“We are really competing against ourselves, we have no control over how other people perform.”

— Pete Cashmore, Mashable

We’ve gathered possibilities that make young entrepreneurs fail in their start-up businesses. Here’s why:

1. Rushing to Cash Flow

Everyone’s ultimate goal in having a business is for it to market, but to scale too fast is actually perilous. You need to be prepared when your products get so in-demand because it will require a lot of resources for you to maintain and grow the pacing of your products. It might cost more than what you’re earning. Some young entrepreneurs tend to be greedy that they end up only focusing on producing money and unconsciously disregarding other issues that needed to be solved. It only gets worse when you start to rush on things you’re not ready for. You may have it at the moment, but will it support it in the long run? Appreciate and consider owning milestones.

2. Going solo

It is a challenging path if you choose to run a business alone. You will have to call and meet clients, work extra hours, and cash out so much. All these, it’s all you. Idealistic? Yes. But practical? Not much. It tends to detach you from preparing and really honing what you’re starting. You may be good at a lot of things, but not everything. You will need someone to collaborate and partner up with, to explore the possibilities and capabilities of your business. Consider the help of other people who are good at what you’re lacking. It will help you grow and have a more chance of having a successful venture. Remember, if you choose to be a solopreneur, you will be the only person who is credible to introduce and sell your products. Is that what you want? It’s not a bad thing, but more of a caution.

3. Being over-confident

You know what they say about lacking something — work on it and it will grow. But, having too much will cause you to lose what you’ve already watered and cared for. Having so many ideas can generate the possibilities of improving your business. You get so inspired with the thought of new challenges – and that can lead to causing you a heartbreak. Know what you are willing to endure and be ready to commit to it — that will start a good relationship with your business. For example, not investing in marketing and public relations. You can’t have good products and just have it travel through word of mouth. It’s not that easy if you start having a small reach. In the business, you will have to shell out money to earn more. It’s all brain and money. It is how it is. Instagram founder, Kevin Systrom, said: “Great products sell themselves.” We only believe that when it’s supported by having a good reach to its market from the very start. Then it will sell itself on its own.

4. Easily discouraged

From being too confident to a feeling of losing everything is a situation you will have to choose from. If you are willing to take the risk of doing it again but in a different way or let it define you. It will be a big decision you will have to take if things do not go according to plan. If you really want to pursue what you’ve already started but unfortunately failed, you will have to learn from all the mistakes you’ve encountered along the way. Treat failure as an opportunity for a great venture. If you’re easily discouraged, because you’ve lost so much, know that these are all challenges. You can always save up, take a new approach and try again. You wouldn’t know unless you really try and experience it.

One thing to understand and be more aware of in the industry is to attend workshops. It will help you grow and help you hone your entrepreneurial spirit.

We in Laurus Enterprises empathize and know the struggles of being in your situation, and one of our programs is Cashflow 101 Workshop, wherein it will discuss how you can best identify the specifics of your finances, and how you handle them. The event provides ideas, business & financial techniques, best practices while presenting a mindset dedicated to choosing the best decisions in your career. Eventually, by that, you will be more courageous and gain personal and inner strength to handle your business. It will be held in Crowne Plaza Hotel on August 24Click here!

"People who succeed have momentum. The more they succeed, the more they want to succeed, and the more they find a way to succeed. Similarly, when someone is failing, the tendency is to get on a downward spiral that can even become a self-fulfilling prophecy."

— Tony Robbins