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3 Reasons Entrepreneurs Fail

targetMany 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.

Our miss

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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Direct link to The Bigg Success Show audio file:
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One-Up Yourself for Bigg Success

one When the phrase “one-up” is used, it’s usually referring to the competition. We had an interesting discussion after working out recently.

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marylynnI was on the treadmill and noticed that I was running slower than others around me. I’m competitive but I just can’t sustain the higher speed that other people can.

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That led to today’s show topic … one-up yourself!

Think one percent better or one percent more. Self-improvement requires patience. A little bit of improvement over time makes a bigg difference.

1% a week leads to a 50% improvement

For example, let’s say you walk two miles in thirty minutes. If you can just do one percent more the next time out, you would walk 2.02 miles in thirty minutes or you might stick with the two miles and plan to do it in 29 minutes and 40 seconds. Either way, it’s a one percent improvement. If you do that every week, over the course of the year, you would have improved over fifty percent!

It’s easy to get discouraged if we don’t see results right away. We’re bigg goal-getters so we always shoot high. However, shooting too high is a recipe for de-motivation. Take baby steps rather than a leap that you can’t sustain!

There are five steps to one-up yourself:

Find the baseline. Measure where you are now so you compete only with yourself, not others. It doesn’t matter what that point is; it’s just important to know it because it’s your starting point.

Set your initial one-up goal. You may want to go faster or longer. Are you in a sprint or a marathon? Are you trying to improve quantity or quality?

Determine the time frame. Do you want to improve one percent every time, each week or some other period? Specify a time frame for your incremental improvement.

How will achieve it? What specific activity will get you that extra 1%? Let’s look at an example, using a savings goal:

Assume you have a base line, how much you’re saving now, of $500 a month. You want to save more money in the same time (each month). In other words, you want to go “faster.” So next month, you plan to save $505 next month.

Okay, so you want to save $5 more next month. How will you do it? You decide that you’ll pack your lunch one more day.

See how easy that was!

As you do it, analyze your results. If you hit your one-up goal, congratulate yourself. But then set your next one-up goal and go get it.

If you didn’t hit your goal, analyze why. Then try, try again. Don’t get down on yourself for missing your goal one time. You’ll one-up yourself next time!

One-up leads to bigg success

There are things in our lives that are sprints; others are marathons. Set your goals accordingly and one-up yourself for bigg success!

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We thank you so much for spending your time reading our post today. New research shows that there is a fountain of youth. Join us next time when we tell you where to find it. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00283-121008.mp3

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