Many of us have heard the statistics stating that 95% of businesses fail in their first 5 years. Or, we know of people that keep losing on their investments. WHY? Although I believe there are many factors, the one that seems most likely to repeat itself is lack of education and discipline.
Even many that know what they should be doing lack the discipline to take productive action on that understanding. I have coached people that have a lot of knowledge, but lack the wisdom (knowledge properly applied) to make things work. I have seen “investors” be gamblers because they cannot control their own emotions and thoughts, and therefore rationalize why they should still do a particular trade/deal/business. Many will say, “Yes, I already know that, Chris, but teach me something new.” My response is “Yes, you may understand it, but you don’t get it.”
You MUST master your thoughts, words, actions, and emotions to be a great entrepreneur/investor. In a recent Time Magazine online Q&A, Robert Kiyosaki repeatedly answered questions reminding everyone that discipline is the key to success in investing, and the lack thereof creates failure. In the video interview, he even mentioned how military training has helped him be successful today.
In short, the only way to succeed in anything is discipline. Like in the military, set up a “code” to govern your actions, especially when life’s “bullets” are whizzing by your head.
MASTER YOUR LIFE BY MASTERING YOUR THOUGHTS, MONEY, TIME, AND EMOTIONS.
Tags: business tips, Financial Education, Financial Freedom, Investments, Money, Universal Laws of Wealth
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Hi
New research on the subject of why small businesses fail reveals interesting facts. First there is not a clear consensus among the research and academic and small business communities what constitutes a business failure. While some view it through the financial lenses, others simply go by the SBA’s data. Neither definition is conclusive and indicative. Second, many of the reasons listed - Lack of funding, industry downturn, lack of experience, just to name a few – are simply symptoms, not the underlining issues.
Our research shows that among there are 12 key areas and each has 4 specific attributes, total of 48 attributes, all of which contribute to the performance of SBEs.
I invite you to visit my blog on the subject of how psychology influences and impacts the success and failure of small businesses. See: http://smallbusinesspsychology.com/
I would greatly appreciate if you would share with me your thoughts on the various posts and give me your feedback.
Doron Zilbershtein
Miami Florida