I came across an article this morning that is so spot on that I just have to share. No; the number one reason why entrepreneurs fail may not be a lack of focus, or lack of good ideas, or because they give up too soon, or any of the famous things you have heard. I really am convinced that the answer that this article provides is it. Here is an excerpt:
Peter maintains that telling lies is the No. 1 reason entrepreneurs fail. Not because telling lies makes you a bad person but because the act of lying plucks you from the present, preventing you from facing what is really going on in your world. Every time you overreport a metric, underreport a cost, are less than honest with a client or a member of your team, you create a false reality and you start living in it.
You know the right path to take and choose another, and in so doing you lose control of the situation. Now, rather than tackling the problem head on, you have to manage the fallout from the lie. I know people who seem to have spent their entire careers inflating the truth and then fighting to meet the expectations they have set.
Simply put, when we lie, we create a false reality that we now have to attempt to live in. Very counterproductive and a very clear path to failure. A business running on false metrics and figures is one that is sure to fail. Lying might not be exactly the number one reason why entrepreneurs fail, but I am betting that it comes close.
Do go read the complete article, The Surprisingly Large Cost of Telling Small Lies.
Founder of MobilityArena. Yomi’s journey in mobile started in 2001. Besides obsessing over mobile phones, he also started creating WAP sites (early mobile-friendly websites created with WML). He began writing about phones in 2004 and has been at it since then. He has owned over 200 devices, from Symbian, Palm, PocketPC/Windows Mobile, BlackBerry/BB10, webOS, Windows Phone, Firefox, Ubuntu Touch, to Android, iOS, and KaiOS operating systems.