About 550,000 companies are created each month.
As per the SBA the SBA, one-third of businesses fail within two years of starting. Within the initial four years, the proportion of failed businesses rises to 56 percent.
Sixty-two percent of entrepreneurs in the US declare “innate determination” as their primary motivation for starting their own business. However, when it comes to business failure reasons, there are many reasons. The SBA notes that “owners might not possess the drive or perseverance to run the business in a way that is efficient and to take lessons from mistakes.” What does that mean for the “innate drive” to succeed??
Based on my experiences being an International Expert in Business over the past decade, there are three major phases of the Dying Entrepreneur. The ones you are in without realizing, slowly sabotaging your passion and then rapidly eroding the intensity of your work. I’ve been through the stages of the Dying Business Owner time and time again. Take a look to see whether you are in one of these stages and then what you can do to change it if you’re willing.
1. Stage I: Decrease
It’s a difficult time. The stage of Decline is draining, exhausting, demotivating, and disorienting. It’s obvious due to the stark contrast to the way things used to be. Your enthusiasm and energy are rapidly fading. It could be creeping into your life, but once it happens, you won’t avoid it! You are anxious about going to the office. You’re afraid of picking on the telephone. You fear meeting people. It’s possible that you are afraid of getting up each day, feeling that you can’t “do this anymore.” The stage of decline is when you start to notice that things aren’t working according to plan and aren’t working well because you notice the loss of customers and customers, a decline in sales coming, a decrease in morale, or other indicators that indicate that the company is in the downwards spiral.
Stage 2: Despair
It’s the Stage of Despair is chaotic and stressful. It’s not easy to misinterpret this stage as it’s the point at which you realize that you’re sinking quickly, and if you don’t act now, then you’ll be forced to close your doors permanently! You are scrambling to discover a quick solution. You do everything you can think of to sell something that will fix everything and produce an amazing experience. You’re trying to clear up an unfinished mess that’s been accumulating for months or even years as fast as you can. If you’re in your Stage of Despair, you’re not sure what to do first since the issues are complex and vast.
3. Disinterest
The stage of Disinterest is depression, irritability, and indifference. Once you’ve reached this point, it’s time to accept and a numbing acceptance that things aren’t going to improve. You’re not quite ready to declare it “quits” yourself, and if your bank contacts you with a note or your landlord informs you that you’re closing your doors, you’re not shocked, and you’re feeling a sensation of relief. You head for work, and you do your minimum required to maintain your appearance and put on an appearance to show that you’re trying “all possible” and that you’re not an oath-breaker. But, deep down, you know that you do not have any energy left in you, and you’re not even reacting anymore when you get bad news. You don’t have any hopes of getting better. You’re just doing what you do because you don’t know any other plans and don’t know where you should decide if this truly is “the final.”
So what do you need to do? Let’s start with Stage 3 since it’s the most important. When you’re at the stage of 3 disinterest, you only have two choices. Option 1.) Get up and fight for your life, or alternatively) Be 100 percent sincere with yourself, switch down the lighting, and shut the doors. You can then begin living your life again and start planning what’s coming up in your career and life. If you decide to go with Option 1, you’ll have to sign up and join your team in a massive manner to help you with finding your way back to normal quickly! If you select Option #2, You’ll have to follow a set of guidelines to end your business in a professional manner, with honesty and mental health. Whatever the case, you could need an outside expert to guide you towards the result you want.
If you’re in Stage 2, I strongly suggest that you engage an expert coach to get you back on track as fast and efficiently as you can. Without someone who can OBJECTIVELY assist you in the journey, you’ll be in a rut with little or no progress, no regardless of how you attempt. You’ll end up heading to Stage 3 faster than you could say, “holy smackers”! It is essential to plan the projects you work on to restore your business to its former glory without sending the company – or yourself – into the ground unintentionally. This isn’t something you should be making on your own. The lack of objectivity and emotional attachment can lead to your downfall regardless of your best efforts.
If you’ve barely started to recognize the first signs of Stage 1, you’re likely at the beginning of your journey and need to get your company back on track quickly (and hopefully, at least somewhat easily). I strongly suggest that you engage an experienced coach who will assist you in resetting your business’s course at a rapid pace. At this point, the quicker you bring yourself, your mind, and your company back on the track you set out on more likely you are to achieve long-term success. But, you could also begin by examining self-study courses, books, videos, training on video, or other ways of motivating and redirection. Consider how much time you have for yourself to “try” techniques before you run out of your resources: emotional as well as physical.
A BIT ABOUT THE AUTHOR
Aprille Trupiano, the International Expert in Business Speaker, Author, and Television & TV Show Host, is said by her clients to be energetic, bold, lively, and passionate. The TV show she hosts, “Streetscape Show,” is available to viewers on ABC, STL-TV as well as Streetscape.TV, as well as her TV show “St. Louis Presents,” can be seen on STL-TV as well as YouTube. Aprille is an author who has published her work writing her 2nd publication, “Click! Leadership Tips to Grow Your Business and Enjoy Your Lifestyle”. An entrepreneur from the age of 20, Aprille has built enterprises that have grown from scratch into seven and six-figure companies. Aprille has lived in both the US as well as Italy, in which she has provided workshops for small and private companies, private customers, and mid-sized to large businesses and government agencies. Her mix of practical advice and a hefty dose of motivation makes people more effective and confident, and enthused, prompting some to call the woman “the Italian Oprah.” Her proven methods propel clients to the top of the line in their work and amazing in their lives and help them make more money while having fun doing it. As they advance their skills in the areas of Vision, Leadership, and Legacy, Aprille’s clients succeed in their businesses and enjoy their lives!