Why Small Businesses Fail
Small business owners stop taking the right action steps when there is lack of clarity or direction. When this happens they often stay busy taking small steps that only keep them busy. They also can become unfocused and easily distracted, jumping from one project to the next, without gaining solid traction.
Another reason small business owners stop growing is because they do not continue to learn new skills that are required to expand their business knowledge. Knowledge, wisdom and experience build confidence, and confidence allows you to move past obstacles with ease. Without confidence or the know-how to handle difficult business problems, obstacles might appear to be too challenging for some that give up too soon. Either way, if a business owner does not have the skills to keep moving with smart, consistent action — growth and opportunity stops.
The number one reason small business owners stop taking action is — failure! Although failure is inevitable when growing a business, some people have a very hard time dealing with it, while successful people brush it off and accept it as a business lesson and move on. People who internalize their failures begin to self-sabotage their own success with self-doubt in their ability to become successful. They begin to doubt they can achieve their ideal vision, and the passion to keep taking action toward it starts to fade. They begin to pull back and stop taking any type of risky or uncomfortable action. They remain frozen in their own limiting beliefs and, sadly, the drive to reach their vision dissipates.
Limited beliefs will not only stop action, it will also stop motivation, perseverance, determination and the belief in overcoming obstacles. This is why so many small businesses close their doors. Yet, with each level of success a business must go through challenges to begin opening new doors of opportunity which will eventually lead them from vision to reality.