Do you have what it takes to make your business thrive? Not a catchy slogan or a hefty bank account – it’s a particular attitude toward your company. In this episode of Small Biz TV, I discuss the importance of having a burning desire to succeed.
Did you know that 80 percent of businesses fail within their first three years? It’s a huge failure rate, and it may intimidate some entrepreneurs. How can you predict whether your company will be in the 80-percent or 20-percent category at the end of three years? Think about the way that you approach your business.
Many people who start businesses lack the true desire to be successful. They want to run companies because they want to be their own bosses, have the freedom to set their own schedules and live the American dream. But many people who hang out a shingle aren’t motivated enough to follow through and get their businesses to succeed.
Sometimes, when a business fails, the company’s founder may tell himself that the idea he had wasn’t good enough, or that he didn’t offer customers the right product or service. I say that there’s no such thing as a bad idea. The real reason why so many companies fail during those early years is because of a lack of passion.
My company’s mission statement is to help other businesses grow, and I’m extremely passionate about it. I absolutely love helping people in this way. Everything that I do for my business comes from a place of motivation and determination, which helps me to overcome all of the challenges and obstacles that I’m faced with. If I was less passionate about my work, I might not be as motivated to attract clients, help people and get referrals, which would make it less likely that I would stay in business long-term.
Be the solution to the problem
Businesses exist to fulfill needs and offer solutions to problems. My brother is a contractor. When someone who lives in a small house needs to build an addition to the home, he calls a contractor, because most people don’t have the time or the expertise to do the work themselves.
If you’ve done work as a contractor and you’re thinking about starting out on your own, you know that you have the skills to be the solution to the problem: You have the technical expertise to put additions on homes. But before you begin, you need to make sure that you want your own contractor business, and all of the things that go along with it, more than anything else in the world. That’s your burning desire to succeed.
When you start out on your own, you’ll do much more than renovate or expand homes. You’ll need to run the day-to-day operations, attract clients, collect payments, manage a crew of workers, handle the accounting, the taxes, the insurance and more.
This is true for every small business, not just contractors: Lawyers, doctors, bakers and boutique operators all face these challenges. You can’t just be passionate about adding decks to houses, examining patients or baking elaborate wedding cakes. You have to be willing to handle all of the other responsibilities that go along with owning your own business. If you approach those matters with a burning desire to succeed, you’re ahead of the game.
Every business has reasons why it might fail, but the burning desire to succeed can help you barrel through all of the obstacles in your way. If you’re laser-focused on success, nothing can distract you. When you’re deeply motivated from within to succeed, you’ll use all of your resources to get the job done. But if your heart truly isn’t into it – if you don’t have that burning desire to succeed – then I promise you, you will fail.
If you’re fully devoted to your business – if you feel that it’s what you were born to do – then proceed forward confidently. There’s no need to be cautious when you’re guided by burning desire. One way or another, you’ll find yourself in the 20 percent of businesses that endure over time.
If you’ve got a burning desire to succeed but need some help getting through some of the challenges and pitfalls, we can help. We’re small business coaches, and we can get you to a point where your business isn’t just surviving, it’s thriving. We can help you channel your passion for your business so that you dominate your marketplace and Blow Away The Competition!