1. Financial problems - If you have not set up your business with the proper procedures and backing, you will soon find that you are out of business. You need to have a Business Plan and the financial support that will allow your business time to grow in the start-up phase.
2. Relational - Many people surround themselves
with people who drain their time and energy. If you have a business partner who
is not working on the same goals as you are, it won't be long until the business
will suffer.
3. Personal - Dishonesty, old negative patterns,
untreated mental or physical ailments, family demands or hidden "secrets" can
all interfere with your business success.
4. Addictions - When people have an addiction, it
take priority over everything. In fact, alcohol or drugs can become a "first
love" that steals reasoning and resources not only at a personal level but also
from a business endeavor.
5. Incompetence/Inexperience - When you do not
know what you are doing, mistakes can occur frequently. Your time and reputation
will likely suffer as you try to clean up the mess!
6. Poor self-care - People who are tired, under
nourished or ill are not able to reach their potential. As a result, everyone,
including that person, the rest of the staff and the client suffer.
7. Lack of Focus - Many businesses fail because
time and energy are invested in the wrong things. You need to know where to
invest your attention so that you have good revenue and an acceptable bottom
line.
8. Poor Service - Clients come to you in order to
have their needs met. If this doesn't happen, they will not only look elsewhere
for services but also spread the word that your business is not very
helpful.
9. Inflexibility - You need to be able to adjust
your ideas in order to improve the business. Stubbornness without consideration
of options will kill a business in a world that welcomes change and new ways of
doing things.
10. Other Psychological Factors - World trends and
economic times can have a strong impact on how a business will do. If you are
not motivated or able to handle stress, you will likely soon find that running a
business can be an overwhelming adventure.
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