There are hundreds of reasons why a business might fail. But today, let us discuss the worst business killers around. These business assassins are the less talked about.
It’s no news that 65% of SMEs fail within their first three years in business; while this might seems strange, but it’s the truth.
A recent discussion with a friend, inspire me to write this post. He had invited me to dinner to celebrate the arrival of his fiance from abroad. It was then he asks me, as a business coach, why I think he had failed in various businesses he had ventured into.
I question him for a while, and immediately, I can write a whole book on why his business had failed. To my greatest surprise, he believes he is not meant to venture into business.
He said, “I am not designed to be an entrepreneur, I guess?” The case of my friend is just one out of millions.
So, here is the question, “what makes these businesses fail?”
If you type the question in Google, you will see tons of information on why businesses fail.
There are many reasons for the business failure, of which I shall talk about the crucial and the less talk about.
I choose to write about these five because, when you look around, you will find a lot of reasons, but these are the left-outs.
1. Hard Work! Work Hard!! Be Hard Working!!!
OVERLY HARD WORK Yes! You read it right. Hard work is one of the worst business killers. Though many people, even business coaches, might argue with me, it is the truth.
The problem with hard work is its viral nature because it finds its way into every business and lives now and then.
‘Be hardworking,’ ‘hard work is the secret to success.’ These and many of such are the Morales we are brought up with.
It is only very few people who know the negative effect of hard work that has broken its gin. People like General Manstem of the German officer corps understand this point.
He claimed that the soldiers are divided into four groups according to whether or not they are hardworking and intelligent. These are the four groups.
Lazy and stupid
Soldiers in the category form most of the casualty cases during the war. They are needed to make the numbers.
Hardworking & Intelligent
This category of soldiers makes great staff offices.
Note: these are few because hard work and intelligence are a rare combinations, that is why only a few are rich.
Hardworking And Stupid.
These groups are a menace to the army. They create unnecessary work for others, and as such, they should be fired (sacked).
Intelligent And Lazy
These are suited for the highest office. They remain in the strategy office in the barracks, to navigate the course of the operating during war. They manage the entire army.
Can you figure out the reason I listed Hard Work as one of the worst business killers?
Not Yet? OK continue reading
God grants you to choices when you pick one, you get less of the other.
If you choose your brain, your muscle power declines ineffectiveness, which is why the rich, the highly wealthy and educated, appear to be relatively lazy in muscle power.
On the other hand, if you use your muscles majorly, you are only permitted to think superficially and therefore produce mainly near stupid ideas and generate bad mistakes in decisions, with poor attendant earnings.
Even if you are hard-working, you can learn to be lazy.
You pick the right thing to do and do only such something that adds the highest value. This is why the Toyota Organization detests the menace of Muri (overly hard work) Muda (all forms of wastes).
So what do I do? This is the question that will be written across the timeline of your heart right now. The way forward is to learn the way I call smart work.
To do this, you need to increase your brainpower. Write out your target then map out the shortest route.
Climbing very rapidly is secondary; you need to primarily ensure that your ladder is leaning against the right wall. You need to think before you act, don’t waste your time and the time of others all in the name of hard work.
Lack of BluePrint.
Many budding entrepreneurs dive into business without any certainty. I learned this the hard way. I am always of the opinion that it's my idea and it's my money. So, why the hell do I need a business plan? At least I am not sourcing for funding.
Lack of blueprint standout among the list of worst business killers. And it's very common to see budding entrepreneurs failing at this.
Before you build a house, you need a house print; with this, you can know what the house is likely going to be.
In the same view, you need a business blueprint for your business to be a successful one. A business blueprint is your business plan and selling statement.
It helps the business work towards long and short-time goals and enables you to map out your strategies for success.
Since it’s the articulation of your ideas and hopes for your business, no “expert” can write it for you. So it is best to learn how to write a good business plan’.
If your business lacks this, you might get lost in the preliminary stage before the business starts running.
Many successful entrepreneurs claimed they never write a business plan before, but the truth is that they have a business plan in their mind; it might not just be writing on a paper.
Either it’s in your mind or on a piece of paper, make sure you have a plan.
Lack of System
Yet another monster among our list of worst business killers is Mr. No System.
Many people made the mistake of setting a business without a system. When you set up a company that cannot run without you, then you are wasting your time.
Though it might take extra cash it’s worth that cash. The truth is that a business that can’t strive in your absence is a child’s play.
No matter the form of business you are into, you’ll need a system, instead of sitting in your store all day long receiving payment from customers because you don’t trust your salesperson why not get inventory software. Get auto-responder to reply to emails and so on.
By having a sound system, you will be left with enough time to grow on other things.
Lack Of Winning Edge
Every business needs to have a clear winning edge. Many businesses fail because the business owner fails to find a winning side for it. The theory of winning edge states that the winner takes all and that small differences in attributes translate into significant differences in results.
To demonstrate the winning edge, some scientists gathered four fish of equal size in a pond. One of the fish was quicker than the rest and had a more massive mouth.
After about six months of feeding, they discovered that the fish with more massive mouths which way a little bigger of the onset was now four times bigger.
In the concept, quick pace and largemouth represent the winning edge among fish like-wise speed is a winning edge in martial art.
Having a winning edge can bring tremendous growth to your business. Create or find a winning side for your business.
A business without winning edge is doom to fall because it will be washed away by the flood of competitors. This is why Lack Of Winning Edge makes the list of the worst business killers.
Not Waiting For The Tipping Point
In fact, the list of worst business killers will not be complete without this.
Many business starters and the owner never realize that the breakthrough of their business may be in the last 10% of the 100% of the time taking for the company to grow.
That is why patience and perseverance are priceless attributes in accomplishments. Napoleon Hill once said ‘a winner never quits, a quitter never wins”.
If you decide to fell a big tree, the stroke that will eventually bring it down may come from the effort in the last 20% of the period spent in pounding.
The final point at which a single stroke will bring the tree down is called a tipping point. It is otherwise called the victory point.
Many pioneers in business and technology never have the needed patience to stay right into the tipping point, their breakthrough point, before they give up and pursue another goal.
They soon quit this new goal and pursue yet another until frustration, desperation, and bitterness bring them to a halt.
The energy and time, if sustained, up to a certain point, the tipping point, any little extra energy, or effect will yield the returns. It is imprudent to give up early.
So, stay up your cause.
Wrap It Up!
Today we’ve looked at the less talked about and worst business killers, one way or the other, you will agree with me that to be successful in anything, one needs to think outside the box.
Carefully observe and ponder on these worst business killers, and you are on your way to a successful business.
Today, I challenge you to work tirelessly against these entrepreneur enemies so that you won’t find your business name among the gone and forgotten. Once and again When you conceive it, believe it, learn it, practice it, then you will achieve it.