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Why Most People Fail in Home Businesses

Peter Grundner

March 14, 2007

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At one time or another, we’ve all fantasized about creating our own business and being so successful that we can tell the boss or manager to “take a hike” and loose the compass!  It’s exciting to consider the possibilities.  But then the fears creep in.  We’ve all heard stories about people who have joined a home based opportunity full of hope and faith, only to unwind shortly thereafter and fail miserably…and lose some good hard earned cash in the meantime.  And some of us have lived those stories!  Ouch!   I have been on both sides of this continuum, succeeding more often than not, but with enough range of experience for both myself and others I’ve worked with to offer some perspective.

Let’s take a look at some of the underlying causes that are not always discussed.  You might be surprised to hear that the lack of money is not the main reason for failure…hummmh.

There are several reasons why people fail in business: 

LACK OF DISCIPLINE AND CONSISTENCY
This is a big one.  Most people get the idea that they can make millions by simply signing up.  The money will just roll in…the streets are lined with gold and all you have to do is bend down and pick it up.  Wouldn’t it be wonderful if this were true?  Or would it?  Developing the discipline and consistency necessary to be successful in any endeavor is part of what makes success so sweet.  There aren’t many accidental success stories.  It takes tremendous discipline to be successful in anything including a home business.  It’s like getting in shape or going to college.  You will not make it through college if you only study one day in each semester.  Similarly, you will not get in shape with one “power walk” on just one day.  Once you know what is required daily, learn to discipline yourself and be consistent.  Amazingly, consistency and discipline not only elevate you to higher levels of success, they also make your work so much easier!

LACK OF PERSONAL GROWTH
Most people have it backwards.  They think that one becomes a millionaire and then starts thinking like one.  But it’s the other way around.  Before you can be successful, you have to think like a successful person.  Your thoughts, words, and your imagination will affect whether you succeed or fail.  Personal development of your attitude and communication skills are a must.  It’s hard work and it takes discipline.  You will have a hard time succeeding without protecting and working on your attitude.  This is especially true after some failures.  This is a learned skill.

LACK OF DIRECTION (A PLAN)
Most people that start a business have little or no idea how to succeed.  Therefore it is extremely important to find a sponsor who has the time and experience to you by the hand and guide you through the maze, step by step.  Be sure this person will actually have (or make) the time for you.  Ask specific questions about what kind of support you can expect from them.  If you’re already in a program and your sponsor is not helping you, go up to the next level until you find someone who will.  Sit down with them and create a plan of attack, set realistic goals and then learn everything you can to help you succeed!

LACK OF MARKETING SKILLS
There once was a time when you where told to make a list of all your family members and friends to build your business.  Today, most of the prospecting is done via advertising and marketing.  That’s good, because you don’t have to talk to your family (they might say “harass them”) to build a business.  The other side of the coin is that it takes experience to compete for these sales.  If you do not have much marketing experience, be prepared to learn as much as you can about it.  Don’t panic about this…you are also a consumer so your common sense can take you a long way if you are willing and teachable.  Still, it’s good to get a clear picture of what kind of marketing training will be made available to you in advance.  Finally, don’t forget, it’s your job to continue to learn how to market…it’s a continuous process.

WRONG EXPECTATIONS
This is sometimes the fault of the sponsor that just wants to make a sale.  People are being sold the idea that all you need to do is get in and the money starts rolling in without doing anything.  Sometimes it’s the new person’s fault, because they only hear what they want to hear or they think they know better.  Bottom-line, building a successful business is not a 60 yard dash but a marathon.

QUITTING TOO SOON
This is probably the biggest reason.  People “try” to work the business for a few weeks or even a few months and then quit and they’re on to their next failure.  First, you can’t try any business and succeed.  You need to work the business to succeed.  Have you ever done anything in life half way and succeeded?  With that attitude, you’ve failed before you’ve even started.  You have to have the attitude of I will do whatever it takes to succeed (I’m not talking about illegal stuff).  It’s a mindset.  Will you throw in the towel after 50 no’s.  I had 200 no’s before I made my first sale and I was willing to go to a 1,000 if I had to.  Just imagine if I’d quit after 199 no’s.  You have to fill your pipeline of prospects.  Now I have people joining me that I talked to months ago.  DON”T EVER GIVE UP!!!

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