10 Reasons You Are Not A Successful Entrepreneur

My buddy Neil Patel ordered a review for post he made call 10 Reasons You Are Not A Successful Entrepreneur. The post is well worth a read for anyone considering going into business for themselves. For those who don’t know, I profiled Neil a while back in a profile of success post.

At only 21 years old, Neil is one of the most successful entrepreneurs I’ve ever met. Neil is the CTO of Advantage Consulting Services, a company that he co-founded in 2003. ACS works with 22 of the other Top 100 Technorati blogs and made $2.5 million last year. Neil is also the co-founder of Crazy Egg, one of the best visual visitor tracking tools on the Net.

In his post, Neil goes over the top 10 reason why you’re not a successful entrepreneur and many of them resonated with me. I especially related to the number one point; you don’t know how to manage money. Whenever I’ve come across unsuccessful people, a common trait is none of them knows how to manage their money. And that’s really too bad because good money management can be learned. You don’t need to be born with it.

Two other points I strongly agree with is, “You don’t network with others” and “You aren’t aggressive enough.” Very few people are successful all by themselves. Networking and relationship is extremely important if you want to succeed in this world. While some people are put off by aggressiveness, you have to be aggressive to get what you want.

Anyways, I don’t want to end up stealing Neil’s entire post, so just head on over there and check it out for yourself. You’ll be glad you did.


56 thoughts on “10 Reasons You Are Not A Successful Entrepreneur”

  1. And for instance having John Chow as a friend and making a post for you is a GREAT example of how networking is a key to success. πŸ™‚

    1. Totally true! the value of networking often outshines that of money in the bank.

  2. Enkay Blog says:

    Thanks for this post. I had read this over at Neil Patels blog and I really like that list myself. He definitely knows what hes talking about.

    1. The list is quite good. Also like the image of the dude washing his car in the rain… πŸ˜†

  3. dcr says:

    But #5 seems to work out well for people with government jobs. πŸ˜†

  4. Benjamin says:

    John alleged he was going to do a blog review for me gratis (for free).

    1. John Chow says:

      The review is done. I hope you take the advise I gave you over IM to heart.

      1. Benjamin says:

        πŸ˜› thats so not fair John… I thought I was going to get prime time coverage on the infamous John Chow Dot Com…. Ah Shucks

  5. HY Chong says:

    Yes, Neil Patels was right to say that those who doesn’t how to manage money will not be a successful entrepreneur. I’m one of them (I’m not even an entreprenerr, let alone “successful”). Anothe amazing thing is he is only 21…

  6. Neil Patel in da house πŸ˜‰

  7. Benjamin says:

    Just looking over all of John’s posts I wonder if he has ever considered trying out http://www.quickpostedit.com/

  8. John, Thank you for the link to Neil’s excellent article! I have joined your free website hosting and building service with Midphase, and my site is already live! Thank you! Money management will be a critical link in my success chain. I showed the video of the people bringing their trash out to the trash trucks! Imagine Americans doing this before the sun rises? Respectfully, Nicholas Chase
    http:[email protected]

  9. Shaun Carter says:

    I’ve always believed that money management should be a high school graduation requirement. But instead the schools here in the US just prep students for college with math, science and foreign languages.

    1. I agree with you Shaun. We would have less economic trouble if we all learned some basic steps to get our financial picture in order early in life. It’s one of those fields where it’s easy to do, but because of that it’s just as easy to dismiss and never tackle it.

    2. dcr says:

      What always gets me is that gym class is a requirement. We actually had to take tests on the rules of baseball and other sports. I bet we spent more class time reviewing the rules of different sports than we ever did on balancing a checkbook or any of the money management things you just sort of fly through in a home economics class.

      People always complain our schools (U.S.) don’t do enough for science and math as compared to other countires, whereas I think we could spend much more time on basic life skills. People debate endlessly on sex ed and how much of that the schools should cover, but rarely does anyone mention anything about money management! Certainly that’s not controversial, yet, apparently, we are still willing to hope that parents teach their kids that stuff.

      Perhaps if teenagers had a better grasp of money concepts and management skills, they would think twice about unprotected sex. You take care of two problems at once, and NO CONTROVERSY! LOL!

      1. I hated gym class in school. Why can’t they just let you play soccer or something that’s fun.

  10. That’s a good list. I agree that while money management is important, networking is just as important. It’s pretty much a must when it comes to my job. It’s who you know, not what you know.

  11. Neil hit it right on the head with his article. His success speaks for itself.

  12. Jan Alvin says:

    Most people are doing what the post said so. So they end up nothing.

