10 Reasons You Will Never Be Successful

11 Feb

In my pursuit of career and entrepreneurial excellence I have been sidelined many times by distractions attributed to my own doing. Also, I have postponed the most gruelingly of tasks for the sheer reason that, “I can take care of it tomorrow”. These deficiencies have caused me to not receive certain promotions at my corporate job or business success with Plus Analysis. These and other reasons are why I am right at the cusp of where I think I need to be as an entrepreneur. Below are ten common reasons on why we will never be successful. This post is not meant to demean, but to find root causes on why success is so elusive.

1. Because You Procrastinate. Yes this is definitely one of the more common reasons for most people to never excel in fulfilling their chosen field or business. Instead of taking advantage of every waking moment you make excuses on why you can put it off until tomorrow or put the “grunt” work off until later, which is usually the most important of your daily task. Many will complain about why they’re not successful, but continue to put unimportant events ahead of what really should be a priority to anyone trying to better their situation or build a successful business and the answer is right in front of you and the sad thing is most know it, but fail to do anything about it.

2. Because You Blame What You Lack As Your Reasons For Failure. Nine times out of ten if you ask any person or entrepreneur why they have failed in finishing or accomplishing a goal their sentence will begin with Because I don’t…. Depending on what field of business they’re in many of us could guess how that sentence will end. The sad reality is that most of us lack one thing or another and many of our predecessors have overcome many obstacles and proven time and time again that where you live, your financial status, your race, location, height, and/or belief has no take on whether or not you will be successful and it is ultimately up to you.

3. Because your idea isn’t as brilliant and unique as you think. I know this doesn’t come as a surprise to most of you especially if you have ever started a business or had an idea that you thought was just revolutionary or unique with no competition, but once you do a little research or decide to launch you see ten other businesses doing the same thing. As I’m sure you have heard this before, but it is obvious most need to hear it again a successful business begins with a great execution and a failure is well…lack there of. Most ideas have been thought of or tried and tested, but many failed because of their execution and how it was brought about. There are many reasons why the same businesses fail while others succeed timing has a lot to do with it, capital, the person or entrepreneur, knowledge on the subject and much more.

4. Because some of your best ideas are just a memory or were never brought to life. I definitely think this is one of the biggest reasons most are never successful. Many of our best ideas that would have spread virally or been a necessity in life were never brought past the brainstorming process or seemed like one of them unobtainable goals, because most of the time the brilliant ideas are the hardest to accomplish or will have you facing the most obstacles to see them come to life. I read an article about how most everyday people think of at least two million dollar ideas on their way to work during a five day workweek, but over 90% never put any of them into action pass the thought phase and without reasonable doubt I agree.

5. Because you’re not patient. Many of us fall into this category and I was once a very impatient person when it came to seeing results with a new venture or goal I wanted to attain. I think the above title is why many of us fall victim to all of these get rich schemes we see in our email inbox everyday or on late night television infomercials. In reality there is no quick-legal ways to get rich or becoming successful anything that is worth attaining will take time to acquire. Many of us abandon a business before we give it time to get over the first years slump or automatically mark it as a failure before it has time to reach its full potential.

6. Because there is always somebody working harder than you. This article goes back to the first reason on procrastinating and not taking advantage of all waking moments. Every moment you sleep or take off for a break or make time for anything other than the goal you want to accomplish or business you want to be number one there is always another team of people or a person working toward the same goal. I think every time you decide to tackle an objective or start a new business that you want to succeed that you should definitely keep that in mind…there could always be somebody putting in harder and longer hours than you. Remember the number one spot or your accomplished goals wouldn’t feel so good if you were the only one going for it, because it wouldn’t be worth attaining.

7. Because you wait on luck or opportunity (Meal Ticket) to be given to us. In most instances opportunity is not given to you it is created and you’re lucky if you are prepared. That is why it is important to always be prepared for the unthinkable, because opportunities usually arise when you least expect it and that is why in most cases we’re not prepared and that is what we call bad luck. You can’t wait for ANYTHING to come to you or for somebody to hand it to you. If you want financing for your business go out and get it, if you want to relocate to another city go do it, if you want to be a millionaire before 25 get to work today not tomorrow anything is attainable with hard work and being very persistent no matter how small or large the obstacles to success may seem.

8. Because the odds are against you. In most cases people want to be successful from starting a business whether it is online or offline. The reality is over 50% of small businesses fail within the first five years and out of all businesses started 85% fail within the first five years as you can see it is not in your favor to succeed. Many people who have weight loss goals will most likely not meet them considering that more than 65% of the United States population are either overweight or obese and it was up more than 16% from the year before. Your chances of being a millionaire are not as bad when compared to the other odds, because the average American has a 1 in 13 chance of becoming a millionaire and more than 741,666 become new millionaires every month.

