5 Reasons Why You Aren’t A Successful Entrepreneur

Written by Lamar Tyler

Published on July 2, 2020

So after years of stalling and giving up, you finally decided to step out on faith and start your business. Great! You’ve made up your mind that this is it.

But if you’re not careful, you’ll bump into the 5 mistakes most entrepreneurs make that prevent them from being successful.

You know you ultimately want to leave your 9-5 and it’s now or never because you need to stay home with the kids or you got laid off from your corporate position due to the effects of the pandemic. 

It’s a huge decision to make, and ultimately it’s great that you made it.

But can I tell you something? This is only the beginning of your hurdle. Making the decision to become an entrepreneur is only the first leg of the race.

Are you in it for the long haul?

When my wife and I started our company (during another economic downturn, by the way), my biggest hurdle was learning how to grow a REAL business while not falling prey to the pitfalls that many entrepreneurs do. I mean if we really wanted to do this full time and leave our corporate positions, we had to figure out how this really worked. It took a lot of learning and a lot of effort but eventually, we were able to overcome many of the obstacles that cause an alarming amount of new businesses to fail within their first three years.

Since then, we’ve been able to identify the key areas many entrepreneurs struggle with regardless of the state of the world and I want to help you break through them.

The journey of entrepreneurship does level out as you and your businesses grow and expand but there’s still the possibility of falling prey to the things I’ve outlined below, so make sure you read the full list.

Top 5 Mistakes Most Entrepreneurs Make

1. Fear of Failure

Of course you’re scared. You quit or lost your job and invested ALL of your time, money and resources into your budding business or service. This is a normal reaction to the unknown.

BUT don’t let the fear of failure in your business stop you from giving it your all! Remember, the best way to overcome fear is to do the thing you’re afraid of anyway.

Are you uncomfortable with public speaking? Do it anyway. Afraid no one will want to buy your product or service? Keep pitching it anyway to those that will listen. Need a sure fire way to bring in revenue to support your family? Grind out making those few sales to the loyal customers that you have at first.

Of course you’re scared but don’t let the fear paralyze you. Todd Bellemare said it best, courage is facing your fears. Stupidity is fearing nothing.

2. Pursuing Perfection

I hate to break it to you but no matter how much you try or how much you prepare, your  business will never be perfect. You’ll have some areas that are working really well. You’ll have some areas that are doing okay and then you’ll have some areas below critical at times. But that’s okay.

Pursuing perfection in you business or life for that matter, will drive you crazy! Plus, if you’re always so focused on trying to cross every `t` and dot every `i`all the time, you won’t appreciate the things that are actually thriving in your business. If this is you, take a minute to count up all your wins and focus on that the next time you try to make everything perfect.

3. Paralysis by Analysis

Don’t let being a classic over thinker ruin your dreams of running your own business. Can I tell you something?

“You’ll never have it all together at the exact moment you want it. But do it anyway!”

Don’t let your wishing get in the way of what you can make a reality. Success comes to those who dare to begin. So start today. There’s no better time.

4. Offering Your Services to People Who Don’t Want It

You remember the “know-it-alls” from school? The folks you can’t tell nothing too? Well they exist in the business world too. These are not the people you want to spend your time trying to help.

Focus your business solutions on the people asking YOU for the answers to their questions. Turn your attention to your supporters and encouragers. Utilize your current customer base and ask them to refer you to other people. Then, GIVE THEM WHAT THEY’RE ASKING FOR. Create your services and products around the stuff you know they need because they already told you.

Mind blown…I know.

These are the people that will help your business start to grow.

5. Not Investing in yourself

My wife has this saying that we often use.

“You can’t build an empire off of free stuff. Investing in yourself is not an option!”

You’re the most important part of  your business because when you excel and grow, your business will do the same. There are tons of free resources out there but the down side to that is the limits they have.

Eventually, you’re going to have to pay some amount of money to get more out of the service or product you’re after. You may not be able to spend the kind of money you want on trainings, conferences and software now and that’s okay but don’t eliminate them from your to-do list.

Your business deserves the best boss YOU can be. If you believe in your vision and business, then take the time to invest now so you can gain later.

My wife and I have personally invested our time and money into the resources we needed to grow our business to this point.

We’ve never looked backed.

And no, they were not cheap!

These are some of my best explanations on the top five mistakes made in entrepreneurship. And take it from me, I know what you’re facing during these early stages.

With that being said, on a sheet of paper, pick which one of the mistakes above you had the most trouble with and write down three things that you’ll start doing now to avoid making that mistake again.

Learn more about how you can master the entrepreneurial condition on the TSP Blog!

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Written by Lamar Tyler

Published on July 2, 2020

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Keep in touch with TSP  by following and subscribing to our social media pages!

Connect with us on Facebook, Instagram, and YouTube for countless tips, additional tools, and most importantly a supporting community.