Many people desire to go into business for themselves but few individuals actually do. And those who do, 6 out of 10 of them fail within the first five years. Why are these businesses failing? I’ll expose 3 dangerous thought patterns that can destroy your business and how to overcome them.
#1: Doing What You Want To Do Without A Clear Vision
A lot of people, who go into business for themselves are an expert in his or her craft. Unfortunately, most of them set themselves up for failure because they start doing what they know to do and ignore the rest. These businesses begin operating according to the wants of the owner as opposed to the needs of the business.
It is this dangerous thought pattern that dooms their business before it even begins, and the reason is simply this:
- The owner is so focused on doing what they’re an expert at, that they neglect to work on what the business needs.
- They have no vision for where the business is going or strategy for progress.
It is vitally important that you develop a compelling vision, values, purpose, and mission for your business that gives you the clarity and fortitude to withstand the ups and downs that any business will inevitably have.
#2: Doing Business From An Employee’s Perspective
In the beginning, you can do whatever your business needs you to do. But, after some time, you find yourself doing not only the work you know how to do but all of the difficult stuff you don’t know how to do as well. Then, ever so slowly, you realize there’s more work to do than you can possibly get done.
There’s nothing wrong with being an expert in your craft. There’s only something wrong with being an expert crafts-person who owns a business without changing this dangerous thought pattern! Because:
- As an expert crafts-person turned business-owner, your focus is upside down. You see the world from the bottom up, from an employee’s perspective, rather than from the top down, from an entrepreneur’s perspective.
- You were so used to working in somebody else’s business that, now, you’re working on your own.
- But, while you’re working in your own business, there’s something more important that isn’t getting done. And it’s the strategic work, the implementation of systems that will lead your business forward, so you can live the dream you’ve envisioned.
If you want to have a viable business and not work yourself to death with this dangerous thought pattern, you must be able to make growth systematic and predictable. You need to think of a business as a series of systems that will lead to growth.
#3: Having a Tactical View Rather Than a Strategic View
When a business owner is focused on working in their business rather than on it, they become unclear about their priorities and try using every tactic they can get their hands on to bring in the income they desperately need. They impulsively try the latest trend or newest technique hoping it will work.
Well, in business, hope and guessing are not tactics. Having this dangerous thought pattern is not how you operate a successful business! You must have specific objectives or some way to measure whether that tactic is working or not.
You need to use a Vision-Based Framework to help you get the clarity, direction and focus your business needs to go forward. It helps you filter out distractions and use the right tactics that are in alignment with your business’s vision and strategic plan.
This is so important because what your business is about is more important than what you’re selling.
As long as you have the dangerous thought pattern of viewing your business from a bottom-up perspective, you are doomed.
Understanding the difference between what goes on in an expert crafts-person’s mind who owns a business, the mindset of an entrepreneur whose focus is on building and growing a successful business, and the 3 dangerous thought patterns that can destroy your business, is critical to discovering why most businesses don’t thrive and ensuring that yours does.