1. Unfavourable genetic background — There is but little, if anything, which Anyone can do for people born with a deficiency in brain power. This philosophy offers but one method of bridging this weakness through the aid of a mastermind. Observe with profit. However, this is only one of the twenty-two causes of failure which a person may not correct.
2. Lack of well-defined purpose in life. There is no hope of a person who doesn’t have a central purpose or definite goal at which to aim. Unfortunately, more than half of the millennials have no sense of aim or direction to achieve their goals these days. They have a goal to be a millionaire before the age of 35. when I ask them how you’re going to get there, all they have to say is that I’ll figure something out.
3. Lack of ambition to aim above mediocrity. If someone isn’t worried about living the life of mediocrity for the remainder of their life, then there is no hope of success for such an individual.
4. Insufficient education- Insufficient education can easily overcome this obstacle. History has proved time and time again. Best educated people in our society are known as self-made ‘self-educated.’ it often takes more than just a college degree to make one a person of education. Anyone who is educated has learned to get whatever in life without violating the rights of others. Education consists not so much of knowledge but of knowledge effectively and persistently applied. People are paid not for merely what they know, but more particularly what they do with which they know.
5. Lack of self-discipline. Self-discipline comes through self-control. This means that one must control all negative qualities. Self-mastery will be the hardest thing you’ll tackle if you don’t conquer yourself. You’ll be conquered by yourself.
6. Ill health. No person enjoys outstanding success without great health. For better health, one must eat healthily, exercise at least 30–45mins every day, at times of stress, focus on breathing.
7. Procrastination — this is one of the most common causes of one’s failure. Most of us go through life ‘waiting for time to be right to worthwhile things. Do not wait. Start with what you have. Formulate a plan, and a plan doesn’t have to perfect to begin with. You make the required change to your plan as you follow along.
8. Lack of persistence — most of us are great ‘starters’ but poor ‘finishers’ of everything we do. Moreover, people are prone to give up at the first sign of defeat; if you stick to your plan and keep trying to get better and go further than before, you’ll eventually achieve what you set out to achieve.
9. Negative personality- there is no hope for someone who repels people around them with negative emotions.
10. Success comes through the application of power, and power comes through the cooperation of people in your circle. Therefore, a negative personality will not induce cooperation.
11. Lack of decision making- sometimes we have many ideas that we would like to pursue; however, given the limitation of resources, we cannot decide which idea to pursue and which ones to leave later. Often we try to balance all ideas on the same budget and exhaust all resources without making any meaningful progress.
12. Wrong selection of a mate in marriage- the relationship of marriage brings people intimately in contact. Unless this relationship is harmonious, failure is likely to follow. Moreover, this will be a kind of failure marked by misery and unhappiness, destroying all signs of happiness.
13. Over-caution- a person who takes no chances generally has to take whatever is left after everyone else. Overcaution is as bad as under caution. Life itself is filled with the element of chance.
14. Wrong selections of associates in the business — this is one of the most common causes of failure in business. In marketing personal services, one should exercise great care to select people they choose to work with. We emulate those with whom we associate most closely. Pick an employer who is worth emulating.
15. Superstitions and prejudice- superstition is a form of fear and a sign of ignorance. However, successful people are very open-minded and don’t hesitate to break out of superstition and prejudice.
16. Lack of concentration of efforts. The “jack of all trades” is seldom good at any, but you must concentrate all your efforts on one chief aim.
17. The habit of indiscriminate spending- the spendthrift, cannot succeed mainly because he stands eternally in fear of poverty.
18. Lack of enthusiasm. Without enthusiasm, one cannot be convincing. Moreover, enthusiasm is contagious; the person under control is generally welcomed in the new group of people.
19. Possession of power that did not acquire through personal efforts. (children of a wealthy individual or people who inherit a lot of money). Power in the hands of those who didn’t acquire through hard work is often fatal to success. Quick riches is worse the poverty.
20. Intentional dishonesty. There is no substitute for honesty. One may be temporarily dishonest through force of circumstance over which one has no control, without permanent damage. But, there is no hope for the person who is dishonest by choice. Sooner or later, his deeds will catch up to him/her, and he will pay by loss of reputation, and even perhaps by loss of liberty.
21. Egotism and vanity — these habits serve as a red light to others and warn them to stay away from that particular individual.
22. Lack of capital — this is the most common cause of failure in business for those who start in business for the first time, without sufficient reserve of capital to absorb the shock of your mistakes until your business is self-sufficient.

These are the twenty-two most common causes of failure in business that I could think of. I have been a victim of more than a handful of these causes from time to time. Once we can figure out where we dropped the ball the analyse what caused that to happen, we’ll eventually move forward with our goal or modify our goal altogether once we acquire enough experience. It will be helpful if you can ask someone who knows you well to go over the above causes to help you analyse yourself better. Or you can try going through these causes when you’re alone. Most people cannot see themselves as others sees them. You may be one of those who cannot.

The oldest admonition is ‘Man, know thyself!’. You should know all your weaknesses so that you may either bridge them or eliminate them. You should know your strengths to call attention to them in times when you present yourself in front of people. You can know yourself only through accurate analysis.

Categories: All Stories, Financial Philosphies

Tags: Mindset