Why do Entrepreneurs Fail?
- They debate over technology & work on their product features rather than revenue model.
- They offer FREE services for too long & hope that they would eventually make money.
- They are proud of their services that do not align with their customer’s mindset.
- They always want to say something but often fail to have something to say.
- They want to change the world but don’t like to change themselves.
- They focus more on the problem instead of finding the solution.
- They don’t step in and out of their customer’s shoes.
- They fail to fail fast.
The above list is from a Worpress podcast I listen to called Blog Aid. This was just a small part of her program that week. These are some really great tips to keep in mind as small business owners and I personally will refer back them periodically. Here is my take on each topic.
They debate over technology & work on their product features rather than revenue model.
As a business you need to focus on making money. If you are not making money you are not going to survive. That does not mean not focusing on your customers. But instead totally focusing on your customers. Who is your customers. What is their problem? How can you solve it. That is your goal. After you have done that rinse and repeat and improve your offering.
They offer FREE services for too long & hope that they would eventually make money.
Hope will not allow you to succeed. Planning and working hard to implement that plan will. Sure it is fine to offer FREE or discounted services but you need to have a plan to emerge as a profitable, sustainable business.
They are proud of their services that do not align with their customer’s mindset.
Be customer focused. Your customers only care about the products or services that you offer that serves their needs. You need to understand what those services are and make those offerings the best as possible and make those stand out in you marketing material.
They always want to say something but often fail to have something to say.
I like this idea and plan to keep this in mind. When writing blog posts and producing content know what topic you want to focus on. And only focus on that topic. Write down the topic before start and refer back to that topic as you write to help you stay focused.
They want to change the world but don’t like to change themselves.
What is the definition of “insanity”? Is it:
-Author – Unknown
You need to be nimble and willing to change. You need to constantly be evaluating your business model and focusing on the needs of your target customer.
They focus more on the problem instead of finding the solution.
Life is not perfect. I can’t stand when people want to talk negative and go on and on about the problem. In my other business we have we have a Stand Operating Procedure Manual (133 pages and counting) and on on the 1st couple page I have:
Don’t let mistakes happen twice
- Why did the mistake happen?
- How will it not happen again?
- Look into ALL issues.
- Do something about preventing it from happening again.
Pretty simple solve the problem and move on with your day.
They don’t step in and out of their customer’s shoes.
You need to look as things from many perspectives. Especially not just your own. If you have a customer complaint, step into their shows and see it from their point of view. Then address the problem.
They fail to fail fast.
This is my favorite saying. I want to fail as fast as possible. Because it will be that much sooner I will find what works.
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