Obstacles to Achieving Success in Your Business / by Kerri
To achieve your ultimate goals, to join the 5% of businesses that achieve their goals in business and beyond, you must focus on building a real business and be aware of a few of the barriers that can set you up for failure.
There are two often contradicting approaches to building business.
The most common approach, the Idea/Opportunity approach, takes no training, no lead-time and requires minimal cost. If you are an opportunity seeker (a term coined by Rich Schefren), you may leap in and try to take advantage of an idea ahead of the curve, hoping to catch the wave as it hits the market. Often this approach is about the product or service itself, not the need it may/may not fill in the marketplace. I’ve seen this with many software companies and restaurants. Just look at all the iPhone apps these days. Or look at how short-lived most restaurants are (measured in months not years).
This is a hit-or-miss approach because the market window can be very short or even fizzle before you get to market. And while you’re focused on creating your offering for that niche, another better opportunity can come along. If you’re always looking for the brass ring, you’ll always be tempted by the next “new shiny object” and not finish what you start. This is the trap most entrepreneurs succumb to, leading them down a path that ends in failure.
There’s another approach to starting and building your business. It’s a more disciplined and strategic approach that addresses a problem and provides a solution. If you are a strategist like me, you start with your end goal and your vision of what you are building toward.
Across the board, the most successful entrepreneurs take the time to be thoughtful upfront and prepare options, offerings, alternative approaches, competitive research, market opportunity and team requirements to achieve their goals, short-term, long-term and exit goals. They do their homework; they research and plan first.
They take the time to continually and consistently ask the question:
“What are the best opportunities to achieve my vision of
where I want to take my business and what it will become?”
They know they must continually “sharpen the saw,” as Stephen Covey tells us, and raise the bar all the time.
So the primary obstacles to achieving your business success are not in your experience, education, expertise, funding or financing.
Your primary obstacles to the business success you desire and the outcome you want to achieve are the mindset and skill set you bring to the game.
Which raises the question …
QUESTION: If the strategy for ensuring a successful exit strategy is that simple and clear, why do only 5% of all businesses get it done?
ANSWER: The other 95% know what to do. They know they should do it. However, they don’t follow through. They lack the mindset and skill set of a CEO who truly wants to build a wealth-producing business.
Which one are you?