“90% of businesses fail within the first 3 years” – you’ll find this quote in virtually every business school textbook, highlighting the risk that business owners carry. At first glance, it’s easy to feel intimidated by the failure rate. However, the reality is not all that simple.
The truth is that most businesses are set up by unwitting entrepreneurs who often have no idea about running a business. Many entrepreneurs set up businesses and expect the money to roll in directly for them, without any effort. They launch businesses without conducting proper research to see whether there’s any demand for their product and keep burning through capital even when there are no visible results. Most of them are unwilling to cut their losses even when the writing’s on the wall, thus leading to further losses.
Online businesses are not always a walk in the park. Entrepreneurs who run online businesses should always be researching market trends to see whether the winds are blowing in their favor. Newbie entrepreneurs often crumple and fold at the first sign of trouble, thus leading to high failure rates. Many of them tend to be relatively privileged individuals who have never had to work a real job, which leads them to overestimate their own abilities and underestimate the challenges that lie ahead.
A successful business is built on the sweat, blood, and tears of the owner. Success is not something that happens overnight – entrepreneurs may have to keep going for years at times with no positive results before they finally catch a break.
The most successful entrepreneurs are the ones who are the most passionate about their products and businesses, about the kind of value their company is adding to the world. While social media pages make running an online business to be an easy, simple affair, that’s not the truth at all. Like any industry, it takes a ton of work, dedication, and passion to be successful. Success is not a fluke but a product of dedication and hard work.
Entrepreneurs must take care not to crumble or lose hope at the first sign of trouble in their business. If they’re really passionate about their business, they will find a way to salvage things, one way or the other. Successful entrepreneurs are not that different from the unsuccessful ones – what sets them apart is their dedication and commitment to keep going. They also know when to adapt to market forces properly, thus keeping their business relevant in the market.
Online businesses are being established by hundreds of thousands around the world seeking financial freedom and independence from their routine 9 to 5 jobs. However, it’s crucial to understand that an online business won’t be successful on its own. It needs a passionate entrepreneur at the wheel who can guide the business through challenging times and help it grow further.
While most businesses simply give up by refusing to evolve in the face of changing market conditions, successful entrepreneurs know when to evolve and when to stay on the beaten path. It doesn’t matter how original or unique your business is – if the owner’s heart is not in it, it will never grow successful.