The Reason Why New Entrepreneurs FailFeb 26, 2022
There's a reason why so many new entrepreneurs fail.
And if they knew what it was, they'd stop failing.
The answer is hidden in plain sight. Here it is >>
It is discovered in this question ...
>> What's the difference between New entrepreneurs and Experienced entrepreneurs?
New entrepreneurs are full of ideas on what they think will work.
But new entrepreneurs actually don't really know what will and won't work because they lack actual EXPERIENCE.
Many times they have enthusiastic ignorance.
If they knew most of their ideas won't work, through ideation, they'd spend more time vetting their ideas.
- Ideas for their business/revenue model
- Ideas for achieving product-market fit
- Ideas for reimagining a customer's steps to a purchase
- Ideas for buyer journey vs. seller funnel
- Ideas for building a digital ecosystem
- Ideas for content distribution
- Ideas for building a customer acquisition system
They have lots of ideas on what should work — but scarce knowledge on what actually will.
Why? They lack experience.
So what do the experienced entrepreneurs have that the new entrepreneurs don't?
It should be fairly obvious by now — EXPERIENCE.
Experienced entrepreneurs have lots of experiences succeeding and a surplus of experiences failing.
They've learned what works and what doesn't.
That's the difference.
What can new entrepreneurs do to minimize failure?
Approach it like planning to climb Mount Everest for the first time.
- Humble yourself.
- Assume you know nothing.
- Ask God for His help.
- Find an experienced mountain climber to learn from.
- A sherpa. A mentor.
- Find out what they know.
- Learn from their successes and failures.
- Do what works.
- Don't do what doesn't work.
Then when you start the entrepreneurial mountain climb, remember to do this ... NEVER give up!