9. Because life is too short. This reason basically takes into mind all of the above reasons for reaching for success failures and taking time for granted and what is presented to you. You should take advantage of every opportunity that is presented to you, make use of every free second you have available, read up on any topic relevant to any goals you want to accomplish, make no excuses for tasks or goals not completed, and realize that you have nobody to blame, but yourself for any failures that you have or goals that you didn’t accomplish within your lifetime.

10. Because you will not make a change today. Even though this article stated in the beginning that “you will never be successful unless you make a change today” most of us will read it in its entirety and actually agree with its content, but will still go back to our same habits of procrastinating, blaming what we lack, putting together half-thought out ideas with poor executions, never bringing our greatest ideas pass the brainstorming process, being impatient and not persistent, letting someone work harder than you for that number one spot, waiting on our meal ticket, still understanding the odds are against you, but not working harder to overcome them, not taking advantage of all our time on this earth to see our dreams and goals manifest into something greater than we ever could imagine.

Source [No Matter The Occasion]

It is still within our own hands whether or not we will become successful and defeat these odds. These mistakes will not define us and we will accomplish all of our goals in spite of them.

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Choosing A Business Structure

17 Jan

It’s a new year and with that many of us have made resolutions to become closer to our dreams. Each New Year brings about new beginnings and opportunities. That’s why now is the perfect time to start your own business. How many of us sit in cubicles all day and secretly yearn for the opportunity to be your own boss? How many of us write down goals of creating your own business January 1st, but to never execute the goals on January 2nd?

Forming a business primarily starts with having an idea. Next comes creating the business plan. After the business plan is formulated a market is discovered. Soon after the business entity must be decided upon. Choosing the structure of your business is one of the most critical decisions you will make as a burgeoning entrepreneur. Not only will this decision affect your personal liability, but also it will affect your ability to raise money, how you are taxed, and what paperwork you will have to complete.

Types of Business Structures

Sole Proprietorship
The most widely used form of business entity is the sole proprietorship due to its relative ease to set up and maintain. The owner pays taxes on income from the business as part of his or her personal income tax payments. I chose to initially form Plus Analysis using this type of business structure. As my business continues to grow, I may or may not choose to structure it as a corporation.
Advantages
Offers complete managerial control to the owner.
Easy to set up.
The owner can pass the business down to his or her heirs.
No corporate taxes.
Disadvantages
The owner is personally responsible for all debts and liabilities incurred by the business.
The shoulders of the owner bear all responsibilities and decisions of the business.

Partnership
A partnership is akin to a sole proprietorship in the fact that they both are easy to set up and the owners are solely responsible for the profits and losses of the business. There are two types of partnerships: general partnerships and limited partnerships. General partnerships are made up of two or more partners where they all equally manage the operations and are responsible for any debt or liability. Limited partnerships can be made up of general partners and limited partners. The limited partners are investors and do not share the same responsibilities of the general partners.
Advantages
No corporate taxes.
Taxes are passed through to the partners’ individual tax statements.
Easy to set up.
Offers complete managerial control to all owners.
Disadvantages
Partners are solely responsible for all debts and liabilities incurred by the business.

Corporation
A corporation is a separate and legal entity outside of the owner. This means that the corporation can do business, own property, and open a bank account while using its own name. Officers run the day-to-day operations of a corporation and a board of directors appoints them. The board of directors manages the corporation and is responsible for making major decisions and overseeing the general affairs of the corporation.
Advantages
The owners (shareholders/stockholders) are not personally liable for the debts and liabilities of the corporation.
Perpetual existence – the company will still survive even with the owners die, leave, or sell the company.
Ability to attract investors, customers, and partners because of the credibility of being incorporated.
Disadvantages
Separate tax forms for your business and personal taxes.
Incorporation paperwork.
More costly than other forms of structures.

LLC
A limited liability company is a mixture of a partnership and corporation. Owners take advantage of the benefits derived from having a partnership and corporation. A LLC is not considered a corporation. LLCs are becoming the most popular way to start a business due to their ease and flexibility.
Advantages
Profits and losses can be passed on to the owners with taxation of the business.
The owners are shielded from personable liability of the business.
Tax options – can choose to be taxed as a corporation, partnership, or sole proprietorship.
Perpetual existence.
Relaxed compliance standards from state to state.
Disadvantages
Profits and losses are reported on each owner’s or shareholder’s personal tax return.
The lack of strict requirements for governing the business may not attract many investors.
Many states require LLCs to pay a franchise tax or “capital values tax”.

