How to Reduce Failure Rates in Entrepreneurship
In such a beautiful thing as entrepreneurship, it is a shame that the current failure rate of businesses is 90%. This statistic keeps a lot of people from starting in the first place. In this blog post, we will go over ways you can reduce your chance of failure and create the business of your dreams.
The Gig Economy
In today’s economy which is sometimes dubbed the “gig economy,” there is a strong desire to be an entrepreneur. A lot of people are struggling financially, and they want a way out. So, they attempt to start a business. But, there is an important question every beginning entrepreneur should ask themselves:
Am I Trying to Beat Statistics or Myself?
Setting out to beat statistics will lead to a long and dark road. Nothing of greatness or excellence in our lives is going to be easy. Success doesn’t happen by accident. There is a quote that says, “No great entrepreneur’s journey started with ‘I have an idea, everything went great, the end.’” The ability to endure pain and suffering and the unknown over an extended period of time is what truly leads to greatness.
Have a Realistic, Long-Term Mindset
A lot of people in our society want things to happen in their time frame. Usually, this time frame is a short one, and goals aren’t achieved in it, people get discouraged or give up. For success in business, it’s important to measure success differently. Find the time frame in which you can repeat actions for the longest period of time.
Everything Is an Experiment
There isn’t one formula for success. In today’s society, we are inundated with answers. We think there is one way to achieve success. However, part of business is making a lot of wrong decisions, and using each of these decisions as a learning opportunity to realize “Well, that’s not the road I want to go down.” Stop depending so much on trying to find the right answer. Instead, create a thought pattern and make decisions that will make you feel like the best version of yourself for your business.
There Will Never Not Be Problems
A lot of people in business are trying to get rid of all of their problems. They are reaching for the day when there will be no problems. However, that day will never come. There will always be problems, but you can reframe them as opportunities to grow and succeed in your business. You have to develop a love for the process, show up every day on your own terms, accept the successes and failures of your actions, and analyze the inputs that lead to your outputs.
Where Your Focus Goes, Prosperity Flows
Many people want a quick fix, and that is not attainable. For example, getting fit. It takes a lot of work and consistency over a long period of time. The same goes for your business. Where you put your time, energy, attention and focus is where the prosperity will be. Fall in love with the journey, and the destination will be that much more appreciated.
As always, we hope this blog post has brought you some valuable gems and clarity. You can check out the related podcast here. We would love to know where you are at on your entrepreneurial journey, and if we can help in any way. Feel free to reach out to us at team@lilalife.co for any guidance or support you may need. Wishing you love and light on your journey. Blessings ✨