Entrepreneurial Success or Failure: Critical Issues
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This is Part Four of a series on entrepreneurship.
Entrepreneurial Success or Failure: Causes
As stated earlier, the root cause of entrepreneurial success or failure is really not a lack of knowledge or capital. Those problems can be overcome in a variety of ways. The true cause is lack of personal planning and decision-making before a venture is initiated.
The two critical questions that emerging entrepreneur must answer are: Should I or should I not be self-employed? And if so, what type of business environment might best fit with who I am? Answers to those questions can only be found by consciously exploring who we are and how we might connect to the world of self-employment. It’s really no different than analyzing one’s career options or choosing a mate. But in order to do so we need a system, a process, a method for analyzing our potential entrepreneurial self. Regarding self-employment, if we spent half as much time getting ready personally to undertake a venture as we do writing business plans and visiting with attorneys and accountants, we would succeed far more often.
It’s About Self-Discovery
When anything is reduced to its essence, the concept of relationships is what life is all about. Why do certain marriages last while others fail? Because some consist of good relationships and others do not. Entrepreneurial success or failure is no different. It’s a simple but overlooked notion that people do better with activities and other people that complement who and what they are. Understanding who we are will direct us toward more logical life choices. When we take the time to travel the road of self-discovery and act on those discoveries, we simply live more productive, satisfying lives.
The very first step toward entrepreneurial success should always be personal planning, and that is why the Focus Program was created – to help people better understand their entrepreneurial self before leaping into business ownership.