The One Reason Many People Fail as Business Owners

There is one factor that will determine whether you achieve what you want from your business.

It's not about how good your product or service is.

It's not even about how good your marketing is.

The real key to getting the success that you want is developing the right business mindset.

The problem is that many of us who set up businesses do so after successful careers as employees, managers or directors working for someone else.

But the reality is that you need to think and act differently as an entrepreneur or independent professional than you do to build a high-flying career in other organizations.

That's why many people find it hard to repeat their success when they establish their own businesses.

So taking the right steps from the start can make success much easier and more comfortable.

It doesn't mean that you have to change your personality and it's not about whether you are a 'born salesman'.

You just need to take a slightly different approach to how you think, work and communicate with others.

Here are 5 important steps:

1. Set a Clear Outcome

If you go on a journey, the first thing you need to know is where you are headed. Yet most businesses don't have a clear idea of where they're going, so it's not surprising that so many fail.

When you don't have clarity, you don't have direction; it becomes hard to make decisions, and your results end up being average at best.

But when you've set clear objectives, it is much easier to make good decisions.

Taking some time to establish a distinct vision can be very profitable.

2. Take Action

While it's important to aim high in setting your vision, it's best to start with small steps. But most people don't achieve what they want because they don't ever get around to taking that important first step.

Many people fall victim to those profit thieves procrastination, where you put off things you need to do, and perfectionism, where you wait until it's 100% right before taking action.

The problem is it will never be 100% right and nobody else will do it if you don't take action.

3. Encourage and Respond to Feedback

Thomas Edison regarded every one of his thousands of 'failed' attempts to make the light bulb viable as being successful - because each one helped him move closer to his goal in some way.

It's the same in business. Without taking that first step, you will never get the feedback you need in order to be successful.

4. Stay Focused on Your Goal

As you start moving towards your goal, things will happen that might tempt you to drift off course and keep you from achieving your objective.

Psychological studies suggest that your mind works on bringing into reality whatever you are focused on. That's why it's important to get clear about exactly what you are aiming for. But you need to stay focused on what you want, rather than worrying about what you don't want.

5. Take Responsibility for Your Results

Whenever you set out to do something, you will always end up with either the result you wanted or an excuse for why you haven't got it.

People who come up with reasons or excuses for something not happening usually see themselves as not having any control over the outcome. Successful people on the other hand accept responsibility for whatever situation they are in and seek to change it.

Whether you choose to be one of the people who gets results or one who has many excuses for not getting them, you will always get what you want.

Of course, the product also has to be right and the marketing needs to be effective. But, when you are seeking success as an entrepreneur, the right mindset gives you a great start.