There are two common syndromes of failure related to new entrepreneurs. These syndromes determine how far and well their businesses will go. They also determine the vision of the entrepreneur.
The first one is the ‘I Don’t Have A Choice’ syndrome, while the second is the ‘Just For Survival’ syndrome.
Let me summarize these two syndromes with a personal experience.
Just recently, I ventured into an interior decoration business, because I could not get the kind of job I desired (‘I Don’t Have A Choice’ syndrome). All I wanted was to make ends meet (‘Just for Survival’ syndrome).
I went in without proper planning; neither did I have any form of mentorship. All I had in my mind was ‘no choice’ and ‘survival’.
Did I really get a means of survival? Yes I did, but did the business survive? At first, it looked as if it was surviving; as I was earning some money, enough to afford myself some luxury. With my focus on personal upkeep, my vision for the business was trivialized.
Then, things took the wrong turn; in between borrowing money from people and charging exorbitant fees, my customer-base began to diminish. Few months after starting, it seemed as though my fortunes reversed, the business folded up and I was back to where I started.
These two syndromes are prominent among young entrepreneurs. Going into business with these two syndromes in mind makes it hard for entrepreneurs to survive any form of economic instability.
They deprive one of the vision to strategize towards future plans; they are the ‘just go with it’ kind of system.
What then is business if not for surviving, you will say?
Of course, it is for surviving and most importantly, to expand your asset beyond the reach of any form of recession. A man with the aim of farming solely for his family will never plan to expand his farmland. That was exactly what happened to me in my little business.
Finally, for every opportunity, there is a blessing attached to it. All you have to do is to go into it with the mind of succeeding and not just surviving, achieving and not failing, breaking new grounds and not limiting yourself.
Take up that business and carve a niche for yourself. It is time for you to write your own name on the wall of greatness.