Creating and operating a new business can be an extreme challenge.
There are so many details to worry about, so many things that can go wrong, so many unknowns and variables in every niche market . . .
It is a daunting task to undertake such an unnerving challenge. In addition, few people are properly prepared in their education or former training to understand how to set up, monetize, and execute a profitable company.
New businesses require huge amounts of time, owner effort, and an uncommon commitment to a long-term project.
Some businesses don’t even begin to pay a return on the initial investment for many years … and others never do provide a decent return.
The media is anxious to jump on a succeeding business owner … to hold up the shining example of the entrepreneurial spirit that changed the life of the business owner forever!
It’s a great story that we all like to see because it validates our dream that we can become whatever we want! We too can someday create and operate our own business that will make us rich!
Many businesses are started each year – about the same number that fail.
The majority of new startups are never successful. A few are marginally successful but end up being abandoned because they are more work and hassle than they’re worth, in the owner’s eyes! Only about 4% of new businesses could be claimed to be a success.
I have often wondered why so many businesses fail. And of those that do remain, why are so many only marginally successful?
Why do so many small business owners end up making a small wage in their business rather than the nice profits that are realized by a very precious few?
I think the answer lies in the fact that being an innovator, one who is willing to step outside the norm and go after the “big prize” is a very uncomfortable thing to do for most people.
Entrepreneurs have a human side. They sometimes view their role in their own business as one of “acting like a business owner.”
Business owners are realists, they’re hard workers. They are persistent, roll-up-your-sleeves-and-get-it-done type personalities.
They often don’t have time to truly dream, or innovate, or question what has been working in similar businesses. They are too busy “minding the store” to have the luxury of pondering something really exciting.
I think it is this very acceptance of the stereotypical business owner role that keeps otherwise bright and smart people from stepping up to the next level to become wildly profitable.
Going out on a limb and questioning what has been “working” (even if it hasn’t been working all that great) is a difficult challenge for a business owner.
Attempting to see uncommon solutions by rejecting the status quo and steering the ship into uncharted waters is a scary and unsettling exercise. What if I fail? What if my business stops making money? How am I going to feed my family?
I think it is this hesitancy to leave what is comfortable that holds many business owners down and prevents them from taking their small business to the next level.
Surely the fear of losing something that we now have in our possession (a business, or a job, even if it isn’t all we want it to be) is greater than the urge we might feel to let go of our small success and go after an even greater treasure.
Our traditional values and learning tell us to “be satisfied with what we have,” don’t gamble away our savings, “a bird in hand is worth two in the bush,” and on and on …
I love this quote: “You can’t discover new oceans until you leave the safety of the protected harbor!”
To your online business success!