7 Types of People Who are Most Likely to Fail as Entrepreneurs

Written by Gaby Lim on July 16th, 2014

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failed entrepreneurEntrepreneurs are a flexible crowd. You can be as old as fifty or as young as fifteen when you start your own business. Gender is also not an issue — women entrepreneurs are celebrated nowadays as much as men entrepreneurs. This is because it is a matter of character., not of age or gender. If you’ve been sitting on the fence wondering if you can be an entrepreneur, check out these types of unsuccessful entrepreneurs:

The Banking on Luck Entrepreneur

You think that successful entrepreneurship only requires luck. You cross your fingers and give the old rabbit foot a squeeze as you launch your new venture, only to watch it fail. You ask yourself, what went wrong?  You wore your lucky color to work today, after all.

In the Harvard Business school study  Performance Persistence in Entrepreneurship, researchers found out that success in entrepreneurship requires skill and not luck. Entrepreneurs who have market timing ability or the skill to invest in a good industry year are those who succeeded in their businesses.

I Can Do it On My Own Entrepreneur

You think that experience is unnecessary in starting your own business. You snub your nose at friends and potential mentors who try to give you advice, probably because of insecurity. While a business may be your sole brainchild, it also requires input from other people. In other words, you can’t run a business on your own. In fact, the same Harvard study previously cited found out that most entrepreneurs get their ideas from former employers!  The study cited a 2000 research by Bhide that found out that a substantial portion of the Inc. 500 got their start-up ideas while working for a prior company.

The Bandwagon Entrepreneur

Your dad put up a business, your best friend put up a business, your colleague resigned to put up a business, even the neighbor is placing an advertisement on the lawn about his new business. With businesses sprouting everywhere, you think that the only way to succeed is to become an entrepreneur.  Wrong.

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Your purpose is not inherited nor is it caught like a virus. You have your own set of skills, accomplishments, and track record. While you shouldn’t be limited by your nature and experiences, you should also think carefully about the skills you possess.

Show-me-the-money Entrepreneur

Business is for profit. That’s true. But that’s not the only goal of an entrepreneur. You put up a business to earn, but also because you believe that the products and services you provide will add value to the world. You’re not supposed to be a charitable organization, but integrity and value for money should matter to you.   If you’re primarily driven by the thought of accumulating wealth, then you’re setting yourself up for failure. You can ask purpose-driven entrepreneurs like Kazuo Inamori, Warren Buffet, and Bill Gates to understand what this means.

The Dreamer Who Wants to Be an Entrepreneur

You have grand plans and schemes for your business. When people leave your meetings, they’re motivated and inspired…until the paperwork needs to be filled up, calls have to be made, researches have to be conducted, and action needs to be done. Ideas are important in any business. But you also have to be committed to get down and dirty and do the hard work, too.

I-Will-Build-Rome-in-One-Day Entrepreneur

These “entrepreneurs” love the get-rich-quick schemes and easy businesses that they think they can build in a few days. Businesses take time, effort, persistence, and even failure.  If you’re not willing to pay the price, then maybe being an entrepreneur is not for you.

The Self-Proclaimed Entrepreneur

You’ve worked in a company for decades and you already fancy yourself an entrepreneur. You think that spending the best years of your life observing successful entrepreneurs equates to being an entrepreneur, too. Sad to say, you’re not an entrepreneur until you go out there and become one.

Did you see yourself in any of these stereotypical entrepreneur types? You can be a carbon copy of one or a mix of several. To succeed in entrepreneurship, break these mindsets that make you fail as an entrepeneur.

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