Why Most Wantrepreneurs Fail, Even With Enough Capital

For every successful entrepreneur, there are tens of thousands others failing. I have failed numerous times in various ventures other people have succeeded in. If you asked me then, my reasons for failure would have been bad lack, lack of connections, competition, name it, and of course all are escapist.

In his book The Tipping Point: How Little Things Can Make a Big Difference, Malcom Gladwell intimates how small changes in how we present a product (Or in this case how we do what we do) can make enormous differences in our business and  life. But before you decide on what small change to make in order to tip, you must have comprehensive understanding of how things are currently working.

In this article, I have spelled out Wantrepreneur practices that hinder business growth, and if tweaked would make your break through into entrepreneurship very soothing.

  

Poor time keeping

Time is the most precious and scarce resource we all have. Making the best use of every second is therefore critically important if one is to realize success in their industry. Unfortunately, a good number of wantrepreneurs seem oblivious to this. They show up late to meetings, deliver past deadlines (with a gazillion excuses). Using the reminder app on your phone to keep you abreast with activities you have to carryout on any given day would be a good way to start.

Doing it all by yourself

Wanting to do it all is very common among starter entrepreneurs. But really, who on earth can do everything all by themselves? Even soccer is total teamwork. Every player plays their position and plays it well for a team to win, and this is no different in business. Identify what you can do and do it very well and let someone else do what they do best – and like any good boss, give them the support they need.

When I had just founded Safari256, I painfully learnt that one of the reasons I wasn’t putting out quality work (and consequently business wasn’t growing), was because I always did it all. I would look for clients, conceptualize, design, code, write up content and do graphics; after all I had an idea about everything.  About a year later, I brought talented and more experienced people on board, and decided to focus my energies on looking for business and making sure clients are satisfied (something I think I can do well), and it’s because of this that we have grown into a leading website development and Hosting company in East Africa.

Competition isn’t that bad

Competition is healthy in business and shouldn’t be treated like venom. It serves both ends of the business line, business owners and consumers. Consumers get quality products and good deals amidst competition. Competing businesses also benefit from each other. A friend of mine who owns a bar in a Kampala suburb was worried early last year when another bar was opened next door. A year later, he is a happy man and owes much of his success to competition. He now sells seven times more than previously. Competition increases visibility, which in turn increases the customer base. Take advantage of it to grow your business.

  

 

Impatience

Patience, hard work and consistency are cousins, especially in business.  Wantrepreneurs who start businesses with a sole aim of reaping from it alone usually fail. They get frustrated when things don’t seem to be working out and end up either changing the product line or abandoning the whole project. This is why it’s not good to drop your day job before your business is up and running.

Going for only what’s “possible”

The ability to take bold steps to sail against the prevailing tide is what distinguishes successful from super successful people. The saying “Whatever your brain can conceive, you can achieve” is true. Learn to take calculated risks and stand by them even when everybody else won’t.

Having no saving culture

The only way one can accumulate wealth is by investing it. But you can’t invest if you don’t save.

Take your monthly expenses and earnings into consideration, consistently set aside a given amount of money, say every month, with an aim of investing it into another business. Successful entrepreneurs we admire today all have multiple sources of income, from real estate, Agriculture, telecom, mining, and like them, the only way you will be able to invest in multiple businesses is by learning to save the little you are getting right now.

Fear of failure

Whereas successful people are used to failure (after all it’s impossible to succeed when you haven’t tasted failure) starter entrepreneurs fear investing into new business because they have no idea what the results will be. Business is a gamble, but the solution should be having a fallback position in case things don’t work out as planned, but refusing to invest at all isn’t a good idea. If you don’t want to get wet, don’t go in the rain. If you fear to fail, don’t think about starting a business.

Employing slack teams

The popular saying “Garbage in, garbage out” applies to entrepreneurship too. It’s daydreaming to imagine that you can make it to the top in your niche if you don’t have “top” quality people on your team.  Companies like Google, Apple, and Microsoft understand the importance of hiring industrious talent. Bringing competent people on-board is paramount to the success of any business.

  

Low self esteem

You might have an idea that has the potential to change the world or even create a paradigm shift but if you don’t believe in yourself, all that will go to the dogs!

Dream big, understand what you want to do and believe in yourself! Everything else will automatically fall in place.

Got it, I hope, now let’s get going!

 


Recommended:   Richard Branson’s Best Advice Ever to Entrepreneurs


Gerard Mugema

Gerard Mugema

Writer, Entrepreneur, Website Developer and Fitness Enthusiast.
Gerard Mugema

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