We all, entrepreneurs, dream of having a thriving, growing business. However, the sobering statistics remind us that the success rate for early-stage businesses is quite low. Many don't
make it past the 5-year mark.
There are common reasons for this - a lack of the Product Market Fit, there's a lack of team synchronization, you've run out of funds, or else. Here’s my article on this topic.
But let's dig deeper.
Why does MY businesses constantly face problems while my neighbor's seem to sail smoothly? Am I just A LOOSER?
When problems keep repeating, it's tempting to label yourself as "A LOOSER," ponder your karma, or search for signs of a curse. While I do believe in karma due to my interest in Buddhism, my coaching background urges me to consider another perspective:
Situations rarely occur in isolation. More often, we initiate actions following certain patterns. These actions lead to results (including the absence of desired results).
Let me share a personal (and painful) example.
In my previous business, I completely ignored marketing. With large contracts (up to $500k/year), I believed every sale required my personal effort. As a result, I underearned for years due to low brand awareness - I simply couldn't charge high enough prices to cover the costs of the expensive experts on my team.
Despite my prestigious MBA, secured funding, and 12 years of dedicated history, my business closed. Was it karma that I lost all my money? No. The business was excellent, and there was no "curse." I simply had a blind spot in marketing that I ignored for years.
Here's my point:
When you notice that something consistently doesn't work in your business, it's an opportunity for you, as the owner, to raise your level of awareness to address potential blind spots and identify negative patterns in your behavior.
You can do this on your own, but self-analysis is challenging due to biases formed over the years.
If you don't have years for self-reflection and want to move forward quickly, I'm here to help. Let's schedule a free session to discuss your situation. We might find some quick fixes, and I can offer my assistance if appropriate.
Remember, you're not alone in this journey. Every business faces challenges, but with the right perspective and support, you can overcome them and reach the next level you're aiming for.
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