Why Do Most Entrepreneurs Fail?
I came across this crazy statistic which I wanted to share with you. According to Bloomberg 8 out of 10 entrepreneurs will fail or quit within 18 months of starting their business.
This is a shocking statistic! Why are most entrepreneurs failing?
The big dreams and the inspiration wears off and what's left is despair, frustration and doubt... can I really make this happen?
Too many people decide they can’t.
So if you're feeling the frustration and doubt right now and really don't want to be one of those 8 out of 10, then read on for a bit of a pep talk and some inspiration.
Typically what happens is a person has an idea or a desire to start a business and then makes the super courageous move to actually do something about it. And this is really amazing because so many people don’t even reach this stage.
Then once they’ve taken that big leap they’re on this emotional ride. Moments of inspiration and excitement followed by moments of complete despair when they realise that they actually have no idea how to do what they need to.
For example, growing a following on social media turns out to be more challenging that they thought, they have no idea what content to create, and when they do create the content, no one is even paying attention let alone actually responding and it’s so disheartening.
They’re trying to conquer so many things and feel like they’re stuck in the mud.
Things aren’t moving as quickly as they’d hoped and it can be really frustrating.
They see other people building businesses and start to wonder how on earth they’re doing it and think they must know something they don’t because it seems (from the outside) like things are flowing smoothly for everyone else.
They start to feel like giving up.
So they decide to go in search of the magic dust, the super secret formula to successthat others know but they don’t. And when they find this formula, their business is going to suddenly transform into a huge success too.
All entrepreneurs have been there (don’t pretend you haven’t!), and you know what? It’s totally normal!
I remember all these feelings, I remember wanting to build my email list and not knowing how, wanting someone to hold my hand and tell me exactly what to do. And I wanted to build it NOW, not in 1 or 2 years time. I wanted that magic dust.
But at some point we have to wake up and realise that magic dust doesn’t exist in the real world, and if we want to create success we have to be insanely disciplined, committed and focused to get results.
We have to be prepared to put our head down and butt up and work harder than ever before. Yep, you heard right… I know people talk about having a dream businessand a dream life and that’s all great, but when you’re just starting out and you’re growing, you have to work hard. If it were easy everyone would be living their dream lifestyle wouldn’t they?
This quote applies to all new business in my opinion, I love it…
“Success is living a few years of your life like most people won’t. So that you can spend the rest of your life like most people can’t.” - Anonymous.
Success is yours for the taking. The question is, are you prepared to do all that you can to make it work?
Get up earlier, work later, keep trying to figure stuff out even when you’re feeling unmotivated, tired or like giving up.
The truth is, successful people keep going when everyone else has given up. They know there’s no magic dust and that everyone else out there that’s making it work is doing it with determination, commitment, discipline and good old hard work.
So when you’re feeling like giving up, or you’re feeling frustrated and like you just don’t know how… hang on.
Don’t be fooled into thinking that it should be easier than it is, because it’s not. But I will tell you this, it’s the most liberating thought because once you truly realise that, you can go for it like never before.