🧠Weekly Mind Sweep #93| Mind Your Business | Failure
There are hundreds of areas where a business might struggle to succeed.
As a business consultant in the entrepreneurial space, I often encounter revenue generation as the most common.
Let’s Sweep the Brain…
The most common issue I find is that they have yet to assess the need before attempting to sell the product or service. Fast Company's recent article [*1] states, "42% go under because there is no market for their product."
You cannot will a market to want something you love.
Developing a business from your passionate idea doesn't guarantee its financial success.
Often, I find entrepreneurs generate an "irresistible offer" and then spend their time, energy, and attention on:
Copywriting
Websites
Sales pages
Social media strategies
Launch plans
Email nurture plans
Payment sites
They've spent countless hours and thousands of dollars before even knowing if what they are arriving at the market with is something people are interested in paying for.
Why do entrepreneurs do this?
Fear of failure or success.
If they stay busy managing their subcontractors, such as:
Copywriters so they don't come across as "salesy."
Website designers "that sell while they sleep!"
Social media managers "that gain followers!"
Launch planners "that will manage everything from start to finish; just sit back and be paid!"
Online Business Manager "managing all of your business for you so you don't have to lift a finger!"
Virtual Assistant's "caring for all the tasks you don't have TIME to do!"
Email experts "creating subject lines guaranteed to increase your open rates!"
Finding the cheapest credit card processors "to save you money!"
Networking in rooms that don't understand what they are offering.
How can they have any time to:
Work with potential customers?
Evolve their product or service to align with customer's needs?
Build relationships with people that align with what they are trying to sell to?
Listen to what the market is asking and willing to pay for?
Stay consistent with their messaging and brand awareness?
They are so busy they can avoid the hard facts of what is going on financially.
This scenario can spiral into feelings of inadequacy and taking the results personally. They might think, "My business has failed." You are not alone.
They haven't failed unless they choose not to learn from their mistakes.
There is a better way.
Several business owners I've worked with have had an idea that was out of the box and against the societal norm. (What can I say? I attract the creatives!) They have a phenomenal idea; they put it out in the world and say, "Hi, I'm doing this awesome thing; what do you think?" No website, no email, no idea if it will work.
They put the idea out there, take consumer feedback, adjust, and try again for years.
It wasn't until several years in business that they began to generate revenue, streamline systems and processes, develop websites, and pay someone else to market for them. Then, when they reach the "messy middle" [*2], they might begin to hire staff and pay subcontractors!
That is when it's time to invest money in delegating these tasks because it is imperative for you to continue to grow, evolve, generate more revenue, and facilitate business growth.
Some of these businesses will grow and thrive. Some will not and be forced to close their doors.
With growth comes additional challenges. But you'll never know if you don't put your ideas out there, make mistakes, and learn from them.
When you think about the service or product you are offering, how did you come up with the idea to sell that thing? Was it out of people asking you to provide it or because it only brings you joy? [*3]
Success and failure are a matter of perspective.
Which one do you choose to align with?
A place for my digressions.
[*1] Fast Company Article
[*2] The "messy middle" in business is where you've found a successful offering; you're generating revenue, but YOU are still spending all your time working IN your business. It's time to invest, hire, and delegate/outsource.
[*3] If you have both, You've tapped into entrepreneurial gold!
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