by MADphilips

Created on: December 09, 2010   Last Updated: December 10, 2010

7 Reasons Why Most Entrepreneurs Fail in Business

Entrepreneurship is not something you can fake your way through; you are either doing it right or not doing it right simple. There are no ways around it.

So are you still on the right path as an entrepreneur?

 To answer this question, let me share a revealing study of a group of businesspeople who took two very different paths after graduating from college.  

A study of business school graduates tracked the careers of 1,500 people from 1960 to 1980. From the beginning, the graduates were grouped into two categories. Category A consisted of people who said they wanted to make money first so that they could do what they really wanted to do later – after they had taken care of their financial concerns. Those in category B pursued their true interests first, sure that the money would eventually follow.

What percentage fell into each category?

Of the 1,500 graduates in the survey, the money-now category A’s comprised of 83%, or 1,245 people. Category B risk takers made up 17%, or 255 graduates.

After 20 years there were 101 millionaires in the group. One came from Category A (the money-now graduates), and 100 from category B (the risk taking graduates).

The study’s author, Srully Blotnick, concluded that “the overwhelming majority of people who have become wealthy have become so thanks to work they found profoundly absorbing …. Their ‘luck’ arose from the accidental dedication they had to an area they enjoyed.”

Source: ‘Making A Life, Making A Living’ by Mark Albion

So here’s the bottom-line;

Entrepreneurship is a way of life that offers unlimited possibilities to those who truly believe in it and live by it. But at the same time, entrepreneurship is a way of life that can totally alter the course of your life if misunderstood.

As the study above revealed, the business school graduates ended up with two different realities in life because of their choices of category. Today, I’m asking you just as they were asked back then to decide your fate as you’ve embarked on this entrepreneurial journey. The thing about choices is that at first we make our own choices but later our choices begin to make us. Therefore, it’s absolutely critical you understand what this is all about before jumping into conclusion without properly grasping the far reaching consequences of this seemingly insignificant choice you are about to make.

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