This is quite trending these days that the jobs are not promising and people are moving more and more towards their own start-ups, business ideas, entrepreneurship and/or freelancing services. These types of jobs seem promising and appear quite promising when it comes in terms of money in direct proportion to the efforts put on that job. Even after following the dreams and working towards such appealing ideas of self-hiring jobs, it has been found that eight out of ten ideas fail after one year of work towards such jobs. This is quite a big number to strike to anyone’s mind. It also intrigues you to think more on the factors that drive an entrepreneur or a freelancer towards failure.
Various entrepreneurs have been interviewed and stated their reasons behind failures encountered along the entrepreneurship journey:
Most of the young people start their venture or freelancing services by putting their efforts and hard work all at once. And then they start expecting good outcomes out of it. But a new start-up or freelancing service does require patience to appear fruitful to you in the end. Putting in your efforts with full strength for a while is no enough, but it demands consistency of services.
Entrepreneurship or freelancing on a monotonous tone could never bring a promising future. The market trend keeps on changing with time. So, these services also demand evolution according to the changed market trends of present time. For an instance, the search engine Google was publicized in 2004 and if we compare today’s Google search engine and the one in 2004, we could easily notice the evolution which has taken place during all these years. This evolution is the reason behind success for this start-up.
3. Unmanageable Growth
Sometimes, an idea for entrepreneurship or the freelancer service is too good that it becomes popular too soon. And the new freelancer or the entrepreneur is not experienced enough to handle too many things at a time. The exponential growth goes out of the hands of the owner and takes a drastic downturn if not managed properly.
When an entrepreneur starts working on an idea or a freelancer starts providing services with his hard work, they both are meant for the growth. But their growth becomes a threat to the already existing structures so far. This newly imposed threat bounds the existing structures to work for their own survival. Besides, with the advent of a new entrepreneur or freelancer, the competition in the market increases. Then the theory of ‘Survival of the fittest’ implements here and the fittest structure remains steady at the end.
5. Ambiguity of Goals
The entrepreneur or a freelancer starts working for himself and provides services by working day and night. But the starting of a job or a task is not the correct thing to do, until and unless you are clear about the vision and mission pertaining to that particular service, job or task. The ambiguity of goals leads to the failure of that service or business.
6. Over Complexity
Many a times, the complexity of the idea of a self-hiring job becomes too much that the tasks which could be performed by simple and small steps are ignored and the focus is kept basically on the complex issues. It occurs mainly because of lack of experience.
These factors need a lot of consideration if you are planning to go for a start-up, or a freelancer service. Work on these factors and eliminate these reasons for yourself and emerge as a great entrepreneur or a freelancer.