to have it’s own premises as it grows? What are you looking to create size-wise in the future? Are you considering an international, national or city business?

Is your business a service or product orientated business? This will make a difference into outlay too. A service business can be run as a home-based business without costly inventor, theft problems, product spoilage or premises.

The opportunities the internet gives us today to search, profile and gather information that will support one to create a good business is outstanding. There is so much support and knowledge that has no cost to it to work out how and what you want your business to look like. So do your research and be discerning with what you find out and learn. Find people who you can trust to discuss your ideas with who will help support you and your business to move forward.

We often have great ideas with a sound theory when in reality it just won’t or can’t work. It may be lacking skills or certain personality types, so make sure you reduce all the risk possible before you get too deep into your business creation. Make sure that you do your market research and that there are people out there wanting what you are creating!

To own and run a business that will be successful takes an enormous effort. You must be willing to work the long hours, invest everything you have financially as well as physically in the dream to bring it to fruition. You need to commit and listen only to the people who you know are able to give good sound advice. Family and friends are often not the right people to do this as they will say what they can to protect you. Not everyone is an entrepreneur. Many people I come across are really the technician and are without the personality or management skills necessary to be successful long-term.

I have found that by self-understanding both personality and thinking wise you will make many less mistakes and be more successful. I then come to the question of what is SUCCESS to you as the business owner? This can vary dependent on what you want from your life, your experience, your contacts and how much you want to earn from your hard work.