Dan Lok | 3 Reasons Why Most Entrepreneurs Fails | Big Life

One of the hardest parts of entrepreneurship knowing where to get started. Everyone tells you, go ahead and start that business, or invest in some imaginary coin, or start that Shopify store in 15 minutes and it doesn’t cost you anything. Well here’s what they don’t tell you, inventory costs money. Or maybe it’s some digital marketing opportunities or some consulting opportunities that you can get clients overnight even though you have no experience and no credibility. Or maybe you have an idea, you have a great idea but you don’t know how to get started. So to give you some clarity I wanna share with you three reasons,

3 Reasons Why Most Entrepreneurs Fail.

1, Following Fake Gurus:

You see the great thing about the internet is there’s so much information out there. The sad thing about the internet is that nowadays everyone is an expert, everyone is a guru. They’re all telling you to do this and don’t do that, everyone and their brother-in-law, their dog has got an e-commerce store right now. And they’re telling you to hey just follow my system and you’ll live the life of your dreams. My question to you is if you ask yourself, if you think critically, what qualifies them to give you advice? Most of these so-called experts, they come and go. I’ve seen it for so many years, right? See the name of the game is not getting rich, the name of the game is staying rich. Most of these so-called gurus or experts, they’re gonna fly by night, they do not last. It’s like fireworks. (Imitates firework)A lot of noise and later on nowhere to be found. Isn’t it true? So if you notice, who you learn from is much more important of what you learned. Are they truly proven, are their models proven to work’ different market conditions and in different circumstances? And if you really think deeply, really think about it that will eliminate 99% of them. And these gurus are telling you trends that might disappear overnight. Then you’re building your future on quicksand instead of on a solid foundation. So ask yourself, are these trends going to be around one year, two years, three years, five years, ten years from now, that’s what you wanna focus on.

2, Trying To Doing Things In The Wrong Order:

Let’s take for example that you want to start a Shopify store, yes it kind of doesn’t cost you a lot but inventory costs you money. So you invest the last few thousand dollars you have, you go all-in into this particular venture. Hopefully, that will work, my question is, what if it doesn’t work? What if it, the product, don’t sell? You put all your life savings, the little bit of money that you have, into it and then now what, what do you do? Where do you go from here? You see instead of doing that and putting all your eggs in one basket, the best thing you can do is start investing in yourself first. Invest in a skill set that you can deliver to the marketplace in an exchange of money. This dramatically lowers your risk. And then when that is working then you can start your business.

  

3, The Inability To Turn Prospects Into Customers Or Clients:

Michael Gerber, from E Myth, talks about this. Most people, they’re actually not entrepreneurs. They are technicians suffering from an entrepreneurial seizure, meaning that they are very good at the technical work, at the thing, but they don’t understand how the business works. They do not know how to sell. See, the number one skill that you need as an entrepreneur, as a business owner, is the ability to close. If you don’t close sales, you will not bring in revenue. And with low revenue, you don’t have a business. And yet most people, they get into business without developing that skill set. Most people don’t know how to communicate. Fewer know how to sell, almost no one knows how to close. When you can close, anyone at any time, it means that you have the ability to generate revenue at any moment. Then you can create revenue for your company and that is the number one skill that you need to make sure that your business is successful. If you’ve made it this far, I hope you find this eye-opening and really consider these three reasons before you go out there and start your own business.