Have you ever wondered what is stopping your business from growing? Are you having problems growing your customer base? You are not alone.
According to a Forbes article, more than 75% of new businesses fail within the first 12 months. Why are businesses struggling to increase their clientele base while there are billions of people on earth?
As a skilled entrepreneur for over 10 years, and through my experience helping hundreds of new entrepreneurs via my company, I have seen a great deal.
The primary reason for some new business failures that I encountered was a lack of understanding, negative mental attitudes, and a lack of patience.
Below are 3 reasons for business failure. More importantly, tips to succeed.
Reason #1: Lack of Understanding
New entrepreneurs are over excited when they find a new opportunity that intrigues them. They build up their nerves to invest in themselves then go into a turtle shell. Businesses close shop when they fail to understand how their business works, target market, and other important processes to succeed.
Tips to Succeed.
It’s very important to stay connected. Staying connected to your mentors, training, and other like-minded entrepreneurs will help you understand the processes of your business. It will help you learn more of about your target market.
The Entrepreneur Success Manual is a guide that helps new entrepreneurs transition from an employee mindset. Check it out.
Reason #2: Negative Mental Attitude
In the 21st century, negativity is more attractive then positivity. That goes for the business industry as well. Many times new entrepreneurs are surrounded by negativity. People may talk negative about your business and make you lose interest. People may do negative things that may make you think negative about your business.
Tips to Succeed
Having a positive mental attitude is best to have when growing a successful business. A positive attitude takes time to build but it is worth the change. Surround yourself with positive people and think positive. Request your Free 30-day positive affirmation challenge list.
Reason #3: Lack of Patience
Patience is one of the hardest things to have when someone never had it. Impatient people miss out on great opportunities, great people and great success. It all because they give up too soon. Business is a process. It takes 5 minutes to learn but a lifetime to master.
Tips to Succeed
There is no such thing as get-rich-quick. Everything takes time to develop. It is important for you to have patience as your business develops its’ success.
It’s ok to fail in your business but it’s not okay if you fail to plan your business success.