Articles
Published January 2000
Don't Put Yourself Out of Business
Starting a new business is risky. The failure of a business touches many people: employees who lose their jobs, suppliers of goods and services that extend credit, investors who hoped to make a profit, and of course, the most dramatically effected: the entrepreneur. Many former owners of defunct businesses will struggle for years following the disaster in debt to creditors, lenders, and the Internal Revenue Service. Many will have lost not only their business, but also their homes, and personal possessions as well as their savings.
Perhaps, even more upsetting to the failed entrepreneur, will be the possible disruption of a marriage, the loss of self-confidence, and the general sense of failure as an individual. The failure of a business may be even more tragic than divorce.
How many enthusiastic, optimistic and eager individuals about to launch a new business know or will even believe that 8 out of 10 new business ventures fail. If you are going to beat these odds and be successful, start by understanding who you are and why you want to be an entrepreneur.
Not understanding yourself can be fatal
A would be entrepreneur will bring to the new organization their personality and character with all their respective problems and weaknesses. If an individual is disorganized in life, that disorganization will carry forth to the business. Poor personal habits will become poor business habits. The lack of discipline in daily living will be an undisciplined management style. Procrastination at home will translate to procrastination on the job. As psychologists point out, wherever we go, we take ourselves, with all our baggage.
To avoid failing- start with understanding yourself. Question yourself as to why you are going in to business. What are your motives? Why are you willing to risk your money? Are you goals rational plans or emotional dreams?
Is it possible you are self-destructive? Many entrepreneurs have caused their own failure? Some of us have an unconsciousness desire to create problems for ourselves. We set up and create situations that eventually lead to our own self-destruction. This type of behavior, driven by hidden motives we may not understand, is deadly in business.
When things go wrong do you blame others? Ask most who have failed in business who is at fault and the usual excuses will range from not enough money, unfair competition, disloyal customers to greedy suppliers. For a variety of reasons, a companion to failure is the denial of our part in it.
Procrastination can put you out of business
If you are in the habit of putting things off, be aware that procrastination is a major cause of failure. It is a personality trait that will place your business in jeopardy through neglect! It is a mask for other more deep- rooted problems that can stand in the way of success. The problems of procrastination can show up in a number of ways that may not be easily recognizable.
Or, maybe you have a fear of failing. It can be a form of delay. "If I can't do it perfectly, I won't attempt it at all," may be an excuse to cover up a fear of failing.
Is it possible you may have a fear of success? The fear of success is not easily recognizable, and it has been my experience and probably yours as well, that it is an unusual person who knows it. An entrepreneur with success phobia may be inviting failure.
Some business owners have a fear of letting go and moving on to new goals. Such rigidity can prevent the business from succeeding. Watch out for emotional attachments to the status quo.
Procrastination may also show up as aloofness to others. There are individuals difficult to get close to. People who fear others and fear being taken advantage of may distance themselves. Any person attempting to develop a business should quickly understand the need for trust and cooperation.
If you are thinking about going into business or are struggling with your enterprise, take some time and discover your motivations. Write a private letter to yourself outlining why you want to be in business and what do you expect of the business. Not understanding yourself and not understanding why are or want to be an entrepreneur is tempting fate to fail.
