Seven Reasons Why an IoT Business Fails

21 Mar
2018
IoT business

The Internet of Things (IoT) has steadily become more popular in recent years, but it is still critical that an IoT business understands why many companies fail to succeed with this new technology. While some failure is inevitable, it is essential to rebound from these mistakes and learn from each experience. Here are the seven most common failures for an IoT enterprise and the best ways to respond to each one:

1. Nonexistent Conviction

Conviction is the first ingredient in the recipe for a successful business. An IoT company that has conviction will be able to set goals and achieve them. Instead of letting excuses get in the way, they will overcome any obstacle through sheer determination and willpower. On the other hand, a lack of conviction will result in poor results and will lead a company to nowhere fast.

2. Lack of Persistence

The vast majority of business failures happen due to an organization giving up too quickly. Persistence can help you overcome challenges and is the primary difference between success or failure for your IoT company. Trying new approaches can lead to better results and set you apart from other IoT companies.

3. Failure to Learn from Mistakes

Mistakes are bound to happen, and the ability to learn from them can help your company glean the wisdom necessary to succeed in today’s business environment. After each error, it is important to analyze what went wrong and make the necessary adjustments that may lead to future successes.

4. Discipline Deficit

Does your organization suffer from a lack of discipline? Another common source of failure for an IoT business is lack of discipline within the company. Discipline consists of self-control and requires an organization to remain focus despite distractions. Companies that remain disciplined have a much higher chance of success and demonstrate the attention needed in today’s business world.

5. Too Much Rationalizing

When failure strikes, many organizations try to rationalize their failures instead of analyzing what went wrong. While analysis is very beneficial, rationalization typically fails to identify areas for improvement, which leads to excuses. Instead of rationalizing, try to learn from your mistakes and discuss how your company can improve going forward.

6. Bad Attitude

A negative attitude can lead to a host of problems and make it difficult for any company to be successful. Bad attitudes manifest themselves in multiple ways, whether in an employee showing up late for a meeting, staff constantly complaining, individuals not being team players, or many other disruptive behaviors. The best way to counteract negative attitudes is with additional training, though sometimes you must simply eliminate employees who have no interest in being happy at work.

7. Low Self-Esteem

The final reason for failure is having employees who suffer from low self-esteem. Poor self-esteem is the result of lack of self-respect and/or self-worth. Obviously, this is a woeful combination that can severely limit the productivity of an employee. Just because you have experienced a setback, it is important to keep trying and believe in yourself. An IoT company with employees that have high self-esteem will be to overcome failures and achieve more than companies who fail to build up their employees’ self-esteem.

Failure is inevitable, but it doesn’t have to ruin your IoT business. Instead, learning from past mistakes will allow you to become more resilient and create a strong organization that can weather any storm. Understanding the reasons businesses fail will help you avoid these common mistakes that can cause the downfall of the company. As you know, the IT world is highly competitive and learning how to reduce your mistakes will give you a significant edge over your competitors. Learning how to anticipate common mistakes can help you prevent these failures and set your IoT organization apart from the others and allow you to reach new levels of success.