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5 Reasons Why Many Entrepreneurs Fail

As an entrepreneur, I frequently see many colleagues failing to succeed. It is a sad but a true fact that “roughly 50% of small businesses fail within the first five years” (U.S. Small Business Administration). I often wonder why it is so common for entrepreneurs to fail and only now have I determined 5 rational reasons.

Putting Money First

One reason why many entrepreneurs fail is because of their love for money. One thing every entrepreneur must know is that the quality of your product or service is more important than the money you will make. It is crucial that you put your costumers first and always have them in mind when  taking any major step in your business.

Failure to Plan Ahead

As entreprenuers, it is always very important to plan ahead because many of our decisions will affect us in the long run. When trying to invest or innovate as an entrepreneur, it is always very important not to just come up with an idea and implement it right away but to think far more in advance. You need to be able to calculate what the future consequences would be and distinguish if this decision is truly beneficial. Failure to plan is planning to fail.

Failure to Network

Many entrepreneurs fail to network correctly and prefer to be alone. When trying to succeed as an entrepreneur, never underestimate the power of others. It is very important to try and associate with top entrepreneurs and influencers in your field because you can tap into their audience. There is so much that you can learn from others, whether or not you embrace this opportunity is your decision. Find one or two people, work together, bounce ideas off each other, ask questions and argue with them and your business will develop quicker.

Lack of Patience

Many entrepreneurs are so impatient that after a few weeks of starting a business they will close it down claiming the business was not producing results. As with so many things, success does not come overnight;  it only comes after years of serious hardwork. It is always very important for you to wait patiently for your business to bring results, and not kill your great dream because of slow results.

Not Having a Priority List

This is another major element of entrepreneurial failure which can also be referred to as “lack of organization.” Every entrepreneur must prioritize and keep a list of things that need to be done. It is also important to focus your time and efforts on what matters most. Everything is not going to work out perfectly, but you must make sure you get the best out of that which works.

As an entrepreneur, you can not simply run into a business hoping it will succeed. Growing a business takes time and commitment along with people that can help. Make sure you plan for the future, make decisions wisely and prioritize your tasks.

What do you think? Are there other reasons entrepreneurs fail?

  • steve

    Agree with all your 5 reasons and I think this post should belong to the Epic category.

    • Onibalusi

      Great Steve,

      Glad you loved the post :)

  • Samuel

    I agree with d 5 point agenda(lol) Entrepreneurs should learn how to put on networking spirit because it serves as a catalyst! It really helps! Nice post oni! Kip d gud work up.

    • Onibalusi

      Great Bro,

      Glad you loved the post :)

      Networking is really important to all entrepreneurs cos it helps them get things done faster.

  • James

    It is important to network and often. Blogging provides the best platform for this.

    Although “money” is a priority, deep down this is why we are all doing this. The reason I say that is, we all need money to live.

    Thats why need job or incomes, passion does help and it is a must to succeed.

    Networking is a bigger priority, because we can supply services to the people we know.

    • Onibalusi

      Exactly James,

      As an entrepreneur, networking is very important because two or more people will easily get things done than one.

    • Karamala Anil Kumar

      I have seen many people in India who doesn’t bother about networking… that must be changed

  • Colleen

    I think not being self-motivators is huge problem. It takes discipline to do work when there is no boss telling you to do so.

    • Onibalusi

      Exactly Colleen,

      You are absolutely right. Discipline is very important as an entrepreneur.

      Thanks so much for commenting!

  • Joe Boyle

    Fantastic list you’ve whipped up, here.

    I agree that if you are too fed up with making money, and don’t care about anything else, you will end up failing in the end.

    Lack of patients is a big one, too. I’ve seen people get so angry that everything isn’t falling into place right as they wanted it to, so they end up quitting. That will get you nowhere, right?

    Great post! :D

    • Onibalusi

      Exactly Joe,

      Lack of patience is a disease and if you could avoid it then you are sure to succeed :)

      Thanks so much for commenting!

    • Karamala Anil Kumar

      I do agree with you!

  • Julius

    I think another important factor is the love and dedication of an entrepreneur to their work. Both is essential to avoid the above said reasons for failure.

    • Onibalusi

      Exactly Julius,

      Dedication is really very important because the more dedicated you are the more easier it is for you to succeed.

      Thanks so much for commenting!

  • Mel

    Another reason why entrepreneurs fail when expanding abroad is a lack of investment in translation

  • Infonote

    I do not agree with your first point. Cash flow problems is the main source of business failure.

    A company may be making a profit but will fail if it has cash problems.

    The rest of the points I agree.

    • Anil

      when you go on thinking about how to earn cash that doesn’t mean you will fulfill the consumer by producing a quality product..

  • Kathy

    The real reason why most businesses fail is because it is way harder than it looks. Building a successful business is not something that should be taken for granted. Those who underestimate how difficult it really is are the ones who fail very quickly.

  • Shawn

    These are very good I think this may help me for the future Because i want to be a ebusiness entrepeneur and to be honest i wouldn’t be all about the money I would be about what the client wants and What the business needs investments etc i plan to do that by building up small amounts first of all :)

  • Anil

    awesome tips… this really bring the change in many entrepreneurs