We all know that most businesses fail within the first five years.  The market is tough, and not every business has potential.  With consumer needs ever changing, that revolutionary idea you have this week could be old news next week.  With all this uncertainty, it’s easy to overlook some basic things that can cause your business to flop. So here it is, 10 things that if you are currently doing, you should stop doing:

1. You add no value: Easy, this is not a direct attack on you as a person.  This only means that you are worthless if you really aren’t moving your company along or adding valued insight.  If your business isn’t of value to consumers, then it is worthless.  Start a business that is revolutionary; something that changes or improves a current product.  Don’t start the same Joe Shmoe restaurant or retail biz, or you can guarantee failure.
2. You have no customers: If you are not meeting with potential clients, or seeing customers walk through your doors/ visiting your websites, then you are not making any money.  Look below to see where this gets you.
3. You’re not making a profit: This is a no brainer.  If you are not making any money, you will fail.  Period.
4. You hate what you do:  Don’t start a business that involves something you hate.  That is just stupid.  When you hate what you do, you are not going to spend the time and energy needed to get a business off the ground.  You started a business to get away from the job, boss, and cubicle that you hated.  Don’t pigeon hole yourself again.
5. You spend too much money:  Not knowing how to spend money is one of the top reasons for business failure.  If you are spending more than you are making, you are not turning a profit.  Not turning a profit equals business failure.  See #3 for review.
6. You don’t spend any money:  When you are not intelligently spending money, you are often not taking risks, purchasing more merchandise, or hiring more employees.  You generally spend money to gain growth (i.e. paying to get that great employee, restock shelves, redesign that website), so when you aren’t it probably means you are flat lining.  Remember that saying, “you have to spend money to make money?”  Well, it’s true.
7. You can’t delegate:  You can’t do it all on your own.  You will lose your mind, and waste precious time performing mindless tasks often leaving the larger, more important tasks undone.  Delegation offers you the opportunity to invite new ideas to those performing tasks, while also giving you the break to focus on your business’ big picture.
8. You have no focus:  If you can’t commit to your business, then there is not reason to start it in the first place.  Owning a business takes commitment and an abundance of focus.  You will have long days.  You will have long hours.  You will have to sacrifice.  And you need focus to keep your head above water.  If you can’t focus on the goals of your business, then you are most likely not giving it the time and attention it needs to succeed.
9. You have no mentors:  If no one is willing to mentor you while you start your business, it usually means they saw the failure eons ago.  A good mentor can help a business owner succeed by showing them good management and operations strategies.  Without this guidance you could make potential fatal mistakes.
10. You are delusional: There are times when you just need to let go and call it quits.  Believing that your business is going to change the world while money runs out the door and everything comes down crashing and burning around you is ridiculous.  Not every business will change their niche, their consumers, or the world.  Just face it.  The business may not have been a good idea after all.

Image:   Pho Fail