Most people want to start their own business but few do. And for those who do, six out of ten fail in the first five years. Why do these businesses fail? I will expose three dangerous thinking patterns that can damage your business and how you can overcome them.
1: Doing What You Want to Do Without a Vision
Many people, who go into business themselves, are experts in his art. Unfortunately, most of them set themselves up for failure because, they begin to do what they can and ignore the rest. These businesses start operating according to the needs of the owner as opposed to the needs of the business.
This is the dangerous thinking that abandons their business before it starts, and the reason is:
The owner is so focused on doing what they are good at, that they neglect to work on what the business needs.
They have no idea where the business is going or the way forward.
It is very important that you build a compelling vision, values, purpose and mission for your business that gives you the clarity and strength to withstand the ups and downs that any business will have.
2: Doing Business From a Career Perspective
In the beginning, you can do whatever your business requires of you. However, after a while, you find yourself not only doing a job that you know how to do, but all the difficult things you don’t know how to do with it. Then, as you walk along, you realize that there is more work to do than you can handle.
There is nothing wrong with being an expert in your art. There is something wrong with being an art expert who owns a business without changing this risky way of thinking! Because:
As an art masterpiece who has become a business owner, your focus is on the bottom line. You see the world from the bottom up, from an employee’s point of view, rather than from the bottom up, from an entrepreneur’s point of view.
You used to work in someone else’s business, now, you work in your own.
However, while you are working on your business, there is something very important that has not been done. And it is a work of art, the implementation of programs that will lead your business forward, so that you can achieve the dream you have imagined.
If you want to have a viable business and not use it to death in this dangerous way of thinking, you should be able to make growth orderly and predictable. You need to think of the business as a series of initiatives that will lead to growth.
3: Having a Vision for a Workflow Instead of a Strategic View
When a business owner focuses on working in their business rather than working on it, it becomes clear what their priorities are and then trying to use all the means at their disposal to bring the money they need most. They do not try to anticipate new trends or new trends in the hope that they will work.
Of course, in business, hope and speculation are not options. Having this dangerous attitude is not the way to run a successful business! You must have specific goals or a way to measure whether that strategy works or not.
You need to use the Vision-based Framework to help you get the clarity, direction and focus your business needs going forward. It helps you to sort out distractions and apply the right strategies that are in line with your business vision and strategic plan.
This is very important because, what your business is talking about is more important than what you are selling.
As long as you have a dangerous thinking pattern of looking down on your business, you will be lost.
To understand the difference between what happens to a professional business owner, an entrepreneur’s mind focused on building and growing a successful business, and three critical thinking patterns that can end your business, it is important to find out why so many businesses fail and ensure yours.