  13. I think number 8 is one of the most common reasons why people fail in business. You’ve got to love what you do, otherwise you’ll find it really hard to do it.

    I have a list of 10 success principles that I follow to make an additional $1,000 every single month. Feel free to check it out.

    Cheers,
    Shun Jian
    http://RichGrad.com

  14. Harry says:

    Thanx John. I am a COO myself and Niel’s post was beneficial.

  15. fas says:

    Very interesting post. Money management is indeed one of the foremost requirements of a good businessman.

  16. G says:

    Wow. Young guy, big wallet 😈

  17. Impressive stats that guy has! [/end Yoda talk]

    Great post, and love the picture at the top of it!

  18. zk says:

    Neil Rocksss…I think number 8 is a critical aspect of an entrepreneur, most businesses fail for lack of passion

    1. I agree with you on that…
      Isn’t that also the reason 90 % of blogs don’t make it past the first month even? lack of passion and chasing money alone with out a strategy for LT success.

  19. Justin says:

    I would have to say, #8 is the most important. I have tried many projects, but fail every time if I am not 100% committed or enjoying the process.

    1. That’s also important. Luckily, I’ve been committed to everything I’ve done, so I haven’t fallen flat on my face yet. *knocks on wood*

  20. Thanks for letting us know about this post. Very interesting indeed.

  21. Great post by Neil and its great to see a young person be so successful. Is 27 still young? Do I qualify?

  22. Jan says:

    Thanks for the info. You are also very correct in stating about the money management skills of some people. All you have to do is look at how many lottery winners have gone from multi millionaires to dead broke in a few years after winning. They lack the ability to manage money.

    1. dcr says:

      I’d love the opportunity to see how well I could manage over a million dollars. Do you have the winning lotto numbers? πŸ™‚

    2. Andrei Buiu says:

      Lol, I know some examples like that in my country. Went from poor to rich, then from rich to debt and divorced ( ❗ ) in just one year.
      Money management is very important indeed.

    3. I’ve read some stories about lotto winenrs & a lot of the ones I read said that they ended up gambling the money away. Greedy I guess.

  23. mxyzplk says:

    neil’s post help me a bit to bring my spirit to make money online again. But I still confuse how to get more income, I need $2000 in december πŸ™ and I already running my blog in 3 month πŸ™
    run out of idea for this month…

  24. Brian says:

    Couldn’t agre more in terms of learning money management. Here is a good post on how to create your own financial statements in 5 minutes each month for anyone who is interested:
    http://www.startbreakingfree.com/232/

  25. Thanks for the post. Great ideas in there

  26. Geiger says:

    Reason 11: You spend all of your time reading JohnChow.com

  27. I didn’t know Neil was only 21 years old. Wow, he’s going to be a very rich man.

    1. If he keeps it up, I wonder if he could become richer than Matt Zuckerberg, who is worth 700 million right now.

  28. Amirulcyber says:

    John you always write wonderful article.Thanks.. πŸ™‚

  29. I guess I need to go back to the drawing board.

  30. If you plan on keeping any of your money, you’d better learn how to manage it.

  31. gout says:

    …great posting…and full inspiration for me…. time to me for evaluation…..thanks πŸ˜•

  32. Greg G says:

    Well I am actually an entrepreneur ( the level of success being relative) because I can’t really Network with people. I became an entrepreneur for survival because of being frozen out of any opportunities involving the whims of others.

  33. titan says:

    i see. i understand now about that. But maybe you also can make review about 10 reason why you sucessful entrepreneur tu..

  34. LayupDrill says:

    great points made here by everyone

  35. Zak Show says:

    Good post, I posted a post about 5 reasons why you are not a good entrepreneur, located here:
    http://www.zakshow.com/2008/07/19/5-reasons-why-you-are-not-a-successful-entrepreneur/

  36. Keron Calame says:

    I am heading to success and i think these tips will help hopefully

  37. Chip says:

    Thanks for the link, I started reading your blog again after a period of recession in my real life, and I’m rediscovering the spirit of money making.

    Thanks John.

  38. John, the perfect follow up for this post would be a look at the other side of the coin. Maybe along the lines of: “Top 7 things you can do right now to accelerate your success as an entrepreneur online. ” Any plans on that?

  39. I just re-read the post from Neil and I’d only disagree on point 3. The fear of a mistake or even failure in a bigger way is what keeps many business ideas small or makes average people with good ideas shy away. Don’t be afraid to take a controlled risk. If you cannot handle any downside, don’t come out to play.

  40. Barbara says:

    So true. Not being afraid of money is #1.

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