For more information on the business entities visit the Small Business Administration [SBA.gov].

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Thank You

02 Jan

Happy New Year everyone! The new year is an opportunity for new beginnings, but also a chance to solidify old relationships. With that said I would like to thank everyone taking your time to read this blog, share it with your network, or leave a comment. Major thank you to my family, friends, and readers who have supported Closer To My Dreams and Plus Analysis since day one. Your motivation, advice, and sincerity has not been overlooked. Let us continue to strive closer to our dreams in 2012.

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

21 Motivational Business Quotes

29 Dec

1. To win without risk is to triumph without glory. – Pierre Corneille

2. Why did I want to win? Because I didn’t want to lose! – Max Schmelling

3. You know you are on the road to success if you would do your job, and not be paid for it. – Oprah Winfrey

4. You must either modify your dreams or magnify your skills. – Jim Rohn

5. Whether you think you can or whether you think you can’t, you’re right! – Henry Ford

6. You must remain focused on your journey to greatness. – Les Brown

7. In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. –Harold Geneen

8. Whatever the mind of man can conceive and believe, it can achieve. Thoughts are things! And powerful things at that, when mixed with definiteness of purpose, and burning desire, can be translated into riches. – Napoleon Hill

9. The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. – Bill Gates

10. The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools. – Confucius

11. The entrepreneur always searches for change, responds to it, and exploits it as an opportunity. – Peter F. Drucker

12. Long-range planning works best in the short term. – Doug Evelyn

13. The great accomplishments of man have resulted from the transmission of ideas of enthusiasm. – Thomas J. Watson

14. Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were. – David Rockefeller

15. You’ve got to say, I think that if I keep working at this and want it badly enough I can have it. It’s called perseverance. – Lee Iacocca

16. Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. –Steve Jobs

17. The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time. – Henry Ford

18. To think is easy. To act is difficult. To act as one thinks is the most difficult. – Johann Wolfgang Von Goeth

19. The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it. – Debbi Fields

20. I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them! – C.J. Walker

21. An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage. – Jack Welch

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Quote of The Week

21 Nov

Failure is not an option, success is just a process. – Wale

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Fit For Business

14 Nov


For some time now I’ve been really committed to my health and personal fitness. It’s been a tremendous benefit as a burgeoning entrepreneur with a full time job, wife, and daughter. Changing my diet, lifting weights three times a week, and adequate rest have created an insurmountable amount of energy to go towards building Plus Analysis into a self-sustaining business.

There are countless benefits as a developing business owner that a healthy diet and consistent exercise provide. One of the most important benefits of living a healthy lifestyle is the expansion of your lifespan. The longer you are here, the longer your business will be able to thrive as well. Regular exercise provides amazing stress relievers for exhausted and overstretched entrepreneurs. Creating a workout routine assits with the discipline it takes to become a business owner as well goal setting and execution. There are several other positive outcomes of a healthy lifestyle:

    Balancing work and life
    More energy (productivity)
    Sharper mental focus
    Need less sleep
    Live less stressed
    More confident
    More creative
    More social (think networking)

What are ways that exercise and a healthy diet help you as an entrepreneur?

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Dream Big Series: Interview with Jean Paul

29 Sep

It’s been a while everyone, but I’ve been toiling away providing you all with some informational content.  With this post I wanted to try something different and provide you with something visual (there’s only so much we can read at times).  That being said I would like to showcase our Dream Big Series which are interviews yours truly will be conducting with other upcoming entrepreneurs.

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

The Man In The Arena

14 Sep

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Fail To Plan, Plan To Fail

10 Sep

My motto is “it starts with an idea” and most successful businesses usually do.  An idea is merely a thought or suggestion pertaining to a possible course of action.  Ideas are stimulated by the need to solve a problem or the willingness to innovate.  In addition, ideas are the stimuli for businesses that sparks the entrepreneurial spirit in those of us who are getting closer to our dreams.  When ideas are coupled with enthusiasm plans are soon birthed and actions implemented.  If ideas are the sparks that ignite great businesses then plans are the foundation that keep them firmly established.

