3 Major Reasons why Entrepreneurs Lose and what you can do to win

“Maybe you just need to go sit down somewhere.”

- Jess

Embarking on an entrepreneurial journey is a thrilling adventure, but along the way discouragement can plague even the most determined individual. One of the most common challenges to face is the fear of failure. As people often do, we operate under the flight response to protect ourselves and quit instead of facing our giants. The uncertainty of the future, compiled with the risk of starting your own business, pressure to succeed and, often times, the mental weight of the lack of support from family and friends, will keep you on the hamster wheel of self-doubt and hesitation.

Before you make any drastic decisions or display any knee jerk reactions- go sit down somewhere. Literally. Because odds are, you are needing a bit of rest. You may feel mentally or physically exhausted, or both. You might have said to yourself, “I can’t deal with people anymore” (who hasn’t???) and maybe you’re feeling like this journey just isn’t for you. So, sit down and take some time to evaluate what is really making you feel as you do. In the interest of time, I won’t go into some of the most intriguing from-the-bottom-to-the-top stories that I’ve found (I’ll save that for later), but I’ll share with you the top reasons why small businesses fold before they really even get started, and how you can combat the urge to surrender to defeat.

Number One- Burn Out.

You may feel tired and “all over the place”. How can that change when you have a job, a family, a social life and big, big business goals that keep you up late and wake you before the sun is up?

-Get organized! Inadequate planning, taking on things that do not line up with your goals, and not understanding your business processes will leave you feeling unnecessarily stretched. You will quickly lose your passion when you consistently run out of steam.

It is normal to experience some stress, but how you deal with it is detrimental to a healthy mind and body. Taking some time to put things in place to lessen your burdens would benefit you in the long run. For instance, automating tasks, investing in education, and mentoring with a business coach can benefit you in tremendous ways. A work/life balance is something every business owner needs so we don’t burn out.

Number Two- Lack of funds.

Your financial hurdles may feel too big to jump over. How can you keep going when you have little capital or negative cashflow?

-Work with what you have! A step in the direction of your goals will get you further than doing nothing at all. You are not alone on this journey if you are funding your own dream. Almost 70% of entrepreneurs use their own personal funds to start their businesses.

What if you don’t have any funds to spare at all??? Understand that your business portfolio may begin with you offering free services and products first, then using these experiences and testimonials to build your client base. For instance, if you are branching into being a personal chef, offer to cook your friends a delicious meal (they buy the food) and use the power of free advertising to post pics of your dishes on social media platforms. After all, who will see your potential if you don’t give them anything to sample?

Number Three- Quit.

You will fail if you quit. How can you continue when you feel like you just can’t get it right? How can you keep going when it’s taking you so long to hit the mark? You know this won’t be easy. It’s not easy for anyone. Some people just make it look easy. You may not see their struggles, tears, and frustrations. There are no over night successes, remember?

- Learn to rest, and not quit.

You need to understand that quitting is the opposite of success, not failure. When you push forward, but your goals still feel so far away, you have a chance to learn invaluable lessons to apply to your future efforts. We “fail forward”… we learn by doing.