Category: Skills

Top reasons why entrepreneurs fail

It’s no surprise that in the past decade, entrepreneurship has become a more popular career choice. The number of entrepreneurs per 1,000 people is on the rise and according to Forbes, there are now 27 million small businesses in America alone. One of the most common misconceptions about entrepreneurship is that it’s easy—or something anyone can do with little training or experience. But this couldn’t be further from the truth. In fact, for every successful entrepreneur, there are many more who have failed miserably because they didn’t know what they were doing or lacked an understanding of business fundamentals such as market research and sales projections.

 

In order to succeed as an entrepreneur, you need to understand how to identify your strengths so that you can use them appropriately. It’s important to have a clear vision, defined goals, and other aspects of your business planned out; like financials, marketing & client acquisition, growth plan, S.W.O.T Analysis, the hiring processes, and protection of your assets, just to name a few. Without a clear vision of how your business functions and what experience your business is providing your customers, you’re aiming for failure.
You may find yourself with a clear vision and plan, but without a focused mindset or without having proper organization methods in place. You may find yourself struggling or failing when it’s not necessary. It’s important to have a calendar, physical or virtual to keep track of important dates, a CRM or a document/notebook to keep track of your leads and clients, accounting software or book keeping a spreadsheet to track income, expenses, and ROI, or an outlined plan that you intend to execute for growth. Your finances can without a doubt, make or break your business. With your growth, it’s important to accrue capital, to prepare for growth, mistakes, or additional expenses. In addition, your growing business may have a lot of cash flow, incoming and outgoing transactions that make the books hard to keep track of. It’s important to know your expenses and profits, as it may seem great at first, invoices are getting paid, but after reviewing your expenses, you may come to find out you’re actually losing money each month!

 

Without a clear marketing strategy, understanding your clients’ journey, and efficient marketing execution, you may never be able to grow your business. With a very organized business that has a clear vision, you can produce a great product or service. But if no one can find you or your business, none of that matters. It’s important to include marketing in your budget, and connect with the appropriate people or businesses to aid you in your marketing efforts. It’s important to delegate some of the work to other team members or businesses. You can’t and don’t have to do everything yourself. In addition, you have to make sure you utilize the right people or companies for the task at hand. You may burn out your employees, or waste money by hiring an employee or a company that isn’t qualified to assist you and your business.

 

Most new business owners and entrepreneurs underestimate the time it takes to start seeing results in their business. Too often business owners expect to be set for life after their first few clients. Growing a business can take a lot of capital, and it’s important to plan financially to not only see a return but invest your profits back into your business.

 

For a successful business, it is imperative to focus on your company’s vision. The clearer you are about what you want and the more time you dedicate to staying organized and delegating tasks appropriately, the better off your business will be in terms of productivity and efficiency. If there are other areas where you feel like things have slipped through the cracks or could use some improvement, don’t wait around! No one has all of this figured out perfectly–don’t let perfectionism prevent growth from happening. Take action today by making sure these changes are reflected in your marketing plan so that customers know who they’re buying from.

 

It’s important to stay focused on your goals and work with a business coach or consultant who can help you create an action plan. Your life will be easier if you delegate tasks that other people are qualified for – this way they’re not overworking themselves while you sit back in the driver seat. Finally, don’t expect overnight success when it comes to starting your own business venture; most entrepreneurs take years before seeing any kind of return on their investment. If none of these points resonate with you- then fear not! We have plenty more free marketing advice waiting just around the corner. Give us a shout anytime we want to chat about how we can help make sure your company is set up for success from day one!

Learn What Failure and Starting Your Business Have in Common

What Failure and Starting Your Business Have in Common

Starting your business and failure have more in common than you may think. The fear of failure often results in a person doing everything they can to avoid failure, even if it means stagnation and unfulfilled dreams. Many do this because they think if they try and do not succeed, they will be perceived as an overall failure to their employees, friends and/or family. Are you this person? Is there a business you want to start, but feel paralyzed by fear?

