Ike Madu Maigrit Plc: 6 Reasons Why Entrepreneurs Fail

Why are there some people who succeed in the game? And why are most of them fail?

Entrepreneurship is risky. It may either result to success or failure. And no matter how you think you are doing it right, failure will still get in the way. But why are there some people who succeed in the game? And why are most of them fail? Here are 6 reasons why entrepreneurship is not everyone's business. If you want to venture in entrepreneurship, you may want to avoid these things.

Unclear Vision

If the entrepreneur only does business to survive a day, he is preparing himself to fail. Vision is what drives an entrepreneur to take action. If his vision is unclear, he will never get a chance.

Money Over Value

I, Ike Madu, get it. Everyone needs money. Nobody gets into business to lose money. But if acquiring money is the primary reason one gets into business rather than adding value to the market, then he is setting himself to fail. No one buys garbage twice.

Doing It Alone

I, Ike Madu, understand that we have a strong sense of self. We all want to stand out from the rest. But in doing business, working with a team opens more doors and builds more bridges.

Lack of Skills

It takes 8 to 10 years for a medical student to become a doctor, 4 to 5 years for an accountancy undergrad before he is allowed to take a licensure exam. Same goes with entrepreneurship. While it doesn't need a degree before anyone can get into business but it requires skills. Most people think that as long as they have the capital and a plan, they can now start up a business. Oftentimes, they overlook the training part.

So keep in mind to have a clear vision to spearhead your business. Make sure that your goal isn't just acquiring wealth. You have to have something valuable to offer. Learn and master skills and build an awesome team.

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