Experts say that over 50% of small businesses fail within the first few years of operation.
While it is difficult to pinpoint exactly why, the factors that are often pointed to are usually external in nature, i.
e.
market fluctuations, competition, not enough funding, poor customer service, inventory shortages, bad location, etc.
etc.
Rarely do the experts put the blame where it should be placed--directly on the shoulders of the business owners themselves.
The reason businesses fail falls squarely in the minds of those involved.
If there is a bad location it is because the owners chose it.
Too much competition? The reason--a lack of research and market planning.
Market fluctuations? Answer--inability to adjust.
Inventory shortages? Probable cause--starting a business without enough funds.
as the author of this article I don't want to sound insensitive to the business owners' plight.
I have been one myself.
There is no denying, however, that when it comes down to brass tacks, the only person to blame for the failure of a business is the one who is looking back at you in the mirror.
In order to succeed in business there is one thing that many people will have to overcome.
Studies about business failures only reveal the numbers.
They don't give much insight into the psychological factors involved.
How does one measure the inability to foresee market trends, or the refusal to advertise properly because it is considered to be an unnecessary expense? The greatest obstacle to succeeding in business or anything else for that matter, is our own ideas.
Conversely, the greatest asset in winning at anything is also our own ideas.
Many sports teams have had terrible seasons before, but we have all heard and seen with our own eyes those same teams come back the following year and win championships.
Did they make any adjustments? You bet! But the adjustments were made in thinking and attitude.
The physical results came only when their ideas changed.
You can do the same.