How Not to Suck: 10 Characteristics of Failed Entrepreneurs

Uncategorized Apr 21, 2020

A lot of people want to live the new American dream and become their own boss. And while working for yourself comes with a ton of benefits, there are also a few things that make the job a bit harder than some people may believe.

Life isn't all sunshine and rainbows. And working from home to get paid to do something you love, while awesome, isn't going to be perfect every single day.

And newer entrepreneurs can quickly become failed entrepreneurs if they don't know what to watch out for and what to avoid. So if you're planning on quitting your job and starting your own business soon, keep these 10 common characteristic traits in mind.

Because if you don't, your business is going to be another one of the 1 in 4 businesses that fail in their first year.

1. Procrastination Rules Their Lives

One thing entrepreneurs struggle with, especially newer entrepreneurs, is procrastination. Because without having a boss to tell you what to do, or a set schedule of when you need to work, it's completely up to you to make sure things get done.

So if you don't have strong will power, and the ability to make a schedule and stick to it, stick with your current, more traditional day job. Because if you can't beat procrastination, you can't own your own business. 

2. They Overestimate Their Abilities

If you've ever seen the audition rounds for American Idol, you know it's quite common for people to lie to themselves about what they're good at. And there are a lot of William Hung's out there in the business world who think they can run their own business but can't.

And to be blunt, if you don't have the ability to be honest with yourself and identify your strengths and weaknesses, you're going to have a hard time even getting a business off the ground. 

3. Delegation Isn't Their Strong Suit

To piggyback off of that last point, in order to run your own business, you have to know what you're not good at. And once you identify those areas, you have to delegate them to someone who isn't bad at them ASAP.

Failure to do this can lead to you doing a poor job on important tasks, which of course, isn't a good thing for your business.

4. They Have a Negative Mindset

For every cocky person who thinks being their own boss is easy, there's another person who is too negative to ever believe in themselves or their ideas. This lack of belief usually leads to self-sabotage, sometimes subconsciously, which sends folks back to their real jobs quick.

5. Money Controls Everything They Do

It's no secret that you have to make money, and fast, in order to maintain your entrepreneur lifestyle. And while it's important to make decisions with financial gain in mind, being too money-hungry is a good way to get yourself in some serious trouble. 

6. They Make Excuses for All of Their Failures

If you plan to start your own business soon, it can't be understated how much you're going to fail at things. But if you don't have the ability to be real with yourself, and figure out why those failures happened, you're just going to keep failing.

And of course, too many failures isn't going to take you down the path you want to go down.

7. Their Communication Skills Are Lacking

You can a ton of different degrees on your wall or loads of experience, but if you can't communicate well with others, you're going to have a hard time. With that being said, identifying this weakness, and then delegating that responsibility, is a great way to make up for the lack of that skill.

8. They Try to Do Too Much Too Soon

A lot of newer entrepreneurs look at bigger, more established people in their desired field and want their success for themselves. And while this isn't a bad thing, it can be, should you lack the patience needed to journey to that destination.

Trying to do too much too soon is a great way to run out of money, and ideas, in a hurry.

9. Hate is Their Biggest Motivation

The "my haters are my biggest motivators" mindset, like most things, is okay in moderation. But if you're truly working just to see the people who doubted you be wrong, you're going to be a miserable human being who most likely fails at their goals.

Celebrate your wins, regardless of how small, and don't worry too much about those who doubt you.

10. They Care Way Too Much About the Competition

Next to the naysayers, newer entrepreneurs tend to focus a lot of time and energy on scouting the competition. Of course, it's a good idea to know what your competitors are doing so you don't fall behind or lose your share of the marketplace.

But every minute you're worried about someone else, and not yourself, is a minute where something isn't getting done. Living in someone else's world, and not your own is never a wise idea. 

Avoid These Characteristics of Failed Entrepreneurs

Now that we've got all of the doom and gloom out of the way, let's be realistic about things. If you've got what it takes to make it work, being an entrepreneur is the best job in the world.

But if you're not careful, or don't plan each move you make carefully, you could end up being another one of the failed entrepreneurs who couldn't cut it. So keep these traits in mind, and try to do everything you can to not be this person, and you'll have a better chance of making it work.

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