Every successful business is grounded in an equally successful business plan.  During the initial creation phase  of my business, Plus Analysis, I wrote down every idea that I contrived in hopes of  manifesting them into a formal business plan.  What seemed to be bestrewed words on paper would eventually become a functional business plan.  A business plan is considered to be a formal statement of a set of business goals, their attainable, and the plan for reaching these goals.  Generally business plans are divided into ten distinct categories, but can be tailored to fit any business in any industry.  The following are the ten categories found in a conventional business plan:

  1. Table of Contents – This area gives you and potential investors the various categories which will be prominent in the plan.
  2. Executive Summary – in this category you are covering the fundamentals of the proposed plan and it should be the very last category you write, think of this section as a five minute interview.
  3. General Company Description – Here you will describe your business type, your company’s goals, business philosophy, and mission statement.  This section describes who you are, what you do, how you do it, and who is your target group.
  4. Products and Services – This portion of the plan  throughly states your products and services. In addition, include any competitive advantages or disadvantages .
  5. Marketing Plan – You products and services maybe unrivaled in the industry, but who knows about them?  This why this category is so important. Here you outline what you are marketing, how you are marketing it, and who you target market.  Be sure to do thorough research on the products/services you provide and also three of your biggest competitors.
  6. Operational Plan – An  explanation of  the people, processes, location, equipment, and daily operation of the business should be provided in this section.  This section also identifies the key stakeholders of the company, the legal environment, and credit policies.
  7. Management and Organization – Here you identify who will manage the day-to-day operations and what experience does that person bring to the company.
  8. Personal Financial Statement –  Personal financial statements for each owner or stakeholder of the company is outlined.  Include any assets and liabilities held outside of the business.  Often investors look to see how much you have invested into your own company before they decide on cutting you a check.
  9. Startup Expenses and Capitalization – An estimation of  the expenses incurred in starting your business and how you will seek the capital for funding your company.  Be sure to give general estimates in this section, because costs of actual expenses may be way less or more than you assume.
  10. Financial Plan – finally we have one of my favorite categories of the business plan, because it allows me to flex my spreadsheet expertise.  This area consists of a 12 month loss and profit projection, break-even calculation, a projected balance sheet, and a cash-flow projection.

Business plans are written in sand and not in stone, for they evolve as the business grows and changes.  Business plans should be read and reviewed routinely to ensure that your company is aligned with the goals you set for in the planning phase.  Though writing a business plan may seem a bit intimidating the rewards far outweigh the work of it’s creation.

If interested You can find business plan templates here [SBA].

 

 

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

A Lesson From A Real Housewife

08 Sep

 

In my continuous pursuit to break out of my self-imposed boxes, I’ve watched a couple of episodes of various Real Housewives spinoffs. However, I immediately balanced it out with either a dose of the NBA or NFL. Although there are several series within the franchise (including Miami, Atlanta, Orange County, D.C. , New York and New Jersey), the ladies of New York City are the individuals that piqued my interest. New York City, the land of big dreams and even bigger ambitions such a place surely would not disappoint with reality show fodder. Through each week’s twists and turns of drama, deceit, and decadence one character outshone the rest of the ladies, not purely because of the adjectives described above but because of her business acumen.

Bethenny Frankel is a walking billboard, one that promotes products at any opportunity allowed. She has used her hard work, personality and various reality show appearances to catapult her businesses into the million dollar stratosphere. By watching Frankel I’ve learned to seize opportunity instead of merely waiting on it. She’s not shy about her ambition and has inspired me to be more casual with mine. With a growing empire that includes products such as margaritas, books, and makeup, Frankel possess the knowledge and work ethic needed to successfully market those products. Without apology or hesitation, she used her reality shows to thoroughly market her Skinnygirl brand. She wanted more than the 15 minutes of fame often followed by obscurity that plagues so many reality stars. Her skinnygirl brand is proof of her longevity and her marketing genius.

Nothing was handed to Bethenny, instead she paved her own path. Opportunities are rarely handed to us unless you’re from a wealthy family with connections. Most entrepreneurs create their own opportunities by filling voids in the current market and providing goods and services to consumers that desire them. Bethenny Frankel has done an amazing job of doing exactly this with her Skinnygirl line of products. She’s discovered and implemented ways to continuously keep herself relevant in the public eye and amass a fortune. What solidifies Bethenny’s success is the sale of her Skinnygirl Margarita for a massive sum of $150 million.

I perceive Bethenny Frankel to be the ultimate hustler. Her ability to find avenues to market her products to millions of people through her various avenues including reality shows, books, and other television appearances is remarkable. Frankel is a person you watch on television and want to root for. She was the individual whom many considered the underdog of her season but that is a term that can no longer be associated with Frankel now. In the past, she’s founded many businesses that have failed, but she stayed the course and has finally found success. Cheers to not knocking on opportunity’s door, but kicking it in instead.

 

Share on TwitterShare on TumblrSubmit to StumbleUponSave on DeliciousDigg ThisSubmit to redditShare via email

Closer To My Dreams

Launch Pad For Young Entrepreneurs


Facebook Like Button for Dummies