What are the reasons for failure? The Number 1 Reason for failure is simple and easy to understand.
Some say procrastination, fear, lack of self-confidence, missing determination, ego, etc.
However, for me, the top reason for failure is a reluctance to learn.
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Getting infected with the Shiny Object Syndrome.
The market is full of people, giving the false idea that one can get rich easily.
How often have you seen sales pitches like ‘no technical knowledge required’, ‘no skill needed’, ‘turnkey business’, only basic computer skills, or work two hours a week?
Moreover, Gurus always paint a picture in your mind as an average Joe. Making you believe that if they can make it, so can you.
As a result, many people falsely believe they can be successful without knowing much.
What can make you money is a kind of business.
Anything that generates revenue, whether a full-time enterprise, a side hustle, or a one-time endeavour, can be considered a business.
- Traditional businesses: Corporations, small businesses, and sole proprietorships that sell products or services for profit.
- Freelancing: Individuals who offer their skills or services on a contract basis.
- Investments: Activities like buying and selling stocks, real estate, or other assets for financial gain.
- Online businesses: E-commerce, drop shipping, blogging, and content creation.
- Side hustles: Part-time or hobby-based activities that generate income.
Essentially, if you’re making money through a systematic or organized effort, it’s likely a form of business.
Let me share with you a story… The Reason for Failure
I told you I had an old business partner in my first brick-and-mortar business. Furthermore, I didn’t tell you that he had a daughter. Let’s call her Valentina (not her real name).
Valentina and I were working together in my first business, the Mind, Body & Spirit business. However, she was basically a sleeping partner. The reason she was there was because she had a 49% share in the company (money from her dad).
She wasn’t really interested in the business because she thought it was too small.
After the business folded, we split.
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However, Valentina then went to Vietnam to do her big business (with financial backing from her dad) while I continued with my small business, as she called it.
Before she left, she threw me a challenge. She said, “Let’s see who makes a million dollars first!”
7 years later, I made my first million. However, my friend had lost a lot of money in different business ventures.
What’s the difference between us? The Reason for Failure or the Drive to Succeed?
Is it the willingness to learn?
“After completing my Textile Engineering degree, I realized that my general knowledge lacked success principles, time management, and emotional intelligence.
Equally, my technical skills, such as marketing, programming, graphic design, and copywriting, were limited. Again, I acquired these skills and knowledge post-graduation.”
“However, she believed that hiring employees was essential to generating revenue. While that’s often true, it’s important to have sufficient funds to sustain a business and support additional staff.
Launching a startup can be financially challenging, especially in the early stages.”
Skill versus Money? The Reason for Failure?
“On the other hand, I focused on acquiring the necessary skills to address our business challenges and reduce costs. Compared to Valentina, who preferred an outsourcing approach and relied heavily on external resources to solve problems,
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While I can’t definitively say which method is superior, her reluctance to learn and become more hands-on ultimately contributed to her business’s struggles.
Nevertheless, as businesses grow and evolve, they often require additional personnel to support their operations and meet increasing demands.”.
Why is it important to learn certain skills in a business?
In contrast, the more I learn, the more control I have and the fewer mistakes I make. Meanwhile, learning skills are crucial for success in any business for several reasons…
- Adaptability: Meanwhile, the business landscape is constantly evolving. Learning new skills allows you to adapt to changes and stay competitive.
- Problem-solving: Effective problem-solving requires a diverse set of skills. Moreover, learning new techniques can help you tackle challenges more efficiently.
- Innovation: Innovation often comes from combining existing knowledge with new skills. On the other hand, by learning continuously, you can generate new ideas and drive growth.
- Career advancement: Many businesses value employees willing to learn and develop. Sometimes, acquiring new skills can increase your chances of promotion and career progression.
- Personal growth: Learning can be personally fulfilling and help you develop new interests and passions.
- Increased value: As you acquire new skills, you become more valuable to your business partners and clients.
It is unquestionable that in today’s competitive business environment, continuous learning is essential for staying relevant and achieving success.
Do you think it is important to get involved in your business’s day-to-day activities?
Without a doubt, if you stay on the edge of your business and watch people run it, can that be a reason for failure? What do you think?
Since she was hardly involved in the daily operation of her businesses, her success largely depended on the capabilities of her other business partners, who, unfortunately, were only interested in siphoning her money into their pockets.
Think about this…
The missing puzzle between where you are and where you want to be is the knowledge to get there. If you have that knowledge, getting there is just a matter of time and smart work.
It would help if you also had people you could trust and work with as a team.
And guess what? Obviously, Knowledge can be learnt!
“While there are numerous factors that can contribute to failure, one of the most common is a reluctance to learn. Even if you’re in a leadership position, it’s essential to remain hands-on and continue to develop your skills. A successful business often requires strategic thinking and practical knowledge.” Moreover, the reason for failure lies in your hands.
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