Start Your Business
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If it were really simple to start and have a successful business there would be more millionaires than there are today. According to Bloomberg, 8 out of 10 entrepreneurs who start a business fail in 18 months. Why? Most simply, they run out of cash. Running out of cash is more of what’s on the surface. If we dig just beneath the surface I found 3 reasons that contribute to running out of cash.
Reason 1 – Mindset – The perception of how one views him or herself is critical. To be a successful business owner or entrepreneur you will have to view yourself as the successful person you want to be now, not later. In the book Psycho-Cybernetics, written by Maxwell Maltz he writes “The self image is the key to human personality and human behavior. Change the self-image and you change the personality and the behavior”. Not having the proper mindset towards yourself could easily derail you and the success of your business.
Reason 2 – No Real “Why” or deep connection to being successful. Steve Jobs stated, “Because (Success) it’s so hard, any rational person would give up”. I’ve seen a lot of people get stuck or fail in their business because there was no deep connection to “Why” they should be successful. It’s easy to say, I want to be successful so I can take care of my family. Or maybe you say so I can pay my bills. Now, I’ve also seen a lot of passionate business owners want to see their clients succeed. However, they couldn’t see or they didn’t do what it take to ensure their own success.
Reason 3 – Lack of understanding towards “Money” – In a survey done by Banktate.com 76% of Americans are living check to check. Since most people usually start a business after they had a job, how do you think this mentality is helping the new business owner? I’ve seen many business owners focus very hard on delivering the best service, produce a good product and still end up with less than what they desired. Bad habits don’t disappear just because you start a business, they normally get grow into bigger habits because you might actually have more money to manage.