Failing is Rude but Winning is my Attitude

Well this is true that nobody likes to talk about failure. It’s not fun. We live in a culture that worships success, no matter how you get there, and is disgusted by and afraid of failure, no matter what the reason. This is especially true with entrepreneurs who believe in overnight success. Entrepreneurship is a way of life that alters everything if misunderstood. Entrepreneurship doesn’t have a mid way through; entrepreneurs either make it right or make it wrong.

Here are a few more real life entrepreneurial stories. Colonel Sanders didn’t start Kentucky Fried Chicken until he was sixty-two years old. If don’t believe that, check Wikipedia. Many entrepreneurs never succeed even if they try over and over for an entire lifetime. Do you remember Jon DeLorean? US based automobile industrialist. His car company was sort of thirty years ago. He was arrested for selling cocaine. Why? So that he could raise money to save his dying company. Even the enormously successful Elon Musk had run out of cash before Tesla went public. Rupert Murdoch was out of cash in 1990. He survived because Marvin Davis loaned him money. Stories of extremely delayed success, nearly losing it all, or outright failure are not what people want to hear, but they’re important. Failures are not to scare but to guide in the right direction before the entrepreneurial journey goes up in the flames.

Few reasons why start up fails –

-Lack of well defined purpose- Entrepreneurs are not objective driven that is the major reason for why they fail to succeed. They hold no dreams, no vision, no target, and no goals. Planning for the uncertain future is what they are new to. They think that life is driven by fate and believe that “life is such” or “life is unfair” to them. People with such attitude have no control over the life’s rein and have no control over their lost destiny. For this entrepreneur need to prioritize their goals first and set the best foot forward. If not done then they will fall confused in their own web of tasks.

- No Guts No Glory-The biggest reason companies fail is that the owner is not truly committed to succeeding in business. They like the “idea” of owning their own business and are willing to work long hours, but when it requires making significant financial sacrifices and possibly using retirement money or selling a home so that you can continue to fund the business when bank loans are not available, most give up. The entrepreneurs should hold this adventurous personality to take risk. The belief to re win what they lost and trust on oneself will suffice success in future.

- Real reason of failure-There are many theories and much has been written on “why businesses fail,” poor execution, inaccurate projections, faulty assumptions, poor marketing, inapt employees, inappropriate spending, unethical management, no plan, lack of communications, insufficient cash flow, this list could go on. It’s easy to make excuses for business failure. The only reason that any big company or small business fails is due to lack of sales. For this entrepreneurs ought to keep their marketing web strong, must build healthy relation with marketers, suppliers, store houses, and transporters.

- Invisibility -Most start ups never register in the consciousnesses of 95 percent of the people most likely to need and want their offerings. Many entrepreneurs feel that if they can offer a better mousetrap the world will beat a path to their door. But if one who needs a mousetrap does not know about the start up’s offering, no sale is made. Entrepreneurs need to spend at least as much time and effort on making their offerings visible to 100 percent of potential customers as they do in providing a great offering.

-Profitability- As much as all entrepreneurs think that they are pricing their products correctly and charging enough for them….more often than not, then they are not. Failing to be profitable is one of the biggest reasons companies don’t make it…if the idea is good to begin with of course. Make sure having consulted with an outside (or more knowledgeable) source to help with costing and margin calculations.

-Stick to Your Knitting-Businesses fails, in general, for one simple reason. They forget what it was that made then a business in the first place. Entrepreneurs try to offer more services that they are ill equipped to provide. They spread themselves too thin, and they confuse their customers. Sticking to what business is good at – generally protects entrepreneurial and business’s future.

-Lack of creativity – A good entrepreneur learns from and often copies what others are doing if it’s working. As long as you aren’t stealing anything, that’s just good business. However, if you have none of your own ideas and are simply a copycat of what others are doing, you aren’t creating any value. Such business has nothing about it that is special and customers and others in the market will know it. A commodity business with no unique value proposition is much more likely to fail.

-Light it up or frizzle out-Businesses must expand their business model in order to be successful. Business cannot stand on one leg (one approach) and continue to be profitable. They must constantly be putting their energy into diverse fiels, making connections, setting goals and, most importantly, building ladders to the public. If they are not moving forward; they are moving backwards. There is no such thing as standing still in business and those who fail to follow stand in long queues and or face failures.

Why to become an entrepreneur when becoming it is so painstaking. Actually entrepreneurship is all about following your own. It’s not about money, fame, grandeur, power instead it’s about being master of your own, a good organizer is one who can pool and integrate all resources to companies success and in return follows success, fame, money, glory, power.

Life is a journey of learning and being a learner I tried my efforts to jot down few reasons of entrepreneurial failures and their remedies. There is no end to one’s perceptions and I would respect the same on the write up above.