Why Most Entrepreneurs Fail (A Therapist Self-Awareness Guide)
If you are someone who starts a business that goes from becoming an employee to an entrepreneur, you need to take risks. There is a need for understanding the number one outcome of surviving the whole frustrating and exhausting parts of entrepreneurship. As you already know, the system is jam-packed with billions of people who didn’t make it. That is enough reason to make you feel disheartened and worried about your business future too. Perhaps you often tell your family, friends, therapist, or other people that you are incapable of handling business failure. According to Kimberly Key PhD, “The inherent and pervasive fear from kicking off an entrepreneurial venture can activate your primal brain to protect you and make you abandon your venture (either through procrastination of a needed but dreaded task, overwhelmed helplessness, poor relational functioning, etc.).” But why is that? Well, that’s what we are going to talk about.
Survive The Business
The primary goal of a business is surviving. Everyone knows that handling it means everything is in a shot-clock. It means there’s this consideration of resources and of how much money you have saved in the bank. That also includes the calculation of how those financial resources can cover your expenses for quite some time. But that’s not the entire focus of the whole progress of the business. We will elaborate things on that so spare some time to read carefully.
Front And Back End Of The Business
The first one is front-end or the process of focusing on getting customers. The other one is the back-end. It caters the system, support, business growth, and entrepreneurial skills.
In most cases, people often come through the back-end because they want to find a way to make the company better. They often think that it’s the primary reason for entrepreneurial survival. With that, they begin to work on their skills. They gather a lot of information on how to run the business smoothly. However, these individuals don’t realize that efficiency becomes irrelevant when you are just starting up a business. The truth is, the skills and effort don’t always matter. That’s because you can do everything you can to find short-cuts. There’s no right or wrong process of handling the skills in the business because all will fall into the categories of perseverance, motivation, and willingness to stay on the particular entrepreneurial state.
The business front-end, on the other hand, stands for the types of customers you want in the business. These are the potential and existing customers. The sooner you can identify the types of customers you want in your business, the sooner you can scale it. Robert Rosenthal, PsyD, a psychologist, notes “The vast majority of marketers aren’t psychologists. But many successful marketers regularly employ psychology in appealing to consumers. Smart, skillful, honest marketers use psychology legally, ethically and respectfully to attract and engage consumers, and compel them to buy.” Potential customers are those people you keep on adding into your list that could outgrow your system. It could be fifty, a hundred, two hundred names of people, and so on. However, you need to be mindful. The problem with too much focus on potential customers is the unnoticeable treatment you give to those existing ones. That includes maintenance, referrals, and upselling. The people that fall into the “existing” category are genuinely the ones who bring your business to the next level. It is the business face, advertisement, and reliable quality proof. So when these people don’t receive twice as much attention that you provide for the potential customers, you are entirely losing the business’ grip.
So as you can see, there is a considerable difference to front-end and back-end when it comes to business survival. As a business owner, you need to look at these two more separately. You need to understand that business front-end is as much as necessary as the back-end. That explains why most businesses have some subscribership and user base social media platform. It is their way of knowing how many people are into the market, how many are buying, and how much they are selling. With that, they begin to incorporate ways to improve their services.
So regardless of what types of business you are going to venture out, you have to always focus on these two things. Yes, your business silks are not perfect, so you need to spend time developing it. But it does not mean you have to compromise and set aside your customers because of your business developmental issues. You can always work on it in both ways. As long as you know the importance of getting new customers as well as keeping the old ones, your business will make it even without spending too much effort on entrepreneurial skills. As stated by Utpal Dholakia PhD, “You cannot provide extraordinary customer experiences if you think strictly in terms of nickels and dimes.” He also notes “Utterly motivated employees are necessary; those who are driven by purposes far greater and nobler than simply satisfying a customer and ensuring their repeat patronage.”