As social media plays back highlight reels depicting success, it is easy to assume that success is laid at the feet of entrepreneur’s who choose to pursue their dreams. When you look closely, however, you discover a different picture. Entrepreneurship is messy. You don’t see the dozens of ideas they tried that didn’t work prior to being successful. The most prominent unseen factor is the fear of failure that often still rests within them. Yes, they have a fear of failure too, but they didn’t keep it from letting them start their business.


“Fail often, but intelligently. Fail fast, but forward. Then step over the failure, and grow from the lesson.”
Brent Simpson of Bold Vision Enterprise


Failure is a great tool to figure out what not to do the next time around and is necessary for learning and growing. If you try something and it doesn’t work, it is no reason to give up on your entrepreneurial dreams. It should be used as a road map to identify what went wrong, reevaluate your idea, and make adjustments to try and make it work. Find a mentor or an advisor who can help you have a smarter, more strategic launch. Preferably one who has been there and conquered that place or space you wish to operate in. In many cases, having a team helps too.

Avoid being the entrepreneur who talks about their many failures before reaching success. At Bold Vision Enterprise our tagline reads, “Let our knowledge and experience be your company’s head start” because we understand the benefits of leveraging good advisors. So, it may be worth your while to find an advisor who can evaluate what you are doing and help you to get back or stay on track toward success. This may require an upfront investment, but good advisors are certainly worth it if they can produce results for you. Choose wisely, but definitely choose someone bold. If you’re interested feel free to let Bold Vision Enterprise help reduce the fear and confusion of getting started.

5 Steps to Find Your Passion

5 Steps to Find Your Passion

If you want to live your best life, then you need to find your passion and follow it. Sounds easy, doesn’t it? Well, it isn’t. It’s surprisingly hard. That’s why so many people don’t do it. Our passion(s) change, guidance is lacking, life happens, responsibilities get in the way and so on. Let’s be realistic starting off as an entrepreneur isn’t easy either. HARD work is required to succeed, but its beyond worth it and it is even better when you can turn your Passion into your Business.

To change your life for the better and create the future you want follow the five steps below.

Step 1: Be BOLD and Dream Big
Everyone has big dreams. What have you done with yours? Do you think about them, act on them or hide them away?

If you want to find your passion and purpose, then it’s time to dream big. List all of those big dreams you’ve had from childhood to today. No matter how wild or funny, write them all down.

Which of those dreams resonates most with you? Which makes your heart sing and inspires you? Which are the most realistic and achievable? If you’ve set your sights on being the first full-time resident of Mars, then you’ll probably need to take another look at your list and find something that is more realistic and achievable but almost as exciting.

Your big dream doesn’t have to be outrageous or huge. It just needs to be big enough to push you out of your comfort zone. Next you have to be willing to commit to making changes in your life so you can achieve it. You need to want it. It needs to spark desire and passion in you.

Step 2: Set Goals
Once you’ve decided what your big dream is you need to set goals. Your end goal is what you want to achieve; your dream. There will be other, smaller goals, that you will need to achieve along the way. You need to note these down as well.

Step 3: Plan Your Way
Now that you know what you want and need to achieve, it’s time to plan what you need to do to get there. Think about what action you need to take, resources you will need, people you need to meet or hire, and anything or anyone that can provide help and support.

If you get to this point and realize you need a life coach schedule a free 15-minute consultation with a BVE Success Advisor to see what help can look like.

Step 4: Take Action
You know what you want, how you can achieve it and the steps to take. It’s time to take action. Remember you are looking for a passion driven life. One that fills you with excitement, joy and success.

Step 5: Live Your Best Life
Once you’ve started acting on your goals you will find that your life starts to improve. Your outlook on life will become more positive. Instead of dreading each day you’ll look forward to it with excitement and anticipation. Your best life is the one that gives you happiness, success and achievement through living your passion and purpose.
If you want to find and live your passion, then you can follow the five steps above. You can do it on your own or you can talk to a BVE Success Advisor and start living a BOLD Life in your passion.