“Success is most often achieved by those who don’t know that failure is inevitable,” said Coco Chanel, a French fashion designer and businesswoman. The founder and namesake of the Chanel brand, she was credited in the post-World War I era with popularizing a sporty, casual chic as the feminine standard of style, replacing the “corseted silhouette” that was dominant beforehand.
According to the survey it has been observed that many people are turning from 9–5 jobs towards entrepreneurship they think entrepreneurship is easy and everyone can do this. Entrepreneurs starting new businesses are what drives the economy, innovation, and job creation but unfortunately half of those new businesses fail in the first five years. Entrepreneurship is not a game that can be played by every moving person but it is a process of handling business and making a business successful.
Here are five reasons why most entrepreneurs fail:
Lack of Focus:
One mistake that every entrepreneur usually do is that not focusing on their capability and moving away from knowing the importance of focus needed to become a successful entrepreneur. But to succeed in your business you should know that focus is a very important factor because this keeps you directed and attentive to the goals that help you to become a successful entrepreneur. The best effective way to be focused on your goals is to opt for what you love most in this way you will never lose your focus and interest in what you are doing.
Lack of Marketing:
Another mistake that entrepreneurs make is the lack of marketing information they think that they will do well without the proper marketing knowledge and this is the main reason for their failure. Because to understand the market you need to know about what is the condition in the market and where your business stand. Not having proper knowledge about marketing strategies simply means that you have opened up your business and you don’t want people to know about this.
Lack of Funds:
The problem with the most failing entrepreneurs is not putting in the required amount of money in growing up their business. Entrepreneur pursues their brilliant ideas without realizing that they lack proper funding which is needed for any particular business. It is always a wrong decision to start a business without sufficient funds in hand because starting up a business with not investing in elements necessary for your business can be the reason for failure. For starting up a successful business you need to invest your time, thoughts, and money to make it a successful business.
For every successful business proper planning is an important factor because proper planning can make your business successful. It is said that “If you fail to plan, you plan to fail.” this means that if you fail to plan properly and what is necessary for your business that you are planning your business to fail so it is necessary to plan perfectly reminding what is important for your business.
Lack of Soft Skills:
Soft skills are the missing piece to the success puzzle for many entrepreneurs as soft skills are sometimes intangible and non-technical talents entrepreneurs need to lead effectively to make their business successful. Soft skills include attitude, communication, empathy, motivation, teamwork, networking, leadership, decision-making, problem-solving, and proper planning.
Trevor Koverko is a former hockey player for the Ontario Hockey League, and a draft pick of the National Hockey League’s New York Rangers. Trevor Koverko Toronto was an early adopter of cryptocurrencies and he fully immersed himself in the blockchain space. He has since become focused on the burgeoning industry by founding several cryptocurrency start-ups.