Seven Reasons Why You Are Not A Successful Entrepreneur

I just came from Syed Balkhi‘s blog site their he posted about “Seven Reasons Why You Are Not A Successful Entrepreneur“. I should share with you and some points inside you and me. If we can resolve this problems or learn from it that should be productive and better for the future.

Are you an entrepreneur? Well I consider myself as one. I am trying to come up with new ideas and products to make money. In this I use my mind, and I don’t necessarily work the hardest. If you are having hard time classifying yourself as an entrepreneur, then consider the definition of dictionary.com

Entrepreneur is a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk.

So now there are successful ones and there are not so successful ones. And there are ultimate failures… I will tell you a few reasons that will show you why you are not a successful entrepreneur.

You Don’t Learn from your Mistakes

Humans make mistakes. That is the bottom line. But good entrepreneurs make only few mistakes, and when they do make those mistakes, they learn from it and never make the same one again. A mistake I made was joined digg and respected them for a while, but after I got banned, I will not make the same mistake of wasting my time and joining that network again.

You are full of yourself

You think you know everything. And you can do everything by yourself. A good and productive company can never be found on one man. You have to help from others. There is nothing wrong with hiring help. I know I can code everything and design. But if I do that, I will only take one order a week or maybe one order every two weeks. Now that I have my fellow developers at Uzzz helping me, I can take more than 3 orders a week and just share profit. In the end, I am making more money I would make from just doing one theme a week by myself and technically putting in less amount of work as well.

You are not Passionate

It is not always about the money. You got to love what you do, otherwise it will fail. Love what you do and do it with a passion. Be motivated and dedicated and you will do well. But since you don’t love what you do, you will always try to rush things and get things over with, so you can do other things… Not the best example of a successful entrepreneur.

You are not aggressive

Life is not easy. Business is not like childhood where mommy just gives you a cookie in your hand. You have to work your ass for it. Things won’t come easy to you. Try multiple ways to get to the same point. Be agressive, learn how to be risky because sometimes aggression and risky go side by side. But risky is another name for business ;)

You put all your eggs in one basket

You need multiple game plans because otherwise you are screwed if that one basket breaks. All your eggs are gone. Always have more than one way to achieve success. I rely on Search Engines to send me traffic, but I also have Social Media, and direct links from my users.

You can’t adapt quickly

Market changes left and right, so business is all about agility. You need to find what is the new change, and how to deal with it. That is the only way you will retain a competitive edge. If you don’t do this, then someone else will.

You suck at managing money

Have priorities. Look is not always the best thing. If I have a small office then that is good. There is no need to furnish it with leather chair, and cute cubicles. So don’t go big balling after you make a few bucks. Save them for later. Invest on what is needed the most. Don’t go ahead and buy a leather chair for your employees, instead get your designer a new version of Photoshop.

I think above are the reasons that stops an entrepreneur from being successful. Obviously there are a lot more, but these are the general ones.

via Balkhis

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