Entrepreneurial Success or Failure: The Critical Component
© Nick Bibby. All Rights Reserved.
This is Part Four of a series on entrepreneurship.
Entrepreneurial Success or Failure: Causes
The root causes of entrepreneurial success or failure are really not a lack of knowledge or capital. Those problems, while often pointed to, are surmountable. The real cause is poor or insufficient personal planning and decision-making prior to launching a venture.
These are the two critical questions that emerging entrepreneur must answer in order to start on the right path. Is self-employment a wise personal choice? And if so, what type of business environment might best fit with who I am? The perspective entrepreneur can only answer these questions through an honest self-evaluation. Specifically, examining ourselves relative 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. If we spent as much time studying ourselves as we do writing business plans and visiting with attorneys and accountants, we would succeed far more often. It’s a question of looking at ourselves first and analyzing outside factors, yes including the potential business, second.
It’s About Self-Discovery
When we reduce personal decisions to their essence, it is always a question of relationships. 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 fact that people do better with activities and 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 For Emerging Entrepreneurs was created – to help people better understand their entrepreneurial selves before leaping into self-employment.
The Bibby Group is dedicated to franchise and entrepreneurial excellence.