Every entrepreneur has a story about a time when they failed. Sometimes, things outside your realm of control happen, and there’s nothing you can do to prevent it. Other times, though, you can learn from other people’s mistakes and avoid making them yourself.

1. You didn’t make a business plan.

When it comes to writing down a business plan, there’s no wiggle room; you have to do it. The plan is for you, not necessarily your investors, at least not at first. When you write down your business plan, you have a roadmap for turning your idea into a business and communicating that idea with others.

2. Doing free work to attract customers.

A lot of people feel that you shouldn’t monetize your idea until you have a solid customer base. This is a mistake, though, because marketing your business to get those customers will cost money, a huge problem if you’re not making some money back. Every type of business needs to be profitable in order to offset expenses. Plus, those customers that got everything for free won’t see value in your product, which means they won’t be willing to pay for it. You could lose the customer base you worked so hard to get, all without seeing any income yet.

3. Thinking that your passion will defy the market.

You have to learn about business opportunity, no matter how in love you are with your business. There’s no replacement for market research. You need to fit a market need in order to be successful. Successful people like Pete Briger know that there are plenty of great ideas out there, but many of them don’t translate to a viable business.

4. You dream more than you act.

The world is full of dreamers. What sets the successful apart from the rest is that they act on their dreams, they don’t simply continue brainstorming. You have to execute in order to actually build a business. You also have to be comfortable with the uncertainty, responsibility, and risk that comes with entrepreneurship.

5. You take advantage of a booming market.

If you try to reach customers in an already-crowded market, you’re not going to be easily noticed. Try to market your business to a smaller, under-served niche. Or, if you’re going to compete in a loaded sector, make sure you’re offering something of value that goes above and beyond what your competitors offer.

Starting a business comes with a ton of risk. It’s not necessary to always pay the price that others have paid, though, since there’s a lot out there to learn ahead of time.

12 Comments
  1. Worli 2 years ago

    Hello Kimseasok,

    You have made some valid points. Business plan is a key of successful business. Lots of people start businesses without a business plan and its no surprise that the vast majority of new businesses fail in the first three years of opening. And contingency plan to cover what you propose to do if any part of your business plan fails.
    Worli recently posted…PDF to Word Converter OnlineMy Profile

  2. Leena 2 years ago

    Hello Kimsea,
    It is Wonderful and Interesting Guide me Full Step by Step , i like your Points and Mistakes Superb duper Informative Post i know this is most important Business Cause good Work my Dear Thanks a lot For Sharing me i am Really inspire

    • Profile photo of Kimsea Sok Author
      Kimsea Sok 2 years ago

      Leena, you’re welcome…

      I have visited your blog, and I found that you also have a lot of wonderful post

  3. Mukesh 2 years ago

    Hi Kimsea,
    wonderful and thoughtful post, these 5 points really decides a business to make or break..

    Regards
    Mukesh

    • Profile photo of Kimsea Sok Author
      Kimsea Sok 2 years ago

      Mukesh, your welcome…

      I’m really glad to know that you enjoy the post..

  4. Enstine Muki 2 years ago

    Hey buddy,
    Good to be on your blog today. Been busy on my job platform for bloggers and it’s almost ready 😉

    Now, these are solid points and I want to think that the first point is the foundation. Without a business plan, is a plan to fail.

    Other factors of course are real and thanks for taking the time to share them 😉

    Hope you are having a wonderful week
    Enstine Muki recently posted…New job for bloggers: Blogger with tons of SEO/Marketing experience wantedMy Profile

    • Profile photo of Kimsea Sok Author
      Kimsea Sok 2 years ago

      Enstine, thanks for stopped by and commented post.

      I’m really existed to see you here, my blog. You’re welcome..

      Sure, you said right..every business all need plan. Without a plan, no business is gonna success unless they are lucky. LOL

  5. Ankit Chauhan 2 years ago

    I have been looking at countless articles on why businesses fail. This one seems to make the most sense.

    Thanks!
    Ankit
    Ankit Chauhan recently posted…Social Media Mistakes To AvoidMy Profile

  6. Surya 2 years ago

    Thanks Kim for a great article…The 4th point is the best of all ‘You dream more than you act’. Even most of the times I do the same..Will try to change that habit 😀
    Surya recently posted…How to fix Work Offline issue in Outlook?My Profile

  7. Carol Amato 2 years ago

    ➤ Hi, Kimsea,

    What a great post, thanks for sharing! These are all excellent tips, and I like the first one because it’s the beginning of it all. If you fail to plan, you plan to fail <— the famous saying is so true, so glad you covered this point.

    Dream more than acting. . . I’ve seen people do this A LOT! So glad you mention this point also. Folks need to get in the trenches and do the work! LOL

    Appreciate your article and am sharing on social media.

    Have a great weekend.
    Carol Amato
    Carol Amato recently posted…Carol’s Cut – Best of the Month 2My Profile

  8. Philip Verghese Ariel 2 years ago

    Hi Kim,
    Nice to be here!
    I am here via Sachin’s page 🙂
    Nice to read your interview with him
    this post speaks some great truths.
    Thanks for sharing these common thing many do.
    No doubt this is a good alert to bloggers and business people
    Wonderful going
    Keep going
    Best regard
    Philip Verghese Ariel recently posted…My Interview With An Indian Born British Blogger! A Guest Post! And A Note About A Young Blogger!My Profile

  9. Yasin Rishad 2 years ago

    Hello kimsea,

    Brilliant post as before. You give an perfect tips to start up a business which is business plan. A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.

    I loved your another tips on to attract customer. Customers are the focal point of your business. Once you understand who your customer is you will better be able to identify where he is to be found.

    Kind Regards
    Yasin Rishad
    Yasin Rishad recently posted…Microblogging sites list and its advantageMy Profile

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