Fortunately, as the former U.S. Small Business Administration’s Entrepreneur of the Year (and recovering jackass), I get asked to help grow businesses in nearly every industry. Unfortunately, and sadly as a business owner who once practiced the dark art of “Jackassery,” I can empathize with nearly every poor decision they are making because I used to make the same poor decisions as well. My friend, when banks refer me to a business to help them grow or to “turn the ship around” I often see businesses that are crashing and burning firsthand.
Because I’ve personally witnessed these implosions and explosions so many times, I’ve identified five reasons that can account for every failure I’ve witnessed. In the spirit of full disclosure, I must say that I haven’t had the chance to work with an entrepreneur in the clay pigeon or petting zoo industries, so I cannot speak to these industries from experience. Thus, if you are in those two industries, these five habits that cause entrepreneurs to fail, don’t apply to you. However, for everybody else, as you read these habits and false beliefs, ask yourself which one sounds most like you. What are you going to do to begin improving upon yourself and your mindset today?