Five blind spots holding you back from entrepreneurial success

Having confidence in yourself and trusting your instincts is crucial to successful entrepreneurial success.

By Michelle Duval September 21, 2017

It is estimated that 97 per cent of start-up businesses fail within the first two years and only three per cent of those become a successful high-growth venture*. In such a competitive market, how do companies survive and succeed?

I founded F4S on the back of 20 years of studying business owners and entrepreneurs, and in that time I have identified the five key blind spots holding people back from entrepreneurial success. Here they are, alongside some tips on how to overcome them to help your business grow.

Not taking enough action

Many unsuccessful business owners tend to think they are taking enough action but in fact they are not. Fingerprint for Success has found that successful founders are 40-43 per cent more motivated to turn their ideas into action compared to the rest of the population. They are the people who go above and beyond to achieve success. Therefore, a strong desire for success and the motivation to succeed are key ingredients in the making of a successful entrepreneur and overcoming this blind spot.

Not trusting your gut instinct

Having confidence in yourself is crucial to being a successful entrepreneur. However, not all business owners trust their gut, which is where they can often go wrong. Successful entrepreneurs are 34 per cent more likely to trust their instinct, which sets them apart from the rest of the population. In order to become a successful entrepreneur, you need to trust your gut, follow your intuition and take the leap forward.

Not making decisions quickly enough

Many business owners tend to mull over things for too long and don’t make decisions fast enough. In doing so they miss great business opportunities. Based on F4S research, successful entrepreneurs are 40 per cent more focused on initiation and getting started. That is why is it is important to be a go-getter and act on your plans as soon as you can. If you don’t have that attitude then surround yourself with people who do and can make it happen for you.

Getting caught up in the finer details

Many entrepreneurs focus so much on the smaller details that they are unable to see the bigger picture which can lead to early venture failure. Successful entrepreneurs on the other hand are 30 per cent more likely to be geared towards achieving their company’s ultimate vision. To maximise the potential of your business, focus more on your company’s final goals, and not on the minute details. Learning to plan as you go is a good solution.

Focusing too much on structure

Too much focus on structure and planning can limit the success of your business and according to our research, is linked to business failure. Too high a focus on structure means the company can end up stalling and no action is taken. It is a much better idea to swap your habit of planning for on-the-spot problem solving and think on your feet. Stop focusing too much on imposing order and structure in your company, and let your staff develop creativity to help the company succeed.