Being a good entrepreneur takes skill, good timing and often luck. Many people get into business and find it hard becoming successful, or take years after many tries. You could be trying your hand at business with no success. May be it is time you looked at what is keeping you from success.
It is surprising how many people get into business without giving it much thought. Following the herd on a successful a trend is tempting and many entrepreneurs go along without doing enough research. Going headlong into a business without a business plan is the source of failure for many entrepreneurs. You must do enough research into the product, the market and how competitive the product will be once on the market.
Going along without a business plan is compounded by making rushed decisions. Careful thought is required for issues such as financials, human resources and so on. Entrepreneurs make decisions on issues they are not competent in. As an entrepreneur starting out, you will be tempted to be the accountant, marketer and director all in one. This leads to wrong decision making on issues because you are ill informed.
You don’t put a good team together
You will have to take on help when running a business. Your success will very much depend on who you choose for your team. Your choice should ideally be based on merit and competency. Executing your business plan successfully will depend on how well the team understands it and their capacity to put ideas into action.