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Small Business Employee Benefits and HR Blog

The #1 Reason You’re Not a Successful Entrepreneur

We get it. You’ve got this amazing idea for a new product or service and you’re bound and determined to tell the world. We love the enthusiasm, but you’re going to need to consider something: as an entrepreneur, are you successful at what you do? Have you tried and failed in the past? If so, we’ve got the number one reason why you’re not succeeding as an entrepreneur, and how to fix it.

This may be the best advice you’ll ever get. It’s simple. It’s mind-blowing. It will save your entrepreneur life.

But First...You Need to Know ThisThe #1 Reason You’re Not a Successful Entrepreneur

Entrepreneurs are the seeds of our economy. They start small businesses that grow into some of the biggest market forces. Having said that, if you’re an entrepreneur you’ll know it. If you think being an entrepreneur is a lifestyle for you, consider these things (if you’re already an entrepreneur, this may be a good refresher):

  1. Are you creative? In order to be a good entrepreneur, you’ve got to have a knack for creativity. Why? You’ll come across some sticky situations where you need to be creative to come out on top. When you’re creative, coming up with solutions is just another day in your life.

  2. Are you dedicated? You have to be dedicated to be an entrepreneur. Are you going to be the first to jump ship? Or are you going to fight until you get where you want to be?

  3. Are you a people person? Talking to people is the one thing you’ll be doing a lot of as an entrepreneur. Hone your people skills in order to be ultra-successful.

If you have answered these questions successfully, you’re ready to move on to the meat of this article - the reason you’re not succeeding as an entrepreneur, and how to fix it.

What is an Entrepreneur?

To understand why you’re not succeeding as an entrepreneur, you must first know what the definition of an entrepreneur is. Merriam-Webster says an entrepreneur is “a person who starts a business and is willing to risk loss in order to make money.”

Wait...willing to risk loss? But aren’t entrepreneurs extremely rich businessmen with Lamborghinis and Ferraris? No, not all of them. The key phrase here is willing to risk loss in order to make money.

Knowing this, let’s move on to the mind-blowing revelation - why you’re not succeeding as an entrepreneur. 

The #1 Reason You’re Not Succeeding Is…

You’re stuck. You’re one-track minded - that’s it! You think your way is the right way and you’re sticking to it. You must be thinking, “Ha, yeah right. I’m not one-track minded,” but you are.

Why?

You’re not willing to go out of your comfort zone and take the risks that count as an entrepreneur. These are risks you need to take to make your small business profitable. When you’re starting a small business, there are plenty of opportunities to take risks that count. For example:

Are you doing something bold and different? If not, your small business is slowly drowning in a sea of forgettable small businesses just like yours. Be bold. Be different. Dare to do what other small businesses are NOT doing.

Are you making your customers and employees your number one priority? In other words, your customers are extremely important to your success, but are you forgetting your employees are equally as important? Just as you should offer something bold and exciting to your customers, you should do the same for your employees.

Think Google. They offer some of the most exciting benefits and workplace perks to their employees. Do this. Offer sensational healthcare benefits and unheard of perks to show the world your employees are just as important to you as your customers.

Related: “A Guide to Lovable Employee Benefits”

Are you convinced? Consider this - only 39 percent of small businesses make a profit over their lifetime. Additionally, only 10 percent of small businesses are successful. However, these numbers mean absolutely nothing when an entrepreneur is determined to succeed and get rid of the one-track mindedness - to explore every possibility and take the risks that count.

And remember, just because you fail once or twice, doesn’t mean you’re unsuccessful. You’re learning that failure is a necessary part of success.

Conclusion

So, will you choose to be a successful entrepreneur by opening your mind and expanding your horizons? Will you choose to take risks and be bold? Or will you let the number one reason why you’re not succeeding as an entrepreneur stop you?

Truth is, being one-track minded won’t get anyone anywhere. And it certainly will not bring you, as an entrepreneur, success. Take this advice and run with it. Remember you may need to fail a few times in order to succeed. Be the successful entrepreneur you know you can be.

What are other factors and reasons you feel entrepreneurs are not successful? Let us know your thoughts and ask any questions you might have below.

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