Do you know why people don't succeed in business?
It's easier now than ever before to become an entrepreneur. That being said, there are a lot of misconceptions that exist around what it takes to succeed at entrepreneurship.
I'm not going to sugar coat it – being an entrepreneur is tough. Not surprisingly, this is why roughly 80% of small businesses don't survive the first year.
However, when you know why people don't succeed in business, you can take preventative measures to ensure that you don't make the same mistakes.
Watch the video below:
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The entrepreneur's road to success is a bumpy one.
No matter what career path people decide to take, I believe that entrepreneurship is a key skill that everyone should master. The problem is that a lot of business schools don't teach young people how to run a successful business. Don't get me wrong. The school system does a great job of teaching students knowledge. However, I don't think that it adequately prepares them for the real world. Life skills matter, especially when it comes to starting a business.
Research reinforces that learning about entrepreneurship ignites an entrepreneurial mindset in young people – they begin to think and act like entrepreneurs in all aspects of their lives. They communicate better, persist through failure, and become flexible and adaptable when facing obstacles. Most importantly, they take smart risks. This is one of the biggest reasons why I dropped out of college. The education system didn't provide me with these core skills. Instead, I had to go out into the world and learn through trial error.
From an early age, I always knew that I wanted to work for myself. I had an innate drive to design life on my terms. However, I wasn't necessarily prepared for the challenges that were to lie ahead. During the beginning stages of my entrepreneurial journey, I failed a lot. There were many times when I doubted myself. However, I never gave up. I refused to let my failures define who I was. Instead, I viewed every setback as a stepping stone for something bigger and better. In essence, I taught myself how to fail forward.
Unfortunately, a lot of entrepreneurs become paralyzed by the fear of failure. Their line of thinking is, “If I try, I may fail.” As a result, they don't take action. They get stuck in level 1 of the mastery mentality which is “knowing.” Because they are consuming so much information, they assume that they are making progress.
Not surprisingly, these people end up becoming information junkies.
Too much information can be a bad thing. There always has to be a balance between learning and taking action. If you don't implement what you learn, you are wasting your time. As an entrepreneur, taking action means getting outside of your comfort zone and facing your fears. Level 2 of the mastery mentality is doing. If you only implement a strategy once in a while, do you think that it's going to lead to results? Absolutely not.
Success requires consistency. This leads to level 3 of mastery, which is living. This is when you are not only applying what you know, but you are doing something consistently and receiving results from it. Whatever it is that you want to master in life, you've got to live it every single day.
Repetition is the mother of mastery.
I have a lot of friends who get stuck in the knowing and doing level of building their businesses. The question is, “Why can't they break through to the third level?” Oftentimes, it's because they get attached to results. Not surprisingly, they give up when things don't move fast enough. These people are known as dabblers.
They jump from opportunity to opportunity but don't end up finishing anything that they start. They are constantly chasing the next shiny object. These types of people do not succeed in life. If you start a race but don't finish it, your business isn't going to move forward. End of story.
The most successful people in this world are masters. They commit to everything. When challenges present themselves, they don't run away because they know that success is a process of becoming the best version of themselves. Be honest… are you a master or a dabbler? Build the habit of following through until you complete something. That is how you become a master of your world.
These are some of the reasons why people don't succeed in business.
There will be highs and lows in your business. This is something that every entrepreneur goes through. However, if you can focus on and enjoy the process of success, you will put yourself in a better position to take your business to new heights. In the words of Eric Thomas, “Fall in love with the process and the results will come.”
Are you ready to become a master of your business?
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