“I’m struggling to find the right business venture that can guarantee me success. I tried running my own operation in two different industries, but I had to close down the businesses both times because they weren’t viable and I was losing money. I know it’s possible to make money in business, so what am I doing wrong?”

Many businesses suffer from varied problems that can undermine their viability. Lack of enough low-cost working capital, high production costs, competitive pressures, – the list goes on. When you think of all the challenges, it’s a miracle that so many people desire to be their own bosses!

Sometimes the underlying cause of issues that business owners face has less to do with a difficult economic environment, and more to do with the entrepreneurs’ own attitudes and practices. It’s easy to recognize the external issues contributing to business failure, but it’s harder to identify the negative habits that can destroy a business dream.

Internet marketing expert, Stephen Pierce explained it perfectly in his e-book, Under Oath: The Truth, The Whole Truth, And Nothing But The Truth About Internet Marketing.

“Its not that you aren’t sincere about your desires, it’s not that you aren’t capable of accomplishing these desires, it’s that your desires are being sabotaged by self-defeating habits.” Pierce encouraged persons to confront negative habits quickly and create new success habits instead.

What are some habits and attitudes that can cripple your business dream?

Lack of Accountability

A major self-defeating problem that many small entrepreneurs aren’t aware of is their own lack of accountability. Their lack of consideration for time, inability to deliver as promised, or generally undependable nature are some of the issues that can drive customers away.

If you’re a business owner, do you strive to keep your word, or are you nonchalant about sticking to promised deadlines? Do you return calls promptly to both clients and creditors? Are your service standards aligned with your clients’ expectations?

Many times, customers don’t bother to tell you when you have disappointed them, as they simply stop coming; and then you blame the tight economy for your fall in sales.

Undercutting Your Value

Many times business people try to win customers by reducing prices and offering rock-bottom deals. While the occasional sale and special offering can be very beneficial to boost revenues, having a policy of offering the lowest prices can sometimes backfire and stunt your business growth.

Prices that are too low can lead to very slim profit margins that may not cover your expenses. Also if your product or service is viewed as cheap, then you might be only attracting customers with little disposable income.

Want to learn how to be successful in business? CLICK HERE!

Recently, a restaurant owner was complaining that he couldn’t make ends meet with the rising cost of inputs. Despite almost weekly increases in his cost of production, he had hesitated to raise his prices because he thought that most of his customers couldn’t pay more.

The result was that he was not able to pay his bills, and he was desperately seeking solutions. Interestingly, not very far from his operation were other restaurants that were charging 75 per cent more for similar meals and they were full! Sometimes our reality is a reflection of our expectations.

Not Getting Advice

Too often I see persons plunge head first into starting their own business without getting proper advice on how to proceed. Given that the failure rate is extremely high for start-up businesses, why would you want to invest your time and money without first going to an expert business advisor to help you to avoid the mistakes that others made?

Similarly, established business owners who experience problems with their operations spend too much time trying to figure out what’s wrong by themselves. Whether out of a desire to save the money that a business counselor would charge, or the misguided notion that they know their business better than anyone else, the end result is usually lost profits and irrecoverable damage to the viability of the business.

Get-Rich-Quick Mentality

One common problem that cripples many operations is the owners’ desire to make a quick buck out of the business. They will take the cash that the business generates and use to it fund personal consumption on lavish lifestyles.

Just like a growing child requires continuous sustenance to become a healthy adult, so does a business need re-invested profits to develop. If an enterprise is deprived of its cash flow, especially in its formative years, it will become malnourished and unable to survive.

Some business owners also have unrealistic expectations that they will start turning a profit as soon as they open their doors. Building a sustainable, profitable operation requires time and experience.

Unfortunately some entrepreneurs give up on their businesses too soon, whether from lack of patience or money, and end up missing an opportunity that may have ultimately been rewarding.

So if you’re struggling in business, make sure that it’s not your own habits and attitudes that are causing the problem!