Opinions expressed by Entrepreneur contributors are their own. This article was written by Katrina Ruth, an Advisor in The Oracles and the founder and CEO of “The Katrina Ruth Show,” a multimillion-dollar online coaching business for entrepreneurs.
Sleepless nights, hard work, and constant inner criticism are common challenges for entrepreneurs. Becoming successful isn’t easy, but it’s possible if you want it badly enough; you just need to understand what it will take. Here are six reasons that many entrepreneurs fail and how to overcome them.
1. They aren’t crazy enough.
My clients often worry that they might be crazy. My answer? I hope so! To make the top 1 percent, you can’t be normal.
Your definition of “normal” is whatever you’re used to. Your current reality — how you perceive success or wealth — reflects what you believe is fact.
You can change this perception by installing new beliefs. Take 10 minutes each morning to write down where you want to be, what you believe about yourself, and what’s possible. Use the present tense as though it’s already done — for example, “I am wealthy.” Keep writing over time until you believe it and see it happen.
2. They aren’t selfishly obsessed.
To reach your dreams, you must obsess over your goals and be openly selfish about them.
If you want it all, you must give it all, but you can’t do everything. You give your life to anything where you invest time, money, energy, or emotion. So, focus on what you want and sacrifice anything that’s unimportant. That might mean people or activities; if it doesn’t connect to your goals, have the self-respect and discipline to say no.
3. They aren’t superhuman.
Success requires being superhuman. Super powers aren’t always necessary, but successful entrepreneurs do need to be at the top of their game, so take care of yourself. This isn’t something you do “if you have time.” It should take at least an hour a day and might take several.
Everyone is different but there are several non-negotiables. Physically, we all need to move for 30 minutes a day, eat well, stay hydrated, and get quality sleep. Emotionally, mentally, and spiritually, you need to spend time on the activities and relationships that restore and uplift you, whether that’s journaling, spending time with friends, or something else.
4. They succumb to fear.
To have it all, you’ll have to fight your inner demons often. I still experience fear, self-doubt, anxiety, panic, and overwhelm whenever I’m ready to uplevel in business or life.
To overcome fear, stop overthinking what you could or should be doing and whether you want or know how to. Drop the self-sabotaging stories, and return to what’s true: Anything is possible. You can always pause and reconnect to what feels true in your soul. Then, identify the required actions and just do the work, regardless of how you feel.
5. They don’t make success a habit.
Imagine how easy you could reach your goals by doing the right actions automatically each day, like brushing your teeth. Want to increase your income? Do 10 sales activities a day. That’s what I do. I could worry about what people will think when I message them or whether I can be bothered, but instead, I treat it as an automatic process on my daily checklist.
Once you set your goals, release the outcome. You don’t jump on the scales after a workout to see if you lost a pound, so don’t expect results every day. Do the work and trust that it will happen when it’s time.
6. They don’t decide.
Success requires realizing deep down that you were born for more. I asked myself if I believed my dreams would become reality and answered yes, so I decided to make it happen. Every move I’ve made since is based on this non-negotiable fact.
I don’t have time to be undisciplined, unfocused, and passive. I don’t indulge in feeling tired, busy, scared, insecure, or frustrated, because I have work to do. I ask myself daily what the person who has already achieved my purpose had to do to get there. Then I do it.
Ultimately, the path to success is simple: Put in more effort than everyone else. Don’t believe me? You’ll have to find out for yourself either way.