What Is #1 Problem Of 90% New Entrepreneurs?

[DreamLifeRules]

It´s trying to reinvent the wheel.

Someone inexperienced, new, try to do all by himself/herself.

Instead, looking for patterns of people, who already succeed in the field.

Even Pablo Picasso said:
Good artist copy, great artist steal.
It´s not encouragement for stealing, but for looking what works, learn from it and apply those steps on your own.

If this example isn´t enough, Sir Isaac Newton said:
,,If I have seen further the others, it is by standing upon the shoulders of giants."

These great men understood, what is important, so why we don´t?

Did you also deal with this problem? That you were trying to do all by yourself?

 

[Walterbl]

Spend too much money on non essential stuff.
Don't do enough marketing
Don't do enough research before starting
Give up too fast

 

[denydritz]

I would say it's not knowing what to do.

The difference between an entrepreneur mindset and an employee mindset is knowing what to do, and why you do it. An employee arrives at the office and is given a task or several tasks to finish that will occupy most of the working day. She knows what to do because another person has figured it out.

An entrepreneur wakes up, and faces multiple choices on what s/he can do that day. Faced with the task of making a decision, and not knowing which one to do first, with no one to tell him what to do, he may end up procrastinating or engaging in non essential activities to feel like he is busy and making progress.

 

[JJ Inkpen]

It´s trying to reinvent the wheel.

Someone inexperienced, new, try to do all by himself/herself.

Instead, looking for patterns of people, who already succeed in the field.

Even Pablo Picasso said:
Good artist copy, great artist steal.
It´s not encouragement for stealing, but for looking what works, learn from it and apply those steps on your own.

If this example isn´t enough, Sir Isaac Newton said:
,,If I have seen further the others, it is by standing upon the shoulders of giants."

These great men understood, what is important, so why we don´t?

Did you also deal with this problem? That you were trying to do all by yourself?

YEAH MAN!
A business model is essential, don't reinvent the wheel, work with what works and develop it...
Research into the demographic you want to serve and effective marketing message with consistent campaigns...
Us "Millennials" can lack commitment and don't follow through...
Ultimately it's having the right know-how which completely changed my entrepreneurial journey...

 

[LaDarius Gremillion]

The biggest problem with new entrepreneurs is their inability to take action and focus on 1 thing. So many people are still caught up in "I don't have all the answers, I need to study and plan more.", so they procrastinate and put things off and they never really take action. You don't have to know it all, you just have to get it going, I got involved in my first online business, and let me tell you, I didn't know everything, but I didn't let that stop me from trying and taking action. I made money online for the first time because I wasn't afraid to try! So stop planning so much and take action! That leads me to the second point, which is trying to do too much, just focus on one thing starting off and get really good at it. To do less is to do more!

 

[averyamerson]

I agree, but I also think it's giving up too soon. Many people give up as soon as they face one obstacle that seems insurmountable. Instead of finding a way to push through it, they assume that this must not be for them. Every successful person has faced crazy roadblocks but they found a way through it, and that's why they are where they're at today.

 

[Bodahir]

There are some great answers given here.

And they all miss one great important aspect.

It has nothing to do with doing it all alone, time management, or giving up too soon.

No... it doesn't even have something to do with marketing or laziness.

It has to do with this:

Most Entrepreneurs fail because they have a business that does not solve a NEED.



They are in business for the wrong reason; to satisfy their selfish need to be their own boss.

Think about it... why do you give a business your money? Because they solve a need for you, or they provide value to you.

What was the last thing you bought? Did you buy it, because you cared about the motives of the business owner? Of course not. You bought something because it provide value to you.

So next time when you're looking for a business idea, ask yourself this; how can I provide value to my customer?