Unlock MASSIVE Entrepreneur Momentum | Discover the MIND Beliefs That Make You Fail

Hi, I'm Evan Carmichael. Welcome to another edition of Ask Evan. Today I'm answering a question from one of our newsletter readers, Malekoa, who wrote in asking, "Can you please give me some information on why entrepreneurs fail?" Great question. Thank you for asking it. So many entrepreneurs fail. Something like 80% of entrepreneurs fail within the first 5 years. And there's a number of reasons why that happens, and, uh, hopefully I can shed some light on it. So the first one is a lot of entrepreneurs get into business for the wrong reason. So they get into business just trying to make money, and that's great. We want to make money, but it shouldn't be your main reason for becoming an entrepreneur. If you look at any famous entrepreneur, and if you look on our website with the largest collection of famous entrepreneur stories, these guys started because they wanted to make a difference. They wanted to help people. They wanted to have an impact. And it sounds maybe very fluffy, but it's true. You know, you gotta have a strong passion for what you're doing. You gotta really love the business that you're in because it's so hard. It's brutally tough being an entrepreneur, and most people will give up because they don't love what they're doing. And a lot of these entrepreneurs, the successful ones, they would do what they're doing even if they weren't getting paid for it because they love it so much. So that's what you have to first of all find, something you love so much that you would do it to help people, and you do it even if you weren't getting paid for it because you have that strong passion for it. So if you haven't found it yet, don't settle. You know, keep looking for it. Don't give up on having that great business idea. Don't just jump into something because you think you're gonna make a lot of money. And typically you'll find that money will motivate you only for so long. When you don't see the results coming in and you really hate what you're doing every day, you're not gonna keep at it. You know, it's too hard, and so you're gonna quit. So step number 1 is finding something that you really strongly, passionately, in the deepest part of your soul believe in, and you know you're helping people because that energizes you, right? When you find people writing into you saying you changed their life, or thank you so much for that information or that product or that service, it made a huge impact on me, that motivates you to keep going. At least it does for me. And so it ends up giving you the energy you need to get up every day and do it all over again. And so you really want to love what you're doing. And there's going to be parts of running the business that suck. Even as you grow and build beyond yourself and have a team to help you with some of the admin stuff, there's still parts that suck. But hopefully it sucks less as you are able to grow your business and build it more and more around the things you're really good at and really love doing. So I would say that's the number one reason why entrepreneurs will fail, because they picked a business that they're not super passionate about and they're not helping people in. So that would be the first place I would start. The next reason I would say a lot of entrepreneurs fail is they quit too soon. They don't allow momentum to build, and running a business is really hard. You know, it's hard to get up every day and do something and not see results and want results so badly. You know, as entrepreneurs, we want things to happen yesterday. We feel so motivated, especially at the beginning, to get this thing going and change our lives and be our own boss, that it's frustrating when the results don't come in quickly. But the reality is a lot of this stuff takes time to build. You know, it takes time for the awareness to get out there, takes time for, you know, referral partners to talk about you, people to discover you, your website to take off. It does take time for things to happen, and you need to do something every day to make sure that that business is growing. And too many entrepreneurs just quit too soon. You know, you don't, you don't see the immediate results, and so you give up. And what I would try to encourage you to do is think about, think about the value that you're trying to help, think about the people you're trying to help, and try to channel that motivation into getting up every day and doing something to help them. I know it's tough, you know, I know when you're not seeing anything come back and just trying to stick to that vision, it can be really hard. But I found that it does, it did help me at least, and still does help me. Think about the people you're helping, try to visualize who you have helped and the real benefit that they've gotten by you being in business. And if you weren't there, you know, what would they have done? So that's the first one. And the second part is think about the life that you want to create and what you have to do to get there. You know, if you keep doing just the same thing back at your regular old job, are you gonna create the lifestyle that you want? Is that really the life that you want to be able to build in the next 10, 20, 30, 40, 50 years, depending on how old you are? You know, so if you're able to visualize the lifestyle that you want and get frustrated enough to say, you know, I have to change my situation for me to be able to build that lifestyle, that can give you the motivation to get up and do the work even when nobody else maybe believes in you. And so I find that to be very helpful. So you gotta do something every day and not quit. Don't quit too soon, which is a huge reason why a lot of entrepreneurs fail. So the first part is getting into business because you're not passionate and excited about it. The second part is because you quit too soon. And the third reason I think why a lot of entrepreneurs fail is they don't, they don't stretch themselves enough. To be successful as an entrepreneur, we're all limited, right? We all have our own strengths and weaknesses, and we're all really good at things, and we all suck at other things. And to be a successful entrepreneur, you're going to have to push yourself beyond your comfort zones. You know, in our comfort zones, we tend to do the things we like and we're good at, and not necessarily the things we have to do to grow our businesses. And if you want to achieve success, you have to be able to build that degree of discomfort, I guess, in what you do, to stretch yourself and push yourself beyond what you're comfortable doing, because you're going to have to do that to be able to get your company off the ground and up to that next level of success. And when people ask me even now what I feel is the biggest hurdle in my business, or what keeps me up at night, or what the biggest problem is with my business, it's usually limiting personal beliefs. You know, you think you're only so good, and so that's how good you can become. And if you think you're better, you'll rise to the occasion, and you'll stretch yourself, and you'll push yourself to get to that next step. So it's easy to get comfortable in a certain position For some people it's making $50,000 a year, $100,000 a year, whatever it is. You get comfortable, you stop growing, you stop pushing yourself, and that's fine. You know, if that's your goal, that's great. If you want to achieve more, then you have to push yourself more. And so one of the biggest things I think for growing entrepreneurs, and something that still to me happens all the time, the biggest challenge is limiting personal beliefs. So you only think you're so good, and so that's how good you are. If you think you deserve better and you take the steps to create a lifestyle that is where you want to be, then you're going to get there. If you think you deserve better and you really in your heart believe that, then you'll get better, right? You'll get that lifestyle. If you don't think you deserve it, or if you don't think you can get there, then you won't. So limiting personal beliefs, a huge issue, you know, worth looking at what beliefs might be holding you back. And I think every time I've been able to grow my business to the next step, if I feel like I've stagnated and then we've made a huge leap forward, it's because I changed a belief that I had about what my business should be doing or what I should be doing. And just recognizing that belief and changing it can make a humongous difference in the growth of your business. So hopefully that helped. 3 reasons why I think entrepreneurs fail. If you guys like the video, please give it a thumbs up below. Makes me more motivated to do these videos, and I'd love to hear what you think. Feel free to leave a comment below if you like the video, if you didn't, and if you have a question for your business, I'd love to be able to try to answer it for you here on YouTube. So please leave a comment below, and I'll see you on the next episode.