Top 5 reasons Entrepeneurs FAIL

J.P Maroney posted the thought provoking question: What do you believe are the TOP 5 Most Common Fundamental Problems, Challenges or Mistakes Entrepreneurs must overcome in order to grow their businesses?

I posted the following in the comments on his blog:

1. Lack of taking action
2. Fear of Failure
3. Lack of technical knowledge (which is really just the same as 1. as anyone who can ready and follow directections can learn how to do pretty much anything online.)
4. Lack of focus – not finishing a project
5. Lack of ideas. (Which I think really relates to 4. – )

I guess to sum it up, lack of taking focused action is the biggest problem. Causes of this problem are fear, procrastination, self doubt, and time killers like TV.

So the question I have is: What do you do about it? How do you overcome? (And if you disagree with my 5, please feel free to post your own.)

Comments below are open.

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1 comment for “Top 5 reasons Entrepeneurs FAIL

  1. gerrycmc
    April 29, 2008 at 3:37 pm

    I’d like to add one to that if I may-

    Lack of community (isolation) – I’ve worked with several start ups who open their doors and then wonder why the world isn’t beating a path to their door – when they never bother to step on the other side of the door themselves. Its not enough to join a chamber or put up a sign – every business needs to continue to make new connections.

    Lack of credibility – every new company, especially a small company, has to fight battle of credibility. Because its so easy for a “fly by night” to open its doors, credibility is more important than ever – When a start up goes “cheap” by printing their own business cards or cuts the wrong corners on their website or brochures it damages that credibility.

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