This is the second part of my blog on “Why Most New Business Owners Will Fail”. In part one we looked at three reasons that could stop a business or idea from reaching its full potential. In this section I am going to focus on what can be done to avoid the pitfalls that many business owners have unfortunately experienced. I’d recommend reading part one before continuing, if you haven’t already done so.
If you are new or have the aspiration to start your own business then you are in good company. You should definitely consider these pointers before getting started. These are recommendations from my personal experience and observations having being involved in the enterprise and startup community for almost a decade.
Do It For The Love
It is not what we do that is the problem but the motive behind the doing. Having a pure motive is paramount to experiencing true lasting success. What I mean is, it simply has to be for the benefit of others and adding value to people’s lives. This is where we take the focus away from ourselves i.e. not doing it because of the glamour and success but doing so to service the needs of others. This is what I call a stewardship or service-led business.
Find the problem
With every problem comes a solution. This is a clue to anyone who desires to be an entrepreneur or business owner. Stop looking for ideas and instead be a problem spotter. Bikash Barai summed up this point perfectly in his TEDx talk on why startups fail by saying “if you want to be a hero find a villain”. I couldn’t agree with him more.
There is a reason why we all have the innate desire to be an entrepreneurs, and that’s because in every individual is the ability to create. I believe that we are all entrepreneurs, and this goes beyond business. Starting a business is just one aspect of entrepreneurship. Don’t go look for ideas, instead wait for the solution to come to you.
Have you ever seen a child run before they could walk? I’d bet my whole life savings (and I barely have much) to say the answer is NO. I’ve lived by the 3D principles (Discover, Develop, Deploy) for over a decade now and it has worked wonders. This principles means before you embark on life’s journey, start by first discovering your why (understand the purpose), followed by developing yourself (or the idea) before deploying (launching yourself or the business). One examples of how we can develop ourselves before starting a business is to work in the sector we wish to operate in before launching (deploying). Nothing beats having prior experience before starting a business. Experience teaches us a great and provides valuable knowledge and key learnings.
Also, we should spend time developing ourselves both spiritually, emotionally, and physically before embarking on the journey. One has to be in the right frame of mind to be able to withstand the bumps on the journey.
Starting a business doesn’t have to end up in failure. It is possible for all businesses to succeed. After-all not all failure is permanent. As Napoleon Hill stated in Think and Grow Rich “Temporary defeat is not permanent failure. It may only mean that your plans has not been sound. It should mean only one thing, a certain knowledge that there is something wrong with your plan”