This is a common question nowadays people ask why do most of the startup entrepreneurs fail today?
You know every day, millions of people drag themselves out from their warm beds, take a shower, grab a cup of coffee, and head off to their jobs as they think that there has got to be a more natural way to make a living.
Every one of those millions of people knows somebody who has quit the get-up-and-go-to- work grind and is making an excellent living by becoming an entrepreneur by working on his laptop from the comfort of his home.
Becoming an entrepreneur sounds like an ideal solution to them. Many of these dissatisfied souls quit their jobs and plunge head-first into internet marketing with no preparation, no knowledge of what they are doing, no education, and no hope of success. Failure is their only option, and they don’t even suspect.
Failure vs. Success
The fact is that according to many sources, more than 90% of startup entrepreneurs fail within the first 120 days.
This failure rate should be a warning to those who are considering themselves to try their luck by becoming an entrepreneur rather than at a 9-5 job.
Of course, success is possible. There is that the other 10% of people who succeed and become successful entrepreneurs. The thing is this success doesn’t happen by accident. And, success isn’t just a crap shoot. Success occurs because of some significant factors.
Success happens because people have the right ideas about entrepreneurship and internet marketing. They do not expect to get rich quick or be able to make a killing overnight and retire to a tropical isle.
People go into an entrepreneur business with the idea that they no longer must get up and go to work. They think they can work when they feel like it and still make a good living. They do not expect to have to work hard or work long hours.
Wrong Perceptions about Entrepreneurs
The 90% failure rate of new entrepreneurs isn’t all that surprising when you stop to think about the people who are becoming entrepreneurs.
For some unknown reason, most people think that running a successful online business is as comfortable as getting a website built and hanging out an ‘open for business’ sign. They couldn’t be more wrong.
Running a successful online business of any kind requires self-discipline. People who start an online business and think that they can party all night, sleep until noon and then make a living in 3 or 4 hours sitting in front of a computer.
They somehow think that the world is just going to line up on their website and hand over money. It isn’t going to happen.
Online businesses do not run on auto-pilot. It is true that well-established internet marketing gurus do not have to put in long, tedious hours on their businesses, but it is a privilege that has been earned by putting in a lot of long and tedious hours.
It didn’t happen overnight for them, and it won’t happen overnight for anybody. Most people are unprepared for the time investment that must be made for an entrepreneur business to become successful.
The fact is that all successful businesses operate on sound business principles. Successful businesses aren’t accidents. The proof is in the numbers, only 10% of new entrepreneur business ideas are successful or are even still in existence after the first 120 days of operation.
It is not even reasonable to expect to make a profit from a new business enterprise for many, many months.
You must have enough resources available to not only launch your business but provide for your personal needs for an extended period. It’s called ‘capital,’ and there is no way around the need for enough of it.
The Right Mindset Just Isn’t There!
You have most likely heard the phrase, ‘He has an attitude!” This is usually a derogatory remark made about a person rudely.
But the word ‘attitude’ is an important one when discussing startup entrepreneurs. A right attitude and a proper mindset can’t ensure success, but a bad attitude and a lousy mindset can undoubtedly guarantee failure.
Wrong attitudes of new entrepreneurs
Here are some wrong attitudes of new entrepreneurs that will guarantee their failure:
1.. I can work when I want to. Wrong, wrong, wrong! You can’t just work when you feel like it. You have to expect to put in many long and very tedious hours of tough work to make your new enterprise succeed.
2.. I can get rich quick! You couldn’t be more wrong, and you are not only wrong, but you are putting yourself in danger as well. There are bazillions of crooks out there on the internet who are waiting for their next easy mark, and if you are looking for a quick way to get rich, you are the next mark. It is possible to make a very comfortable living with internet marketing enterprises, but if anybody ever tells you it is quick or easy, they are lying to you.
3.. I don’t need a business plan. There you are wrong yet again. Entrepreneur business is still a business. All the same business principles apply to online business as apply to brick and mortar business. It is imperative that you have a plan for success that is based upon these sound business principles.
4.. When you have an online business of your own, you don’t have a boss. Wrong again! You are your boss. If you aren’t a good boss who sees to it that work is accomplished on time and in full, you will doom yourself to absolute failure. Unless you are a boss who sets up a working schedule and establishes goals that must be met, you will find yourself working at a job under a boss who does do those things and maybe for minimum wage.
Optimize the possibility of success
You can optimize the possibility of success by:
1.. Having a good solid business plan in place before you launch your online business. There is an old saying: “Those who fail to plan, plan to fail.” A detailed set of plans for success needs to be made. You need to have the steps from getting from point A to point B listed in detail that include realistic cost estimates for accomplishing each step.
2.. Expecting to work very hard to achieve your goals. You must never expect anything to be comfortable. You will be right most of the time because things are rarely as easy as they look. Each step toward success requires work, time and patience. Sometimes things don’t work out right on the first try. You must be willing to try again and again until you do succeed.
3.. Not falling for getting rich quick schemes. The internet woods are full of those who prey upon those who are looking for quick and easy ways to become wealthy. Those ways do not exist. Get over thinking that there is an easy way. There is not.
Remember those statistics! Ninety percent of all new entrepreneurs fail in the first 120 days. You don’t have to be a part of that majority. You must become a part of that 10% minority of successful entrepreneurs who have significant business enterprises.