5 Guaranteed Ways to Improve your Chances of Business Failure

By: admin | 5 Feb 2014

Its that time of the month again.  The marvellous Mandy Naylor from Latent Promise shares with us some sure fire ways to create catastrophic business failure with almost no effort at all…

I’m tired of articles on how to be a ‘successful entrepreneur’, as though there’s a blueprint somewhere in a cupboard.

Why?

Because they focus excessively on personality traits, and are aimed at encouraging you to adopt those traits – like ‘Be bolder!’ – as if that guarantees success.

However, usually only the successful get to reminisce publicly.

How do you know that the failures weren’t just as daring, hardworking or innovative as the ones that succeeded? For every Colonel Sanders who kept going until someone said ‘Yes’ to his chicken recipe, there will be others for whom the answer stayed permanently at ‘No’.

There’s a myth of the typical entrepreneur: keen eyed, gazing nobly into the horizon as they deftly build their business empire by meeting a previously unidentified need in the market, creating a huge profit and then moving onto their next venture.

This is nonsense! In fact, entrepreneurs are probably one of the most diverse types of people you could ever come across.

For every successful business run by a chatty salesperson, you’ll find another run by a hermit up a mountain. If entrepreneurs come in all shapes and sizes, why aren’t you perfect to start a business just as you are?

Instead of pursuing success, consider getting into failure.

There are thousands of people who didn’t make it – more than those who succeeded. Given that they’re probably by far the biggest group, doesn’t it make sense to learn from their experience?

After all, they understand what you need to know: the actions that contribute to failure.

Here are the top 5 ways to create business failure.

You don’t need to aim for them all – just one can be enough to create a flop…

#1 Believe talking and planning can replace action

Your colleagues think your idea is great, your friends are raving about it, and you’ve got a beautifully drafted business plan with some really cool graphs that you’ll implement just as soon as you get time – but for now, it’s obvious it’ll work, so why rush?

#2 Launch a product or service on a grand scale without checking what people think beforehand

Related traits: Not sharing your idea with anyone in case they steal it. The inventor of the baby cage last century probably thought that hanging your baby outside of your window was a great way for it to get fresh air. Shame they never asked any parents what the downside to that might be…

#3 Don’t bother with the numbers
You hated maths at school, right? And finance, is well, just so dull. You know the money’s going to flow in from the start, and besides, you’ve a mate in the pub who knows a bit about bookkeeping.

#4 Ignore warning signs that interfere with your vision
Also known as ‘a nice little café in the country’ syndrome. The last nine tenants all went bust within a year, but that won’t happen to you will it? Its easy to see how lovely it will be on a summer day, with people sitting out by the river that apparently doesn’t flood all that often…

#5 Never bother with legal niceties
Planning permission? Leases? Partnership agreements? Everyone knows that sort of thing takes time, lawyers are only trouble, and most things can get sorted out easily between reasonable people. The last thing you need are some ‘rules’ getting in the way. Best to just ignore it, eh?

So there they are…

I’m not guaranteeing anything you understand, but if you follow the five point plan above and still manage to run your business successfully, then you’ve clearly got so much inbuilt luck that you can do anything you like.

Please get in touch, and I’ll ask you to pick my lottery numbers.

Have we missed any other ways of ensuring failure? Let us know in the comments…thank you for reading.

For more by Mandy check out her website

 

Image by Stuart Miles at Freedigitalphotos.net