Five Qualities Entrepreneurs Must Give Up to Be Better Tomorrow
Times are changing. While the number of entrepreneurs are on a constant rise, not many are able to find success, and most end up going back to their jobs. According to Forbes, 90% startups fail within the first five years of business.
There are a number of reasons why so many businesses fail to leave a mark, but one main reason is falling quality of entrepreneurs. This may sounds surprising on paper, given that there is better education today and tonnes of case studies to learn from, entrepreneurs are still finding it difficult to stay afloat in this dynamic environment.
They study about the likes of Mark Zuckerberg and Bill Gates and how they dropped out of college to become billionaires. They think there’s potential for everyone to be a success, without realizing how difficult it was for the likes of Gates to be where they are today. Many budding entrepreneurs do the same in hopes of replicating their success but end up ending on the wrong side of the statistics.
So what are the qualities that today’s entrepreneurs lack? Let’s find out:
- They’re Too Impatient
According to reports, it is good for entrepreneurs to be impatient. It is actually a virtue that helps entrepreneurs improve their game and get good results. However, what happens when you’re too impatient? You end up having bad results, and this is the problem.
Today’s entrepreneurs want too many things too quickly. They often forget the time lag. You will not be able to make a fortune overnight, you must be willing to wait and let time do its magic.
- They Are Too Dependant On Tech
According to reports, this generation of entrepreneurs is too dependant on technology, and given the current situation, the next generation of employees (generation Z) is going to be even more dependant on technology, mainly smartphones.
This is largely because the next generation of entrepreneurs is presently in its teens, and is used to having smartphones around. They use mobile phones not just to communicate, but also to get news and other such updates. Probably this is just one big moment for all online companies like Facebook, Apple, Samsung, CoinGeek and others who are pushing more our reality into a tech direction.
They cannot function without such technology and are not used to doing things manually.
While some experts argue that there is no harm in using technology, others believe that this dependency on technology is one of the main reasons why so many businesses fail.
It is because often entrepreneurs trust computers for solutions, and do not use their own judgment. This causes poor outcomes, hence the increasing number of failures.
- They Concentrate On Less Important Things
Today’s entrepreneurs are more about profit and less about quality. The truth is that most people are interested in a business for their own gain. Entrepreneurs mainly work for money, which isn’t a wrong thing, but they often tend to neglect other things that are equally important, including brand building and social responsibility.
They are often willing to compromise on more important things to get short-term goals. While this may be good on paper, in the long-run this habit ends up causing problems.
You must look at long-term goals and make sure you find success where it actually matters.
- They Give Up Too Quickly
Pick history books and study about any successful entrepreneur and you will find how difficult their journey has been. From Bill Gates to Steve Jobs, they all had to face failures and rejection before they made it big. Even the Disney brothers were rejected numerous times before they got their first big break.
On the other hand, today’s entrepreneurs are not willing to put in that much time and effort. They want quick results, and if they do not get what they want they move to other things. Whereas, succeed takes time and requires constant effort.
- Sticking to Good Ol’ Beliefs
Many entrepreneurs today stick to old practices of doing business, instead of new techniques. While they live in today’s era, they fail to learn from other businesses. For example, Nokia failed only because it didn’t change with time. It’s important to learn from your past mistakes and improve your game so you do not fail.
It is quite understandable why it is becoming difficult for entrepreneurs to make it big in today’s competitive world. They lack patience and hardly get the education and real-life example that they need. They jump the gun and start a business thinking it’s easy…whereas, it is not.
It is important to understand the nitty gritties of entrepreneurship to be able to carve a niche in any industry. You should learn from past entrepreneurs and take into consideration the future if you wish to succeed.