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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!

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/00487-092309.mp3

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(Image in today's post by jaylopez)

Does Haste Still Make Waste?

speed Do you remember this old saying, “Haste makes waste?” It certainly rolls off the tongue. But we wonder – is it still true?

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We hear all the time that we have to move fast today to gain, and maintain, a competitive advantage. So it may seem that the old saying has become outdated.

But if we move too fast, we risk making more mistakes. Now this age-old saying may not be talking about high-level mistakes, but we wondered if it could be applied in that realm. We may squander precious resources if we don’t make the right moves in the right sequence.

Speed without direction gets us nowhere fast.

It doesn’t do us any good to go fast if we don’t know where we’re trying to go. Yet we often make this mistake. In our haste, we skip a step. Instead of “Ready, Aim, Fire”, we truncate it to “Ready, Fire.”

The result? We’re in perpetual motion, but the actions we take don’t move us toward the life we want to live. We waste a lot of time but see little advancement. We get tired, frustrated, and discouraged because we feel like we’re working our butts off but still not getting anywhere.

Direction without speed is no better.

Once we’ve decided where we want to go, we do need to move fast. Because we often miss a step here too. “Ready, Aim, Aim, Aim, Aim …” doesn’t work either.

We fail to take the first step because we get scared. So we don’t get anywhere. We allow our fears to paralyze us. Then someone gets where we need to be first and we miss our bigg opportunity.

Get where you want to be when you want to be there.

Speed and direction. We often have one without the other. But to succeed bigg, we need them both congruently.

  • Speed to direction.
    We need to move quickly to determine where we want to go. While we don’t need to move as fast here as we do once our destination is determined, it’s still important not to lollygag. We only have one life to live. So we want to discover where we want to take it as quickly as possible.

  • Direction with speed.
    Once we’ve done that, we want to get there as fast as we can. GO! FAST! Now is the time to move quickly and this is where the competitive advantage comes in.

Because as we move toward our destination, we learn about the environment we’re operating in. There may be a detour we have to take. There may be road construction we can avoid. By moving quickly, we spot these things before others so we’re able to stay ahead of them.

So speed to direction with speed for bigg success in your life! 

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thanks so much for checking in on us today. Join us next time when we discuss the art of delivering value. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00337-022409.mp3

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(Image in today's post by lockstockb)