According to the US Bureau of Labor Statistics data, only 25% of new businesses make it to 15 years or more. I know, for newbie entrepreneurs, this data is scary. But it makes us understand one thing – entrepreneurship is not for everybody. And if you can’t fight some natural urges along the way, you may end up deviating from your business goals. So, in this article, you will learn 5 negative urges every entrepreneur must fight.
If you allow your natural instinct to always dictate how you run your business, you are less likely to succeed.
Let’s be realistic here; entrepreneurship is more strategic than natural. That means, if you want to succeed in business in the long run, you must be conscious of your instincts whenever you make business decisions.
So, here are 5 negative urges every entrepreneur must fight to be successful. If you can fight these urges, your chances of failure are slim.
#1. The Urge to Run Your Idea Immediately
About 20% of new businesses fail during their first two years not because the business didn’t have potential. But the owners couldn’t resist the urge to implement their ideas immediately.
Running your business ideas immediately without testing them is a recipe for disaster. And that is what is affecting most businesses that fail during their first two years.
One of the things entrepreneurs fail to understand is that your idea is just a single variable in a business equation.
You don’t just put ideas into action because they seem amazing. You need to do extensive research and see if you already have competitors.
And if you realize that you have competitors, think about a unique way to approach the market.
Then again, you need to define your audience, what gives them sleepless nights, and how you can solve the problem with your idea.
Of course, you will always have the urge to run your idea immediately after you discover it. But it’s one of the negative urges every entrepreneur must fight if they want to be successful.
So, for your sake, fight your unbridled desires to run your idea and do your research to see if the idea can fly.
Undoubtedly, running a business without market analysis would always lead to regret in the long run.
#2. You Don’t Want to Accept That You Have a Direct Competitor
One of the negative urges every entrepreneur must fight is not carrying out marketing intelligence and competitive analysis.
Once you have a promising business idea, it’s essential to carry out extensive competitive analysis. And when you are analyzing your competitors, don’t allow confirmation bias to influence your result.
Try to be honest with your analysis. And once you realize that the niche is highly competitive, you can restrategize. Either you look for a better way to approach the market, or you think of another niche.
As a startup, it may be difficult for your business to grow steadily in a crowded. But if you have perseverance, it may be worth it.
But it’s always better to conduct your research objectively and develop a unique strategy to enter the market.
For instance, the social media niche was already very competitive before TikTok came into the picture. Surprisingly, the platform is snowballing.
And as of January 2021, Tiktok has 689 million monthly active users worldwide. For a platform that is merely 5 years old, this is an amazing milestone.
But how did the platform grow so fast? It’s because they did their research objectively and approached the social media niche without a unique strategy.
The app has a very excellent audio system that allows you to lipsync the audio of a particular video. And at this rate, it could be among the top 3 social media platforms in the world.
#3. You Raise Money as Soon as You Can
One of the negative urges every entrepreneur must fight is the urge to raise money for your business immediately.
I get it; your business needs money to function effectively. But before you go for a round of financing, try to start up your business first.
Put your structure in place, kick start the idea, have a few people working with you, and perhaps have figures to show.
In a nutshell, try to make your business promising and juicy before you seek round financing. Of course, the thought of getting a few million dollars for your startup could be stimulating.
But the harder you work on your business, the more attractive it will be to potential investors.
#4. The Urge to Keep Your Idea to Yourself
The desire to keep your idea to yourself is one of the negative urges every entrepreneur must fight. I know it can be very tempting not to tell anyone your idea.
But there’s nothing like a novel idea in the business world. What’s important is how well you can execute it.
So, discuss your idea with your trusted friends, family members, and colleagues. The more you discuss your idea with people, the more apparent it will become to you.
#5. The urge to Take the First Acquisition Offer You Receive
One of the negative urges every entrepreneur must fight is the temptation to take the first acquisition offer they receive.
If you believe in your company’s potential, don’t be in haste to sell it. Build and nurture it until it’s fully matured. After maturity, you can now get a better deal for it.
I know it can be very tempting to reject a juicy offer of acquisition like $50 million. But if you can be a little more patient, you tend to get a better deal.
These are the 5 negative urges every entrepreneur must fight. Do you know of any other negative urges? Let me know in the comment below.