3 Ways to Destroy a Business

I have been in business with my husband for over 9 years now, and in that time, I have seen a lot of ¬†people destroy their new businesses. How does this happen? I’m sure that there are several reasons that this can occur, but I have noticed a pattern that I think contributes to the failure of businesses everywhere.

1 Cutting Corners

The one phrase that I have come to absolutely HATE is “all we gotta do is…” I have watched people destroy their businesses with this one phrase over and over. It implies that starting a business and gaining success is easy. It also implies that those who work day in and out on building their brands are misguided. “All we gotta do is” tells everyone listening that the person speaking has no business plan or a well thought out idea of how he/she will run the business beyond that statement.

 

2 Lack of Education

Some people who get the great idea to become an entrepreneur make the decision to move forward off of pure excitement, rather than taking the time to educate themselves first. Beyond the emotion of wanting to start a business, a person has to do his/her research to see how great of an idea (s)he has. There is a level of practicality that has to be considered, before an entrepreneur should move forward with any plans.

 

3 Outsourcing

Don’t get me wrong, I love the idea of outsourcing certain tasks within a job, but a person is sure to destroy his/her business if every aspect of it is outsourced. I have seen at least 3 companies go under, because they owner started a passion project, neglected to learn the most important parts of the business, and as a result, the doors of those businesses were closed in under 3 years. In those cases, outsourcing hindered the companies, rather than helped.

 

Those are the top 3 reasons that I believe contribute to businesses being destroyed before they ever get started. If you recognized yourself in any of those areas, don’t panic. You can still turn things around. Some say that knowledge is power, but applied knowledge is actually power. Now that you know, you can do something about it. Educate yourself, and make a plan for improvement. Hold onto your dream of being a successful entrepreneur.

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