This year is obviously the year for startups to thrive. Why? This is because there is so much information available to the general public and also, small startups can learn from the mistakes and bold steps of successful businesses. However, this has not been the case in as young entrepreneurs are crashing out of the market, 17-year old techies are launching businesses today and folding the next day. What can be the problem? After careful analysis and personal experience, I recently discovered many reasons why this is happening in 2018 and they are;
1. Lack of Patience.
Instant gratification is now the end game for most young entrepreneurs. In the cold streets of entrepreneurship, instant gratification has a way of robing your startup of its long-term benefits. Most entrepreneurs want profit, sales and repeat sales immediately they start their ventures and when this is not forth coming, they give up on their dreams and leave behind all the work they have put into that. Sometimes, other startups may stumble upon their abandoned projects and build something massive out of it. If you are going to play big in 2018, you have to learn patience as a skill, no more ranting and complaining. Entrepreneurship is not a sprint race rather a marathon.
2. Talk More Do Less Attitude
Talk as they say is cheap and so many young lads as entrepreneurs are too busy talking big game, saying all the things they can do but haven’t yet done. Personally, I am not against talking big or dreaming big, but your actions as an entrepreneur must match your ambitions or else the message people will be getting is lack of competence. Incompetency is a major collateral damage for an entrepreneur in 2018. If you aim to be among the top, you must be willing to pay the price in terms of hard work to achieve that spot.
3. Lack of Strategy
Strategy is the winning game for entrepreneurs and startups to strive in 2018. CEOs must draft out the startup’s strategy to achieving the company’s set goals rather than stick to the conventional “chase profit strategy.” The startup entrepreneur should study the hard wiring of the system he/she is trying to venture into or stand a chance of failing in time to come. To avoid this, proper strategy and strategic planning is required.
Many young entrepreneurs are rigid thinkers. Once their mind is fixed on a particular pattern, they stick to that and never allow any room for flexibility, change or innovation. To win in 2018 as an entrepreneur, you must understand that evolution is a constant process affecting everything around us. To be able to stand out from the crowd, you must develop the ability to be flexible in your thinking. The early birds in most industries are the ones who take a greater share in time to come. It is important you carefully analyse new strategies, platforms, technology and leverage on them.