5 Reasons Why Business Owners Fail

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"Biz Fail" Toronto Is Mine

Nine out of ten new businesses fail. Ninety-nine percent of affiliates make no money or even lose money in internet marketing. Why is this so ? Is it just the lack of technical know-how ? I do not think so. Here are some of the reasons I think so many people fail.

1. They didn’t realise the cost and were not willing to pay the price.

“To hope is not to dream, but to turn dreams into reality. Blessed are those who dream dreams and are willing to pay the price to make them come true.” – Napolean Hill, Think and Grow Rich.

An internet business is like any other business. It takes time and effort to build it up before it begins to bring in returns. You can’t just set up a website and sit back and wait for the money to roll in. Many read the big promises made in the advertisements promoting various e-books, guaranteeing at least $200 a day by the end of the first month, early retirement, tonnes of traffic to their websites etc. They even have the figures to support it. But once you buy the products and settle down to read the details, you realise it is not as easy as promised. There is definitely some work and sweat involved.

2. They were not prepared to fail and learn.

In business, one learns by making mistakes. If you are afraid of making mistakes, or make them and don’t learn from them, you cannot succeed. There are those who are too afraid of failing, so prefer to stick to what they already know best, never mind that it is not the best option for them, or that they are unhappy in their current jobs. Many have failed simply because they never even tried.

3. They quit too early.

One of the most common causes of failure is the habit of quitting when one is overtaken by temporary defeat. – Napolean Hill, Think and Grow Rich.

Most new internet marketers give up within the first month. They expect to see results and money flowing in from Day One. If you read the stories of the successful ones carefully, it becomes obvious that the success did not come overnight. The successful ones have failed many times and worked at it for a few years before they really started to see the fruit of their labour.

4. They did not have the right mindset.

Employees seek security. They want guaranteed returns and are prepared to give up freedom for the security of a regular paycheck. Business owners know that they may have to contend with irregular, low or no pay initially to build up the business, before it can give them returns. They are prepared to trade security for potential freedom. Too many try to take money out of a business, expecting it to support them when it is not ready, killing it in the process.

5. They went into something they were not familiar with.

Going into something you are completely new at just increases the chances of failure. Basic mistakes are made due to ignorance and lack of experience. Start with what you know. For example, if you want to move into a new area of marketing, it is easier to start with marketing products from the industry you are already working in, or products related to one of your hobbies…

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About the Author:
Karen Cheong believes we all have it in us to be rich – ridiculously rich. We just need to learn to unleash the potential. Find out more about making money online athttp://lonelysurfer.wordpress.com – The Lonely Surfer – The Hitchiker’s Guide to Marketing On the World Wide Web.

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