- NO ONE WANTS WHAT YOU ARE SELLING: You have to make sure there is a realistic market for what you are selling. Just because you think something is a good idea doesn’t mean others will pay for it!
- NO MONEY - INVESTMENT: If you don’t water a plant, don’t expect it to grow! You need capital and you can’t be afraid to invest in your business! By trying to save a penny, you could lose a dollar. It's true you shouldn't put in everything you have or take huge risks. However, you shouldn't refrain from investing just because you are being cheap. Businesses cost money. Plus, if you don't believe enough in your business to hand over some money, how can expect others to do the same?
- LACK OF EXPERIENCE: The wrong people might be on your team, and they don’t know what they are doing. Bad ideas and advice can ruin a business before it gets started. Don’t be afraid to move on from bad ideas and unproductive team members.
- NOT GOOD ENOUGH: If you can’t do it better, faster, or cheaper, then why should people come to you? Sometimes, our competitors are just better than us. For example, if you own a restaurant, you can sell food that is cheaper than others, better tasting, served in a better environment, or with better customer service than your competitors. Something has to different about you. Distinction is a key component of brand building.
- POOR MARKETING & BRANDING: Wrong Audience? Wrong location? Wrong time? Charging too much? Not enough? No one knows who you are? No one trusts you? Poor Service? Marketing and branding are essential.
- NO DIRECTION!: Where are you at? Where are you going? How are you going to get there? Poor management, foresight, planning, and poor execution typically leads to business failure.
- YOU DON’T WANT IT BAD ENOUGH: After a few successful steps, you stop doing things that got you there. You realize how hard it will be and give up. You stop paying attention to detail or lose interest in the day-to-day business. You have to stay hungry and be both persistent and consistent.
- NOT READY FOR PRIME TIME: As your customers grow, everything about your business should as well. A lot of businesses fail because they are not ready expand and can’t handle the growth leading to poor service, mismanagement, slow turn-around-times, poor accounting and etc.
- MARKET CHANGED: The market changed, but you didn’t. Key to growth is evolving with the market but still holding on to the core values that make you who you are. You have to be ready to change but the changes you make can take you in a positive or negative direction. The “pivot” is an important time for your business. Make sure you take time to plan, research, and work out the details.
- ARROGANCE: You do everything yourself. You think you have the best ideas and that you can’t fail. The reality is that you can’t be everywhere, and you can’t do everything yourself. Do you what you can (well) and find people for the things you can’t. No one is an expert or great at everything. Partner-up with others or hire the right people to do what you can’t!
