Why Did These 22 Businesses Fail?

Some years ago, I started a singles Dance Party business for the over 40’s called Swingles.  I was convinced that many people in this age group were disillusioned with nightclubs, loud music and standing up in bars.  I came to this conclusion because of my own preferences and realized that I was not alone in my thinking.

My business intuition paid off and the venture proved to be very successful.  For some of my customers who witnessed this weekly success, it appeared I had a licence to print money.  This business had no premises, no stock, no staff and virtually no outlays to speak of and yet it obviously provided to anyone who was able to count heads with reasonable accuracy an income in excess of $3000 per week and that was without the revenue from other monthly functions that were added to the services provided.

As with every successful service or product, it was not long before the challengers presented themselves.  Up until the time I sold the business, I counted 22 such challengers, many of whom simply copied my business model.  And there were others who tried to cash in on the now thriving singles market that my business had created by using a different format.

Not one of those 22 businesses were successful, despite the fact the singles market was now well and truly open for business.

One of my most formidable challengers managed to obtain a full page spread in the most prestigious city newspaper plus a full feature story on a current affairs television program.  OMG.  I was really worried for a while.  My business had never received any publicity at all.

I needn’t have been concerned.  That particular copycat lasted only a few months.  And none of the others were successful either.  Why?

I believe it is Mindset.  It’s all about the way the entrepreneur thinks.  I started that business with a passion to provide a service.  Making money was not my prime objective.  I knew what the customer wanted.  My competitors obviously did not.  I had a big vision and I was prepared to do whatever it took.  The competitors were ‘giving it a try.’  I ‘saw’ the business as successful.  I ‘saw’ the customers enjoying themselves every week, making friends, finding partners.  Obviously, my competitors were not lucky enough to have that vision.  My customers were like gold to me, not dollar signs.  I can’t be sure how the opposition thought but I heard many horror stories from customers who sampled the alternative functions and were not happy with the customer service standards they received.

Many of these competitors managed to get massive publicity, better venues and garner huge support from their friends.  In the fickle and shallow world that is the singles industry it was surprising to me that none of these challengers managed to even come close to my success until I remembered the question my business teacher asked me about why a client would buy from me.  Knowing the answer to this question is what I consider to be part of the Mindset Strategy, along with vision, the refusal to fail and unrelenting passion.  It is what will separate you from your competitors and it is what will give you the competitive advantage.

In my opinion, Mindset always takes precedence over action or any other business strategy.  Mindset is a strategy that is all too often overlooked in business.  I wonder if more people considered this a legitimate business strategy would fewer businesses fail?

Ask yourself these three questions;

Do I have absolute faith in my product or service?

Do I BELIEVE 100% in my own success and can I maintain that despite circumstances?

Am I willing to do whatever it takes and adopt a No Exit approach?

Before I started this venture I was told that it was impossible and that I was kidding myself.  Four years later I sold this very intangible business (which consisted of nothing more than a mailing list and good will) for a considerable profit.  But guess what?

It was dead in the water within four months.  The buyer obviously did not understand the concept of Mindset.  Do you?

Being successful at anything is just as must about how you think as what actions you take.  Do you believe mindset is a legitimate business strategy?  If you do but are struggling in your business, than perhaps you need a mindset upgrade. I offer a free strategy session to discover how your mindset could be limiting your success and a plan to reset so that you can be vibrationally aligned with that success.

If that is something that you think might be of benefit to your business, then let’s have a chat in person or by or skype.

 

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11 Responses to Why Did These 22 Businesses Fail?

  1. Caylie Price, Better Business Better Life
    Twitter:
    May 13, 2012 at 10:34 pm #

    Hi Madonna,
    I think mindset is incredibly important to the success of a business, providing it is backed up with smart, consistent effort.
    Thanks for a very enjoyable post.
    Cheers, Caylie
    Caylie Price, Better Business Better Life recently posted..Savvy Mother And Businesswoman – Rachael BerminghamMy Profile

    • Madonna May 14, 2012 at 9:21 am #

      Hi Caylie,

      Of course I agree with you. Great ideas need implementation, but having the right mindset means that everything is in alignment and when this happens, the consistent effort that needs to follow will almost happen automatically. Thanks for commenting. It is much appreciated.

  2. Patricia O'Flynn
    Twitter:
    May 14, 2012 at 12:08 am #

    I agree as well. I think if you have a business that you love it makes all the difference in the world. I started my business Finally Fit and Healthy because I am passionate about health and wellness. People want to work with me because they see how dedicated I am to helping people meet their wellness goals.

    • Madonna May 14, 2012 at 8:30 am #

      Hi Patricia,

      In today’s world, because we connect so little with neighbours and as communities, we search out people to do business with that we can connect with. Those with passion have the X Factor and everyone is attracted to that. I am amused by your URL. Will look it up. Have a nice day.
      Madonna

  3. Theresa Torres
    Twitter:
    May 14, 2012 at 5:59 pm #

    I agree with you, Madonna. I also believe in mindset and how all succeeding actions stem from it.
    They said that we have to provide value first and money and success will follow and you were able to do that.
    We tend to do business with those we trust and most of the time we can sense who is real and who is just out for our buck.
    Thanks for this insight.
    Theresa Torres recently posted..Summer Opportunities for StudentsMy Profile

    • Madonna May 23, 2012 at 8:37 pm #

      Theresa,

      It is so true that we do business with people we we trust or like. I even pay more for my copying because they have established a relationship with me. I could pay less somewhere else for the same job, but I don’t. Funny really. It’s only copying.

  4. Jan
    Twitter:
    May 20, 2012 at 4:26 pm #

    I was chatting with one of my friends the other day about this. It’s all in the mindset. If you don’t truly believe you are providing value, if what you’re doing doesn’t make you glow, if you don’t believe this is going to work – then no amount of knowledge and even action will carry you through long term to success.
    Jan recently posted..How to Install WordPress and Build a Secure WordPress Blog – Now on KindleMy Profile

    • Madonna May 29, 2012 at 11:43 am #

      Jan,

      I couldn’t agree more. Thank you for commenting.

  5. Lucy Bieri May 23, 2012 at 8:34 am #

    I do believe that mindset really do influence business success.
    if your strategy is to treat your customer like gold, that behaviors influence your intentions, which is felt through passion of doing it. Off course the people could feel that, before you realize it ,the dollar already starts rolling in .

    Thanks for sharing.

    Lucy
    Lucy Bieri recently posted..MLSP – Why You Should Build Your Network Marketing Business With It.My Profile

    • Madonna May 23, 2012 at 8:33 pm #

      Thanks for commenting Lucy. i loved making people feel welcome and providing a great service. It was so rewarding for me. I feel the same about the business I am in now.

      Madonna

  6. Kat February 5, 2015 at 2:02 pm #

    FREAKING LOVE LOVE LOVE LOOOOOOVE this post!!! (you get how much I love it right?! ;p )

    Mindset is everything and I think Women (especially entrepreneurial Women) are way too hard on themselves as they go along on their journey. Knowing you and what you offer I believe doing the mindset work will equal money in the bank… if fear is holding anyone back or self doubt or not believing in ones self…. you are the GO TO LADY!
    Kat recently posted..Which is better? A Website or a Blog?My Profile

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