ENTREPRENEUR'S FAILURE FACTORS

The business success factors were commented in a previous post. Today we will talk about the factors that influence the failure of entrepreneurship.

Nobody likes that when he or she decides to start a business anyone tell that the idea is not as good as the entrepreneur thinks, that the chosen partner will give problems or that the business approach is not suitable.

Undoubtedly the illusion is the engine of entrepreneurship, but also can be the worst enemy. The entrepreneur must find a balance between illusion and objectivity.

The entrepreneur should be aware that 90% of the initiatives fail before four years. It is therefore important des-stigmatize failure and assume that this is part of success.

On the other hand, it is important to know that businesses do not usually fail for lack of technical skills, but mainly for reasons related to emotions and feelings. Among these reasons are:

1.  Undertake a business with a motive, but unmotivated. 

• Think about what really moves you to undertake. The business idea is important, but even more so are motivated entrepreneurs.

2.  Not having entrepreneurial character.

• Note that entrepreneurship is a way of life.

3. Not being a fighter person.



• The lack of entrepreneurial skills can be supplemented being a fighter person, with capacity for sacrifice and effort.

4. Having partners when you can do without them.

• Many times the entrepreneur looks for partners because of the fear of undertaking alone. Reconsider if you really need to share your business

5.  Choosing partners without define relevant selection criteria.

• If you really need a partner, you should choose someone who complements your skills. A honest person with and values ​​and ambitions aligned with yours. Note that disagreements will always appear! The important thing is to be able to solve them.

6. Thinking that success depends on the idea.


• The business model chosen to develop the idea is crucial for success. You must also be flexible to allow the evolution of the idea as the business progresses.

7. Planning businesses that depend on family needs and material ambitions.

• Be an entrepreneur if you have the support and understanding of your family. It is also important to include your salary in the business plan.

8.  Undertake a business without assume the impact that this will have in your personal time.


• If you undertake a business because you think this way you will be able to reconcile work and family life, forget. Entrepreneurship is an activity that absorbs much of the time the entrepreneur.

9. Create business models that do not provide benefits quickly and sustainably.

• Plan your business properly. What is really complicated is maintaining the business over time.

10. Being an entrepreneur and not a businessman and not pull out in time.

• If you have entrepreneurial skills but no business skills, you should know when is time to to stop being in charge of your company.

Author: Fundación Maimona