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5 Most Common Reasons Why People Fail in Business

Do you ever worry that your business will fail? It’s hard to contemplate failure, especially when you’re working so hard and want so much to be successful.

Considering failure is valuable, though, because the very ingredients that make for business failure can be transformed into business success.

Here are 5 ingredients that go into the mix of business failure, and how you can transform them for your own business success:

1. Unclear purpose

Here’s the thing: the even more clarity you have about what you want, the more likely you are to get it. In your business, having little or no focus on anything but making a profit results in scattered effort and less effectiveness. Ironically, it qualified prospects to less money too.

Transformation: Clear Purpose

Have you ever been part of something greater than just you and your self-interest? Feels great, right? The reason it does is that people are in fact built that way. We are motivated, and can accomplish great things in service of something bigger than ourselves. It’s no different for your business. Define your greater purpose. Define the impact you want to possess in your business, your community, and the larger world. Then you’ll have clarity and energy to do more with your business. You’ll have the motivation to pull through tough times, for even greater success.

Communicate that effect purpose to your prospects and clients. People are drawn to businesses with a higher purpose.

2. Destructive thinking

A day at work filled with thoughts about imminent failure and negative perceptions of people’s motives will drain you as well as your inspiration, and ultimately, kill your business. Not only that, destructive thinking also negatively affects your health and even your life span.

Transformation: Constructive Thinking

Your thinking impacts your actions in your business and everywhere else in your life. Optimistic thinking followed by persistent action leads to better results. If you’re not naturally inclined that way, the good news is that you can learn optimism. Problems become less personal, the size of the problem more realistic, and the fleeting nature of problems more very clear.

You can support your constructive thinking with a daily ritual that includes mindfulness (e.g., meditation, breathing exercises), visualization (mentally rehearsing your desired outcomes), and affirmations, including gratitude. Plan your daily ritual in. You can do this in 15 minutes, and it’ll make a great difference, especially as a start to your day.

3. Unproductive action

Low productivity means you may be working all day long for days on end without moving closer to business success. We’re in a culture of busy-ness, and it’s tempting to fill our hours without thinking too much about whether the actions are in themselves useful.

Transformation: Productive Action

Productivity begins with focusing your actions on your influence. Will this help me to be more impactful? Is it aligned with my impact purpose?

A quick overview of powerfully effective strategies for productive action:

· Plan before you begin each day. Plan the night time before if you can.

· Perform the most impactful point first, so you always have some progress each day.

· Rush unimportant tasks. Set a time limit on each job to help move you through it quicker.

· Delegate. Allowing others the opportunity to offer what they do well in areas that are not your strengths is a good service to them, and an excellent time-creator for you.

· Segment your time, then rest. I work in 50 minute blocks, accompanied by ten minutes doing something very different to rejuvenate. Find enough time frame that works for you.

No doubt about it, choosing productive actions requires discipline. And in the easiest way! Discipline serves you by helping you to choose the things that may help you reach your business goals and be successful.

4. Constricted connection

It can feel comforting to stick with your close circle and not expand further. It takes work to reach out and maintain new connections. Staying with your same small comfortable group, though, will hold you back in your business.

The quality of your connections matter too. Are you surrounding yourself with unfavorable people? People who aren’t as interested in success as you are? Who you spend time with matters.

Transformation: Expanding Circle of Connection

Expanding your circle of connection is one of the most powerful things you can do for your business achievement. The more people you know, the much more likely you are to learn new things. In addition they become a way to obtain inspiration, and more connections that can help you in your business. People love to be helpful. Give them that gift of asking for and receiving their help.

Get and welcome the support you need to be successful. Learn from an experienced business person as a mentor or trainer. Reach out to people you admire and ask them questions. Make this a regular practice.

5. Money obsession

It can be tempting to become too focused on cash. First, our culture encourages it. It’s considered a good thing to accumulate stuff. And you need money for that. The thing is, cash and stuff don’t bring you happiness or vitality.

Second, if business isn’t going well, you can become hyperfocused on money and leave your values behind in order to make a profit.

Transformation: Money Health

Instead of focusing on money, focus on connections with people and together with your purpose instead. Helping others in your business is what will enable you to get business success that is both healthful and sustainable.

Find balance and harmony around money. Yes, it’s important to know where you stand with money. But cash is only a tool. Instead of loving money, love yourself and others. That is key to business success.

These 5 reasons why people fail in business don’t have to be a recipe for failure. Instead, you can transform them into achievement.