Why Most Businesses Fail

The word entrepreneur is such a sexy word.

We are living in an amazing time where we have more opportunity than ever to start a business with just a few clicks of our mouse and an iPhone.

The idea of professional, personal and financial freedom is the dream of billions of people…

But, very few actually pull it off successfully without struggling.

Why is that?

There are a number of reasons:

- Inadequate Financial Management

- Overlooking Customer Feedback

- Lack of Market Research

- Resistance to Change

- Ineffective Marketing

- Insufficient Planning

Those are all big reasons that many businesses fail. BUT, in my experience as a business owner and strategist for over 20 years, the MAIN reason is because of lack of business experience.

And, the only way to get that is by having or running a business… LOL!

It’s kind of a Catch-22

But, to explain it more clearly, the main reason is that there is a difference between doing your skill (therapist, lawyer, coach, finance, etc).... And running a business.

Those are 2 different separate things.

And, MOST people who decide to start a business are very talented at their craft, but lack the business acumen to make their business work.

And, the result is 2-5 years and $100k+ in wasted time and resources, broken relationships and failing health.

One of the big culprits is trying to cut corners. We want to try to do it all ourselves. And there is a lot we DO need to do ourselves to learn how to successfully run a business.

But, the problem is when we need to outsource some critical work, but try to do it ourselves… and the result is not good.

I get it, we want to save money, which is limited at best, and even worse if we’re financing everything.

But, if you think it’s expensive to hire an expert, wait until you hire an amateur… or even worse, wait until you try to do it all yourself.

I’ve done it too. I spent months working on logos and meaningless tasks, memes and posts, hoping to have a post that magically landed me a $1M client.

And, that is the point where I get MOST of my clients. Very few realize it until they are in deep debt, with high blood pressure and failing relationships

Then, they finally reach out to dig out of the hole.

It’s ok. I like working from that point and fixing the mess, but it sucks when we have to do that. It would be much easier to start with a clean slate and build from scratch, but it doesn’t always work that way.

My client “Mike” was just in that exact position. He was nearly maxed out on credit cards and his wife was about to leave him, but we got to work and within 3 months, he was finding opportunity land in his lap because we had his workflow setup up seamlessly.

It wasn’t a cheap investment, but it paid for itself in less than 6 months.

Here is what we worked on:

- How to build a foundational business rather than quick sales

- Writing a clear business plan focused on ONE THING

- How to setup a flawless workflow and sales funnel

- Creating manageable action steps and systems

- How to build meaningful relationships

- Clearly defining his subniche

- His limited mindset

The result was 2 stable profitable businesses in a relatively short time.

Does that mean there were no bumps in the road, mistakes or failures?

NOPE!

There were ALL of those things because that is entrepreneurship.

The way a business starts is not how it ends up.

- MacDonalds started as a little shack with .10 burgers

- Steve Jobs was fired from Apple, his OWN company

- Amazon started as a used book store in a garage

- Oprah was fired from her first TV gig

- Disney actually filed for bankruptcy

ALL successful businesses have failures and pitfalls. It is unavoidable.

We just need to be properly equipped to handle them all.

One of my tools was the book Antifragile, which is a book by Nassim Nicholas Taleb which taught me how to use my failures as teachers and to set my life up so if I fall short in one area, I can be ok because I am set in other areas.

And, this is how I work with my clients today.

We create clear plans of action and effective systems to get them done without wasting time or money.

And, we hedge our bets and make sure we’re safe on the downside.

If you’re tired of struggling and ready to finally build a stable profitable business or side hustle… and/or if you want to learn how to become a Linkedin influencer, there are a few ways I can help you:

1. LinkedIn Masterclass Digital Course(HERE )

2. Life Mastery School by Dennis Berry (HERE )

3. One-on-one LinkedIn Business Coaching (HERE )

4. HOW Newsletter with 60,000+ subscribers? (HERE )

5. Solopreneur Operating System Digital Course (HERE )