5 Reasons Entrepreneurs Fail

I’ve coached over 100 entrepreneurs in the last year, and had one big realisation along the way:

Every business owner, big or small, is suffering from the same five problems.

I’m not immune to these problems either. Falling into these traps has almost caused me to fail many times in the past, but I’ve found unique ways to overcome them.

So today I’m sharing the reasons entrepreneurs fail to succeed, and the frameworks I have used to find success.

Now, let’s dive in.

Reason #1: Too busy

I used to equate busyness with success. I used my dad as a role model growing up, who was a successful businessman. I remember his phone ringing all day every day, and I thought, “That’s what success looks like.”

My dad was successful, but not because people were constantly pulling at his attention. If anything, that was detrimental to his success.

I’ve found myself in a similar situation before, with over 30 Zoom meetings on my calendar. I was in a state of reactivity, despite feeling like I was being productive.

So what’s the solution?

I started to schedule time on my calendar for growth tasks. I made non-negotiable space on my calendar for creative time, where I will not book any calls.

During that time, I work on tasks that drive growth in my business. Like writing this newsletter, creating LinkedIn posts, or learning a new skill.

Reason #2: Procrastination

I’ve found myself procrastinating over many important business tasks.

Unfortunately, it’s often the most important tasks that drive the most procrastination:

  • Sales calls
  • Product design
  • Invoicing
  • Responding to messages

Nobody procrastinates over things they enjoy. For example, how often do you procrastinate over watching Netflix? Or eating your favourite meal?

But when it comes to business growth tasks, it’s easy to keep pushing things back. This leads to failure if you don’t make changes.

So how do I deal with procrastination?

The most powerful thing I have discovered is accountability. Telling somebody you are going to do something makes doing it 10x more likely.

Use social pressure to your advantage by setting deadlines and making promises.

Reason #3: Lack of accountability

Being a solo small business owner feels lonely. Does anyone even care if you complete those sales calls?

You don’t have a boss sitting 10 feet away from you, so there is no external source expecting you to deliver on time. But if you don’t push yourself to hit deadlines, you are destined to fail.

I’ve implemented a few solutions that have helped clients stay on track:

  • Work with an accountability coach
  • Time block your calendar with tasks
  • Make promises to clients and colleagues

I am working with a client who has been procrastinating over creating a digital product. The solution? Send the prospect a message detailing what you’re doing to deliver, and the date you will deliver it by.

He now has social accountability and is doing the hard work required.

Reason #4: Shiny object syndrome

Whether you’re just getting started or already successful, shiny objects will always look tempting.

Online business is really challenging, and it’s easy to look over at other people and say “I wish I was doing what they’re doing.” The problem is that success in any business takes consistent effort, and you start from scratch every time you change your approach.

I’ve suffered from this issue before, taking on too many projects without making any of them successful.

When I first started trying to grow a personal brand, I found every social media platform challenging. I would try each one for 2 weeks, not get the results I wanted, and jump across to the next one claiming “the algorithm sucks”.

But in reality, you need to be consistent on a platform for months or years to see success. You need to give things time, even when you feel like quitting.

Success takes consistent time and effort. You will never get to where you want to go if you do too many things, because you will be spread too thin. Focus on one thing, do it to the best of your ability, and do it long enough to see results.

You can only be great in one domain.

Main Point #5: Lack of planning

It might be tempting to ‘go with the flow’, but waking up without a plan is a recipe for failure.

Being an entrepreneur means setting your own schedule. This is everyone’s dream, but I’ve worked with so many clients who struggle to be consistent. Waking up when they feel like it, doing whatever task takes their fancy, and wondering why they’re failing.

Leaving your day up to chance opens the door to procrastination. You will fail to work on the things that matter, and your business suffers as a result.

My solution is to plan the most important tasks in advance. Things like social media posts, writing, and sales calls are scheduled on my Google Calendar.

Another tip, make sure this scheduling is done in advance. You should never wake up in the morning wondering what to do. Every time you open your laptop., you should immediately see the work that needs doing and dive right in.

Failure to will cause your business to fail. Use this technique to boost productivity, and ultimately increase your business growth.

I hope you implement these solutions and start seeing results in your business.

Your success is my success. I’m rooting for you to win, and I send these emails to help you along the way.

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Entrepreneurship
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