Success in business

Success in business can lead to an entrepreneur’s failure

Every entrepreneur craves success in business. Weirdly though, success can be an entrepreneur’s enemy. As paradoxical as it sounds, achieving success can lead to eventual failure of a business venture.

Success in business is the ultimate goal for an entrepreneur. You want to capitalize on equity after the shift you put in all that time. Yet at times achievement becomes an undoing and brings down your business. This of course happens due to your actions as the entrepreneur.

Loss of focus is a common theme here; the pitfall of nouveau riche. You quickly and easily get distracted by the riches the business has brought. The fair-weather friends you’ve assembled replace your business goals. The consequence of veering off course, after success gets into your head, is business failure

Secondly, there is the issue of failure to manage growth. Success in business may lead to fast growth. Fast growth, on the other hand, leads to business exceeding the established management capacity. This results in poor management. We already showed you how poor management leads to business failure.

A successful business can become a victim of disruption; as Nokia famously was. You naturally orient towards complacent regarding your proven business system. This leads to rigidity and an inability to react to change.

Lastly, lessons are learnt in failure and not in success (feel free to quote me). A successful entrepreneur can get overconfident and give too much credit to innate ability. You get to that dangerous mindset of “knowing everything” and, increasingly, fewer people attempt to question your decisions.

In failure, you seek to know the root cause of a problem. The focus on analysis is a learning lesson success doesn’t give.

Thus, in as much as you want success in business, be careful not to be a victim of your achievements. Direct your mind to the important things, maintain your hunger and be positive in instances of failure; the most important lessons are derived from them.