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Why New Small Businesses Fail and ways to avoid it - Procrastination

Posted Nov 17 2008 11:50pm

People with ADHD often have the traits that make them ideal small business owners. The Small Business Administration estimated that over 50% of small businesses fail within the first five years. For some of these small businesses failure is inevitable, sometimes there is nothing you can do to stop a business from failing. However in many of the cases the owners made key mistakes that could have been corrected. The Women's Enterprise Centre has a list of the Top 10 reasons why small businesses fail. I really liked the list and will go over how ADHD entrepreneurs can overcome the reasons on the list.

The first item on the list is procrastination. Michelle Novotni PH.D. wrote an informative article for ADDitude magazine titled "Stop Procrastinating! How to Get Motivated with Adult ADD". In this article she goes over five steps to stop procrastinating on a task. A couple of the key points that I liked about her article are:

  • Doing something pleasant before you start a task, that way you will be in a positive frame of mind when preforming a task and you will associate a task with a pleasurable experience.
  • Having someone else sit with you while doing a chore. This will make you more accountable to start and finish the task.
  • Just picking one step of  task to start, this makes you more likely to start because you can feel you accomplished something just by completing one step.
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