Welcome to Day 20 of the 25 Day Success Challenge
How did you go with the S.M.A.R.T. Goals Questionnaire?
Did you find it challenging to create some goals which are “specific, measurable, achievable, results-focused, and time- bound?
Or did you follow the model set by Brendon Burchard D.U.M.B Goals?
It doesn’t matter which you chose as long as you try something.
If you are just starting out there is bound to be some trial and error until you find systems which you are comfortable with and ones which work for you, which work for your circumstances and which work for your business.
But it is crucial that you have steps to set out a plan for achievement or you’ll be destined to fail.
And that’s what I want to discuss with you today.
Why Do Many Entrepreneurs Fail?
A lot of people think small businesses fail because of cash-flow problems. While this is a huge problem, especially in the first few years of your business, there are other reasons. I think too many ‘would-be entrepreneurs’ don’t realise how difficult it is, and how much it requires of you to run a successful business.
A very clear example of this is what I discussed way back on Day 2 of the 25 Day Success challenge.
And I reminded you on other days of the importance of Morning Rituals and in particular doing your Incantations. If you full took my advice onboard on Day 2, you would have done your Incantations on almost 20 days by now.
This would mean you are well on your way to creating a habit in your life. You would now be noticing huge changes in your life. Everyone around you would also be noticing the ‘new you’ – almost floating on air as you go about your daily business.
Yes, your Incantations are that powerful if you do them on a regular basis and put your whole energy into them. But the huge reason most people fail as an entrepreneur or small business owner is because “they fail to take appropriate action”.
I created the 25 Day Success Challenge to help you be the best that you can be. To use my 35+ years of business experience to help you succeed. I have given you tips, advice, strategies and knowledge to help you succeed every day for 20 days now. It is up to you to “drink from the fountain of knowledge” – I’ve led you here, it is your turn now!
How Can You Prevent Failure?
Here I would like to present my ‘Top 9 Reasons Why Entrepreneurs Fail’. So you can avoid them. Failure to:
Take Appropriate Action
I’ve discussed this a lot for the first 20 days of the 25 Day Success Challenge so I don’t need go on about it again here. If you are not sure about the importance of taking action, review the previous 20 days.
I’ve also covered this one a fair bit during the 25 Day Success Challenge on days such as Day 6: How To Get 13 Months Per Year,
Day 8: How Badly Do You Want Success,
In fact, every day is based on being organised as an entrepreneur. Everything you do ties in together to create your success.
Manage Cash Flow Properly
This is one area which I have not mentioned yet, but I could design a whole program on how to manage your cash-flow.
In fact I might well do that as it is such an important area. You must project your cash-flow in advance. Without planning ahead you are asking for trouble. A proper cash-flow projection can alert you to trouble well before it strikes.
Build Infrastructure At The Right Time
In line with the previous point, managing your cash-flow, don’t go splashing out on fancy offices, fancy computers, fancy office furniture before you build up your customer base.
So many small business owners I know forget this, and face tremendous cash-flow issues further down the line. I’d suggest going for everything possible second hand just to get up and running first, such as furniture.
There’s also nothing wrong with working in the spare bedroom or converted garage instead of throwing money at a fancy office, which you might not ever need. Especially as an online entrepreneur.
Research The Need For Your Business Sufficiently
Researching your chosen niche is essential for your success. ‘Build and they will come’ is nonsense, and if you ignore this warning you could be in trouble. What you might ‘think’ it a business everyone will jump at, doesn’t mean they will.
Build Multiple Revenue Streams
I agree this is a tricky one, especially when you are trying to get the first revenue stream moving and profitable. But always keep an eye out for new opportunities.
Get Out And Sell
Many small business owners think they can’t sell. But in fact everyone is a salesman in some form or another. Just think about when you want to go to a certain pub or restaurant, or watch a specific movie at the cinema, but your friend has other ideas.
You have to ‘sell’ your idea to persuade your friend to follow you. If you think about it we are ‘selling’ all the time, from the moment we crawl across the floor as babies.
Now, this really is an area I need to give you much more help on, and one I’ve learned over the years is extremely crucial to the success of an entrepreneur. So if you are interested in learning more in this very important area please email me at [email protected]
Put Maximum Effort Into Your Business
Being an entrepreneur or even a small business owner is NOT a cake walk. In fact, it is much harder than any street job, including doctor, lawyer or banker. To be a successful entrepreneur or small business owner you need to have so many skills and talents and be extremely hard working, at least in the beginning.
Failure to commit to your business with your complete heart and soul and you severely limit your chances of success. Few people can be successful entrepreneurs for a VERY good reason. Do you know that reason?
It’s because being a successful entrepreneur requires a very special kind of person. I have designed the 25 Day Success Challenge to help you know if you have those necessary qualities to be successful.
That’s all for today, now think through my ‘Top 9 Reasons Why Entrepreneurs Fail’ and develop a structure into your business to avoid them.
Oh yes, and do your Incantations!
See you again tomorrow…
Dedicated to your success,