Top 3 Reasons Why Your Business Will Fail

Top 3 Reasons Why Your Business Will Fail
  • 6 September 2021
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Starting a new business can be very frustrating and stressful. Despite the outside difficulties, the biggest threat to your brand comes from inside. Most people will actually avoid success because they are too afraid of failure or change. Hundreds of thousands of companies are founded annually and the majority of them fail within the first year. Almost all will be out of business by the end of year three. These failures are often caused by founders and CEO’s that have the skills and diligence to accomplish what needs to be done but are too afraid and chicken out. Don’t follow in their footsteps. Here are the 3 most common excuses people use to discourage themselves and put up obstacles blocking their path to success.

1. “Wait, it’s not finished yet”

Just launch it already. The majority of online entrepreneurs fail with their first product. That’s because they think they know what people want and base their product on guesswork. If you have an idea for a product, trying creating something with the features you had in mind and launching it in beta. Your product will never be truly finished or perfect before launch so stop worrying about it. You can reach product/market fit but it will be after you’ve launched, gained experience, rewritten it 3 times, changed the pricing structure, and tested until you’re too tired to sit up straight. Everyone thinks it’ll be easy and people will buy your product just as you imagined it, but that’s just a dream; a guess.

You should launch early, collect as much information as you can about what works and what people like, and A/B test it. Then, keep modifying until it works like it’s supposed to. Before you reach a state that you and your customers are equally satisfied with, do not push sales too hard. Concentrate all your efforts on improving your product/software/site. This improvement will attract sales. Launch now, enhance consistently.

2. “The competition is too strong”

These days, you really have to be innovative to start an online business that doesn’t already have a million competing companies. The secret is to not care too much about them. Before you start something, research how big it’s potential market is. If it’s not the size of a pin and you are willing to put in the hard work and stay dedicated, you have a good chance of success.

Most new business owners torture themselves by spending too much time looking at the competition. Only analyze your competitors to get ideas (cool features, good link sources, etc.) and to find out how to be better than them. Use the time you spend thinking about them improving your own business and lose the stress. When you’re worried about the opposition, consider this: your stress won’t make them weaker, just you. Man up and beat their ass.

3. “Procrastination”

Procrastination is when you do the easier or more pleasurable tasks first and leave the harder or more challenging ones for tomorrow, the last minute. You are not the only one doing this. In fact, most people work like this and they’re the ones you can easily overtake just by working more efficiently. This behavior is basic human nature. We don’t like to do hard things. You can fight this bad habit by organizing your tasks not only by priority but difficulty. Then always tackle the most difficult first. I always feel much more relaxed when I’m finished with the challenging stuff and only have the easy ones left. What should you do? Do everything to eliminate, or at least reduce, these 3 things from your way of thinking and working and youエll see the benefits of optimism and positivity very soon. If you work hard and force your mind to remain confident, success will be inevitable. You don’t have to conquer the world, just get some customers. Go ahead, start working!

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