5 REASONS WHY YOUNG ENTREPRENEURS FAIL By Peter Williams Obi

Entrepreneurship is a way of life that offers unlimited possibilities to those who truly believe in it and live by it; but at the same time entrepreneurship is a way of life that can totally alter the cause of your life if misunderstood.

Entrepreneurship is not something you can fake your way through; you are either doing it right or not doing it right simple. This piece seeks to examine some of the reasons behind failures of young entrepreneurs.

·        Attitude
·        Lack of packaging
·        Small marketing
·        Early giving in (Giving up)
·        Competition

1. ATTITUDE: Attitude is important to the success of small business owners and entrepreneurs. Monitoring your attitude and its impact on your work performance, relationship and environment is one of the greatest potential in business. Your attitude rubs on your existing and potential customers, your staff, suppliers and investors and all those that you come into contact with.

I had a lousy neighbor who sales all kinds of provision and other accessories; she had a full shop and lots of wants. Of course like every other entrepreneurs she lacks attitude and character. With time a lot of customers started giving a distance to her shop and it was too late to contain her habits even if she had wanted to.

If you maintain a positive attitude, this will be infectious and those around you will pick up on your positive energy.

2. LACK OF PACKAGING: Everybody wants to cue into what is evoked and the outcome of such idiosyncrasy is failure and stagnancy.

Do not imitate other people, generate your own ideas.

The idea of entrepreneurship goes beyond just following trend. Do your thorough survey of what your customers would want. One of Nigerians top most entrepreneur and politician; Sen. Ben Bruce said “when he conceived the idea of establishing the fore most Silver Bird Gallery; a lot of his colleagues called him mad and describe his vision as a wastage of resources". But he had a foresight; he was looking at packaging movies and eateries. Today, people leave their comfort zones to watch movies at various Silver Bird galleries; the same place and vision that were described mad and wastage of resources.

Generate ideas on how to package your goods and services the way the society wants it for maximum success stories.

3. SMALL MARKETING: Most business or entrepreneurs do not have great promotion run by professional marketing team which is an essential boost in every business.

It is not enough to have nice product or service; you also need great marketing strategy to attract people to your product. If you are starting small, you don’t need to visit a media house to spend money for advert placements. Your surroundings and climes as the case may be should notice your impression; feel your presence (talk to as many as you can about your business and what you can offer).

4. EARLY GIVING IN (GIVING UP):  Most entrepreneurs are really serious at first time, but get exhausted sooner.

This could be as a result of lack of optimism or the advent of a new and similar business in the city. There is an untrammeled connection between success and failure. One who envisage and anticipate success as an entrepreneur must be able to identify certain factors that would place his business above others.

Do not let fear of failure hold you back, failure is an opportunity to learn.

5. TOO MUCH COMPETITION: It is said that "if you do not have competition then your idea is maybe out of the market". However too much competition kills a business on time.

Competition is a very big part of business yet it often cloud entrepreneur’s minds and hearts as well to the degree that they start acting, thinking and planning irrationally and often in a counterproductive way that would hurt their starts up or even kill it.

Wrap Up

Don’t get confuse guys! What I’m simply saying is that; before jumping into any business model, with a new idea makes sure you clearly see where the unfair advantage that would keep you alive and the profitable will come from. Be yourself and avoid leaking your plans and strategies for there are idea vultures out there. 

Read other post from this author here

Peter Williams Obi is a christian, poet, and a communicator. He holds a degree in Mass Communication from Cross River University of Technology Calabar. His works have appeared in reputable publications. He has written and staged many plays like; "Occupy till i come", "The Faith of man", Inside relationship... among others. 
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