And why they don’t have to

There is something magical about starting a business. The fulfillment of creating a solution to a need that a number of people have and getting paid for it is pretty fantastic. So you start a company because you want to do this magical thing forever, but then you realize how necessary it is to become the e-Myth realized. When you launch a business you become so consumed with the business stuff that has to get done that you no longer have a ton of time to do the thing that made you go into business in the first place.

 

The “newness” of your business starts to wear off and the copious research and learning you (hopefully) did before-hand takes a backseat to executing all the crucial things that you need to get done. Before you know it, you’re spinning your wheels and you’re not even sure if the hours you spent working on this super important Facebook campaign plan is even the right thing to do right now.[frame style=”alignright” title=”” width=”324″ height=”324″ url=”http://www.e3campus.com/dev_main/wp-content/uploads/2013/10/Getting-Started-with-Social-Media-A-Guide-for-Small-Business-Owners.png”][/frame]

 

Take a moment and ask yourself, in your excitement of launching your new (ad)venture, did you begin with first things first? Are you building on a solid foundation? Have you exhausted all possibilities of maybe what you think is a good idea really isn’t? Have you had your idea crushed and stomped on and kicked around enough to know that it’s resilient enough to withstand spousal doubt, Hurricane Katrina part II, Hurricane Sandy Super Storm part II, a Tsunami, a questionable economy, government shutdown number 107 and yet another dot com and or housing bubble burst? If yes, great! Do you know how big your company can grow and by when? Do you know if there are enough people on the earth who could feasibly be a paying customer and who actually want what you’re selling? Do you know how to find them? Do they know how to find you? How do you know?

 

If you think I’m trying to scare you, you’re absolutely right. According to the SBA, the number one reason businesses fail in the first five years is incompetence, or in other words, a lack of skills in one or more areas key to running a successful business. So knowing the feasibility of your concept and how it will actually make you money before you launch a business is critical to your not wasting money and time, your longevity as a business owner and your ability to buy food and other basic needs of a human.

 

Most people who launch businesses suffer from incompetence of some kind. Incompetence, or a lack of skill in a specific area, doesn’t mean you’re a complete idiot, it means you don’t know how to do a specific thing. For example, if you don’t know how to do accounting you’re incompetent as an accountant. If you’re clueless when it comes to web development, you’re an incompetent web developer. If you don’t know how to create a marketing strategy that gets proven results, you’re an incompetent marketer.
I could go on, but I think you get the picture. Unless you’re a jack of all trades, master at all things, you may suffer from incompetence in a key area that could sink your overall business; it’s almost to be expected. Oh that’s not you, you say? You’re sure you can figure most of this stuff out well enough to get by for now? Even if that is the case, there are but 24 hours in a day no matter how you spin it. Trying to focus on a bunch of moving parts leads to Trep A.D.D., no seriously, it’s a real thing. When an entrepreneur tries to focus on too much at once, she becomes distracted by the smallest things and this leads to getting absolutely nothing done.

Oh once again, that’s not you, you say? I won’t call your bluff, but let’s take a look at the numbers.

 

Why Small Businesses Fail?

by ernestoolivares.
Explore more infographics like this one on the web’s largest information design community – Visually.

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *