I have been an entrepreneur for a long time.
Over the years, I have learned that most people who start a business end up failing because they never become a business owner. They think starting a business all about doing the same things they did as employees but without a boss, and never realize their old identity is what’s actually holding them back. To be honest, it took me quite a while to learn this lesson too.
Here are some of the other reasons I’ve learned people fail at their own business:
- Reason #1: They don’t know how to manage themselves. They’re used to following a schedule, having a list of tasks or responsibilities, and showing up to do them. Now it’s on their own to decide…
- Reason #2: They don’t know how to prioritize. Not having a boss is liberating but it also forces you to decide what you spend your time on. When you’ve never done that, it’s easy to spend your days on busy but meaningless work.
- Reason #3: They don’t know how to delegate. When you start out, it’s common to do everything yourself. But as soon as the business grows, it is important to let go of certain responsibilities in order to focus on the more important aspects.
I was guilty of all three of these when I began working for myself.