Many people want to start a business for themselves, but few people actually do. And those that do, 6 out of 10 of them fail in the first five years. Why do these companies fail? I will exhibit 3 dangerous thinking patterns that can destroy your business and how to overcome them.
# 1: do what you want to do without a clear vision
Many people who go into business for themselves are experts in their craft. Unfortunately, most of them set themselves up for failure because they start doing what they know how to do and ignore the rest. These businesses begin to operate according to the wishes of the owner. opposite to business needs.
It is this dangerous thinking pattern which dooms your business even before it starts, and the reason is simply this:
- The owner is so focused on doing what he is an expert at that he neglects to work on what the company needs.
- They don’t have a vision of where the business is going or a strategy for progress.
It is vitally important that you develop a compelling vision, values, purpose, and mission for your business that give you the clarity and strength 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 a while, you find yourself doing not only the work that you know how to do, but also all the difficult things that you don’t know how to do. Then, very slowly, you realize that there is more work to be done than you can possibly do.
There is nothing wrong with being an expert in your craft. There is only one thing wrong with being a skilled craftsman running a business without changing this dangerous thinking pattern! Because:
- As a skilled craftsman turned business owner, your approach is backwards. You see the world from the bottom up, from the perspective of an employee, rather than from the top down, from the perspective of an entrepreneur.
- You were so used to working in someone else’s business that now you are working in yours.
- But, while working on your own business, there is something more important that is not being done. And it is the strategic work, the implementation of systems that will move your business forward, so that you can live the dream you have envisioned.
If you want to have a viable business and not work to death with this dangerous thinking pattern, you must be able to achieve consistent and predictable growth. You should think of a business as a series of systems that will lead to growth.
# 3: have a tactical vision instead of a strategic vision
When a business owner focuses on working on your business instead of U.S In that case, they are not clear about their priorities and try to use every tactics they can get to generate the income they desperately need. They impulsively try the latest trend or newest technique in hopes that it will work.
Well, in business, hope and guesswork are not tactics.. Having this dangerous thinking pattern is not the way a successful business operates! You need to have specific goals or some way to measure whether or not that tactic is working.
You should use a vision-based framework to help you get the clarity, direction, and focus your business needs to move forward. It helps you filter out distractions and use the right tactics that are aligned with your company’s vision and strategic plan.
This is very important because, what your business is about is more important than what you sell.
As long as you have the dangerous thinking pattern of viewing your business from a bottom-up perspective, you are doomed.
Understanding the difference between what goes on in the mind of a skilled craftsman who owns a business, the mindset of an entrepreneur whose focus is building and growing a successful business, and the 3 dangerous thought patterns that can destroy your business is critical to find out why most businesses don’t prosper, and make sure yours does.