I was asked this question yesterday in a team meeting where I shared three critical factors of entrepreneurial success that Brian Tracy shared with me at a seminar. 

His answer to why most entrepreneurs fail was: They give up

It is as simple as that.  The successful ones just NEVER stop!  They have a pigheaded determination to achieve the goal they set out to achieve. 

Brian Tracy shared a really powerful analogy with everyone at Jay Abraham’s seminar.  What he said is that entrepreneurship is similar to flying.

a) You need a destination - where do you want to go?
b) You need to take off - just get started and take action!
c) You constantly need to adjust course

Did you know that a plan is always off course?  99% of the time it is making constant adjustments to ensure that it gets to the desired destination. 

Entrepreneurship is not that different.  The problem is that that most people don’t have the stomach for the constant ups and downs.  It is an emotional roller-coaster!

This is how most entrepreneurs view things:

In order to get from A to B, most entrepreneurs will say that they experience a constant series of ups and downs. 

It is a never ending struggle and somewhere along the way most entrepreneurs drop out of the race.  They simply give up, pack up, and go home.

However, the successful ones just keep on going.  What helps them along the way? They view the world differently.

Here is how successful entrepreneurs view things:

Successful entrepreneurs think of climbing a new mountain and to climb a mountain you hardly ever choose a straight path. 

Instead, you have to feel out the terrain and constantly make little adjustments.  One second you are moving towards the left and the next you make a small adjustment and continue towards the right.  But you are constantly moving forward, learning, and getting closer to the top. 

So, the “ups and downs” have become course corrections.  There are no “downs” in the eyes of successful entrepreneurs.  These are simply learning opportunities on an exciting journey towards the top.