Why people fail in business

There's a dirty truth in the entrepreneurial world that nobody likes to talk about... even among the groups that I coach and teach.

That truth is this:

Sometimes, people fail.

And they fail at an alarming rate.

Here's how I would define "failure":
- you take a risk
- the risk doesn't produce an ROI
- you give up and move onto the next thing



Failure in business is inevitable – sometimes you take a risk, and it does not pan out.

But the killer is when failure affects the way that you THINK.

When the failure becomes about YOU, rather than the situation, failure is a killer of hopes and dreams.

I think that's why people ask me what our "failure rate" is within the Tribe.

It's not so much that people don't believe in our concepts... or me (well, maybe)...

I think the biggest reason why people stall
before starting or growing a business because,
if something fails, then it may mean something
about THEMSELVES.

The fear of being a "failure" is more deadly than actually experiencing a failure.

So... rather than dance around this idea of failure and act like it doesn't exist, let's just talk about it and deal with it.

Here's the bad news:
Sometimes, businesses, concepts, and/or people fail.

Here's the good news:
I think that I've been able to distil failure down to a few reasons.

Most of the time, people fail for one of the following reasons:

Failure Reason #1: You pick a product that
no one wants.

Rather than looking at the demand for a
product or surveying their audience, they
put all of their energy into something that
nobody wants.

Here's the fix: if you get a product selection
wrong, simply dust off and go with something
else. This is why I recommend serving a
"market" and an audience *rather* than focusing
on selling "a product."

When you are serving an audience rather
than selling a product, you can always
pivot and do something else without
having to start all over.

Failure Reason #2: You aren't aggressive enough in your marketing.

When I say "aggressive," I mean being willing to do what it takes to get to critical mass.

This means getting reviews if you're on Amazon,
or getting monthly buyers if you're selling a
continuity program, or advertising if you're
in retail.

Some people make a product and let it just sit there. That's a fast way to fail.

Here's the fix: pick a channel, find out how that channel works, and do what it takes to get it in front of the audience.

We usually start with Amazon, and then
scale beyond it. Amazon is a great starting
point and a launch platform for other channels.

Failure Reason #3: You give up too soon.

I personally give myself a rule that I do
not enter into any business unless I'm
willing to give myself a full year to see
it's success.

So when you are attached to a fast result, you put yourself in position to strike out.

Here's the fix: focus on lifetime customer value, rather than immediate customer value.

Think about what a customer will be worth
over the first year, and you will automatically
start to think long-term.

Inside the Tribe, we focus very heavily
on these points when you are first getting
started.

And as a result, our success rate is much
higher than most people expect.

I realize that this message is about the
worst "sales message" ever, because we
are talking about failure.

But rather than dance around this fear that
we all have, let's just call it out and address it.

Sometimes people fail, but it's usually a result
of one of the Failure Reasons listed above.

When we are honest about that, we can deal
with it... and when we can manage it, we
can over come it.

But, as always, there is one catch:

We're in "beta launch" right now... and we
have 200 spots open for new members.

And truth is, people have been asking for
this "getting started" training for two years.

We WILL open again later this year, but
we are looking for our first 200 who want
to get started now before our "public release"
later this year.

So whether you're just starting your business
OR you're already immensely successful, we
have you covered

I believe that entrepreneurs are the key
to making Nigeria a better place, and
I hope to have you as part this movement.