Business failure… reasons
Here I am writing what I believe were some of the reasons why I failed in my businesses before. I am writing them here for two reasons. Primarily, for me to serve as a reminder so that I may not repeat the same mistakes, and second, for those who may read this may learn too from my experiences, and thus save them costly errors in their own business.
Reasons for failing in business :
A medley of knowledge
I would like to think of myself as a talented person. I know how to do a lot of things.
But apparently, “Jack of all trades – master of none” didn’t work for me. In fact, it could probably be one of the main reasons I failed. I know a lot of things, yet I wasn’t able to develop anything into a full grown opportunity.
Grabbing every opportunity
As much as I can, I would like to grab every opportunity that comes to me. Because of this, the one that I’m currently working on get sidetracked. Enthusiastically, I start a new project… until a new opportunity comes along and again grabs my attention.
Not too focused
With too much ability and a lot of opportunities, I can get lost easily through it all. And I actually have a valid reason for not being focused then, those who really knew me, know what I am talking about. The only problem is I let that eat me, which caused to lose focus even more.
“Delayed gratification” NOT!
I didn’t practice delayed gratification as preached by most gurus. But like I said, I have a valid reason for that since I was really racing with time. I got to make every minute of my wife’s life fun and enjoyable.
One-man-show
I tried to be Superman and thought that I can do everything myself. In the process, I am spreading myself thinly. Because of this I can’t follow-up on any little success that I have, nor take on a really important opportunity that comes my way.
These are just some of my recognized reasons why I failed my business.
If you’ll look at them, some of them are actually assets. Yet, I was not able to put them into good use. I failed to maximize.
These in my mind, I am drafting an outline on how I can turn them around. And make all things work to my advantage.
Comments
6 Comments on Business failure… reasons
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Sat, 10th Apr 2010 5:32 am
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jules on
Sat, 10th Apr 2010 6:46 am
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DiTesco on
Wed, 14th Apr 2010 11:40 pm
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Siddharth Goyal on
Sat, 23rd Oct 2010 12:22 pm
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Kathrine@Accountancy Training Course on
Wed, 20th Jul 2011 4:44 am
[...] This post was mentioned on Twitter by Roy, Carmelyne Thompson. Carmelyne Thompson said: RT @houseofpuroy Business failure… reasons http://bit.ly/bsQkgP [...]
i share the same experience 
I am now in the process of finding my self, too.
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Well Unfortunately, I too have suffered from this “Jack of all trades – master of none” syndrome and steadily have been more focues on every opportunity that knocks on my door. I have learnt how to delegate and this is probably one of the greatest leaps that I have done to ensure that all attention is given but with the proper dose. Good thing you have reminded us here. Often we forget about this stuff…
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[Reply]
Wow.
Reading this made me feel as if I was kinda reading about myself. Thankfully, and mostly thanks to you Gurus and a certain Mr Michael Gerber, I am on course correcting my path. I hired my first guy after 8 months in business. I am still trying hard to avoid doing all kinds of stuff (which we techies tend to do
often)
[Reply]
I learned to delegate and this is probably one of the greatest leaps I’ve made to ensure that all care is given, but with the proper dosage.
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Roy Reply:
April 10th, 2010 at 6:56 am
Hi Jules!
well, when advantage you have is that, you’re still young and you a lot of years ahead of you to apply all those lessons learned.
and I’m seeing all your ideas, I’m sure you will succeed.
thanks for dropping by
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