Entrepreneurs tend to fail for the same 3 reasons — here's how to protect yourself against them

Business Insider | 12/7/2017 | James Sudakow, Inc.
TimHyuga (Posted by) Level 3
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Many entrepreneurs fail because they don't do an honest assessment of their skills and management.

Even with a great idea, poor execution and bad financial planning can tank a venture.

Entrepreneurs - Work - Patience - Moments - Enterprise

Entrepreneurs need to have a good work ethic and patience to get through the tough moments of creating an enterprise.

The most successful entrepreneurs typically start with a side business and take time to develop a full business plan.

Mentors - Entrepreneurs - Jim - Hazboun - C-Level

Recently, I spoke with one of my long-time mentors and successful serial entrepreneurs, Jim Hazboun, who is also a top C-Level executive at a large global company. He and I talked about two critical things no one ever tells you about becoming an entrepreneur, specifically the importance of having a compelling "why" for what you are doing as well as doing an honest assessment of yourself, what you are good at, and where you have gaps.

Even if you pass through both of those hoops successfully, being an entrepreneur isn't for the faint of heart. So why do some entrepreneurial ventures fail where others succeed and grow in a sustainable way?

Jim - Reasons - Failure - Things - Entrepreneur

I followed up with Jim and asked him what he sees as the most common reasons for entrepreneurial failure and the key things every entrepreneur needs to do to have a fighting chance at success.

Here is what Jim sees all the time that causes otherwise good ventures to fail:

Poor - Execution

1. Poor execution

You might have the best idea in the world, but you still have to execute well to get results. Innovation and execution are very different skill sets, and sometimes we think that having one means we'll be good at the other.

Poor - Management

2. Poor financial management

Entrepreneurs need to know their financials and numbers backwards and forwards. Many businesses fail because of poor financial management. Even if your company is growing, you can still fail if...
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