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Why People Fail In Business?

Before you get started I want to quickly talk about why people fail so that you can avoid these mistakes.

Why People Fail in Business: Motivation

 
The most common reason that people fail is that they simply stop working on the business to due to a lack of motivation.
 
And that’s why the video about the Theory Of Pii is the most important article/video.
 
If you’re creating a business around something that you are genuinely passionate about or feel strongly about, you won’t need any external motivation.
 
You will be internally motivated and it will give you the ability to overcome any challenge.
 
This is the foundation of everything. Make sure you put enough time and effort into getting this right.
 

Why People Fail in Business: $100 Challenge

 
The second most important step is the $100 challenge. If you don’t know what I’m talking about, I’m challenging you to generate your first $100 within 30 days of signing up to this course.
 
That means that the clock has just started ticking.
 
Now, I’m obviously encouraging you to build businesses that will be valued at hundreds of thousands or millions, so why I am making a big deal out of $100?
 
The reason is simple. If you can figure out how to make $100, you probably only have to make some small adjustments to make $1,000 and a few more adjustments to make $10,000 and so on.
 
The longer it takes for you to generate the first $100 the more likely it is that you will fail.
 

Why People Fail in Business: No Default Plan

 
The third most important thing is to commit to your weekly default plan.
 
If you’re going to build your business brick by brick then the default plan is the minimum number of bricks that you’re committing to lay every week regardless of anything.
 
I’m talking about doing things that are completely under your control and don’t depend on access to expensive technology, getting investors or whatever.
 
If you’re feeling good you can always lay more bricks but if you’re not feeling good, you will still make a deliberate decision to make sure that the minimum number of bricks will be laid.
 
This is what successful people do – they show up even when they don’t feel like it.
 
In the meantime, your default plan involves doing work you love and spending time with your tribe. This something you should want to do.
 
If you don’t want to do it, it means that you completely screwed up the work you need to do in the video about the Theory Of Pii.
 
Having a default plan also helps overcome the fear of starting or the fear of launching.
 

Why People Fail in Business: Never Stop Moving

 
If you start heading down the road to creating your own business, you’re starting a journey and the key to a successful journey is to never stop moving. If you stop you’re failing.
 
If you find yourself in a position where something isn’t working, you can and should replace it with something better but stopping is not an option. No matter what, you keep moving.
 
If you find yourself stagnating or heading in the wrong direction, come back and read this article/watch this video.
 
You should also check out this TED Talk from a Venture Capital firm about why startups fail – based on statistical data.

Download Our Free ‘Start A Business’ Guide

Use our “Impact Entrepreneurship” checklist to start your business and make the world better.

  • Adam Radly

    Founder
    Founder of IIMAGINE. More than $100M raised. TEDx Talk about passion > 1 Million views. Founder of World Reconciliation Day with Nelson Mandela. Founder of One Direct Democracy.