A businessperson once said, “For every successful contractor, there are ten others who struggle or fail.” Do you agree with that? The fact is, the number of failures may be even higher!
The reasons are many – and often hard to pinpoint. But one of the most common reasons for failure is that businesspeople don’t have a clue about how to run a business. Sound like a biting indictment? You bet, but it’s true.
Why do most people go into business? Most take the entrepreneurial plunge out of passion. They truly love the field or the profession that they have chosen. It rarely happens that an entrepreneur begins a business because “there was nothing better to do” or “no one else is doing it.” However, once they take the plunge and are in the water, most find they don’t know what it takes to stay afloat.
A business can’t run on passion, and most of these business owners wind up drowning in debt without a business plan to pull them to safety because they don’t know how to make one in the first place.
If you love what you do, even the lack of a business plan can be excused – for a little while. And while it is admirable that a person begins a business because of a passion for the business, it takes more than a passion to equate to business success. Once you’re in the water, you need to learn how to swim, or better yet, take the time to learn before you take the plunge.
Take the time to understand the ins and outs of running a business before you and your business are left gasping for air. Do your research, talk to business coaches or join organizations, like Success Group International, of other successful business owners who have mastered these things. Don’t be one of the ten or more casualties, looking up at the one successful business.