3 Reasons Entrepreneurs Fail
Many people are surprised at how hard it is to get a new idea off the ground. It takes planning, persistence and patience along with constant action.
There are a number of reasons why entrepreneurs miss the mark. We’ll talk about three of them today.
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RAS – Ready Aim Syndrome
A lot of people spend a lot of time looking for that perfect idea. As soon as they find it, fortune will be theirs.
But the perfect idea never comes. So they find themselves aiming and aiming and aiming.
We have an acquaintance who is always telling us about his latest greatest idea. The problem is he never pulls the trigger. He never does anything because no idea will stand the test of time. By the time he is finally ready for his bigg idea, the opportunity has passed.
RFS – Ready Fire Syndrome
These people have an affliction that is opposite our first group. They don’t have the patience to test their idea slowly and inexpensively.
They think that every idea is a bullseye. All they have to do is get started.
Most ideas are garbage. They won’t stand up to the scrutiny that should be done before launching.
Walking the tight rope
So the challenge in launching a new endeavor is walking that tight rope between analysis paralysis and banning planning. You have to find the balance.
Most successful entrepreneurs probably fire quicker than most people would be comfortable doing. However, the ones who reach bigg success understand that there is tremendous value in the planning process as well.
FTS – Fixed Target Syndrome
Once you launch, you have to understand the need to be fluid. The situation on the ground will change. You will learn things you didn’t know before.
Here’s a very important point – the only way you learn these things is by launching. Those who are still on the sidelines will never catch up. You’re trying to hit a moving target, not a fixed one.
Unfortunately, this subject is close to us. We launched a new business late last year. We help financial institutions communicate better with small business owners.
Now you know what’s been going on with financial institutions in the last twelve months. We saw the free fall happen right before our eyes.
But we had been working on this thing for a while. We had surveyed a number of potential customers. Our product was a good fit. So we launched.
But when the economy took a tumble, so did our customers’ budgets.
We kept listening. We responded. We tweaked our product offerings. We certainly can’t report that we’re a bigg success yet with this venture, but it seems to be gaining traction.
Along the way, we’ve learned a lot about our customers and about business. We certainly can look back and see things we would do differently. But that will always be the case.
The important thing is to get an idea, test it to see if it’s a good opportunity and then get started and adapt. That leads to bigg success. At least we hope so!
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Thanks so much for checking in with us today. Please join us next time when we’ll talk about when to shut up. Guess that’s our cue. Until then, here’s to your bigg success!
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(Image in today's post by jaylopez)