Rinchi
TechInAfrica – Being entrepreneurs means that you must be ready to face challenges and overcome them. Everyone can be an entrepreneur as long as they have the perfect formula to become one. However, not everyone knows the formula, only those certain people do.
SMEs contribute to more than 80% of the entrepreneurship sector in Nigeria. Even so, there’s a growing concern that these businesses failure rates go as high 70% within three years of launch.
A mentor and renowned entrepreneurship advocate in Nigeria, Dr. Chris Osita wrote a book titled The 40 Deadly Sin of Entrepreneurship – Avoid them or go under; commit any at your own peril.
On this article, we will provide five traits entrepreneurs that cause them to fail in businesses before even starting. Those five traits are:
- Fear of Failure
Fear of failure will stop an entrepreneur to strive for success before they even start. It’s said that those who fear of failure is often having a lack of self-belief. Instead of fearing to fail, you should stay focus on overcoming obstacles. Not only does it help you to achieve your end goal, but also erase your fear.
- Lack of Passion
Running a business requires you a great passion to strive for success. The passion helps you to stay strong and focused every time you face challenges. Many entrepreneurs who fail usually have a lack of passion that stop them from finding innovative ways to generate growth. As a result, they find it hard to push themselves for personal developments. Additionally, this will cause fears and more obstacles during the early age of your business.
- Procrastination
Entrepreneurs should not be lazy and procrastinated. They need to be progressive with new ideas and solutions. If you often say “later”, “tomorrow”, “I’ll do it when I’m ready”, etc, they won’t make you anywhere and produce nothing than passionless and doubts. Therefore, you need to leave your laziness and procrastination behind and start being progressive to find innovative ideas for your business.
- Lack of Originality
It’s said that finding a new idea is not that hard. Every entrepreneur can come up with a brand new idea. However, get the new idea to be accepted is a different story. In fact, it’s hard because most people don’t like changes. New ideas mean change and most people are not ready for it. That’s why many enterprises go with the same ideas overtimes.
However, in business is different. Those who stand in the market are usually the most creative and innovative. If you can innovate and maintain the originality of your product, customers tend to be more accepting of it, especially if you offer new solutions to the significant issues facing communities.
- Lack of Self-Discipline
The common reason why your business fails is that you have a lack of self-discipline, especially on your health. The health issue that often faced by many entrepreneurs is stress that will affect your productivity. Therefore, you need to improve your self-discipline and avoid doing indiscipline manners as hard as you can.
Source: smespeaks.com
