Earlier this week, on LinkedIn, I posted that I’m currently reading Think and Grow Rich by Napoleon Hill.

Published in 1937, nearly 100 years later, most of the points Hill makes still ring true and relevant.

I’m about halfway through the book. And I just came across one of the juiciest sections yet - The 30 Major Causes of Failure.

In this section, author Napoleon Hill lists the 30 major reasons why people “fail” at life. 

This newsletter is not in the self-help or motivational genre…

So, in this week’s newsletter, I’m taking all 30 of Napoleon Hill’s Major Causes of Failure, and putting them through the prism of “30 reasons why brands fail.”

Let’s see if anything below is holding you and your brand back…

BUT FIRST, HERE ARE SOME UPCOMING NEW EDITION EVENTS TO CHECK OUT…

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30 MAJOR CAUSES OF BRAND FAILURE

1. UNFAVORABLE HEREDITARY BACKGROUND: Sometimes, you’re just dealt a bad hand. It’s awkward because this is probably the hardest one to relate back to brand-building of all 30 reasons and it’s the first one. I hope I don’t lose you here. 

2. LACK OF A WELL-DEFINED PURPOSE: Why does your brand exist? What is your brand trying to accomplish? Or say?

3. LACK OF AMBITION TO AIM ABOVE MEDIOCRITY: When building a product, you have plenty of chances to cut corners and cheap out on materials. Are you truly building the best possible product you can? Or are you just white-labeling or using someone else’s prototype? 

4. INSUFFICIENT EDUCATION: Have you studied the market you're in? Have you read about the great founders/entrepreneurs that came before you? Have you meticulously looked at direct competitors?

5. LACK OF SELF-DISCIPLINE: I always say, building a business is hard. Building a successful and sustainable brand? It’s doubly as difficult. Because you need to do two things at once. You need to build a good business AND a good brand. You need to make both successful. And look, that’s going to take a lot of work. A lot of sacrifice. Are you willing to do what it takes?

6. ILL HEALTH: Are you taking good care of your business? Are your books clean? Are your formation documents organized? Just like a human, if your business doesn’t have its health, it’ll slow you down and take your time away from growing.

7. UNFAVORABLE ENVIRONMENTAL INFLUENCES DURING CHILDHOOD: The apple doesn’t fall far from the tree, as they say. Be HYPER aware when the negative parts of your parents are coming out. And course-correct from there. Sorry, I’m not a therapist.

8. PROCRASTINATION: I liken this to prioritization. Is there something you know you need to tackle but keep putting it off? Make a plan to get it done, or hire someone who can get it done for you. “If you can solve it with money, it’s not a problem, it’s an expense.”

9. LACK OF PERSISTENCE: When you’re building a brand, you’re pitching at all times - to investors, to brand partners, to future employees, to potential/existing customers. If you are too sensitive, and not willing to continuously get rejected, you’re cooked.

10. NEGATIVE PERSONALITY: How’s your work culture? Are you a good leader? Do you even know how to lead? I’ve worked for some brilliant but horrible leaders. Your intelligence can only get you so far.

11. LACK OF CONTROLLED SEXUAL URGE: Yeah, don’t hook up with your employees. 

12. UNCONTROLLED DESIRE FOR “SOMETHING FOR NOTHING”: Do your due diligence with production partners, agency partners, etc. Blindly hiring or choosing manufacturers is a dangerous game to play.

13. LACK OF A WELL-DEFINED POWER OF DECISION: Are you taking too long? Learn how to make decisions faster. Paralysis by analysis will absolutely KILL any momentum. 

14. ONE OR MORE OF THE SIX BASIC FEARS: The six basic fears are … fear of POVERTY, CRITICISM, ILL HEALTH, LOSS OF LOVE OF SOMEONE, OLD AGE and DEATH. If you’re worried and anxious about literally everything, you’re going to diminish your chances. Plus, figure out a way to enjoy the ride. You’re building a brand, for god’s sake! What a blessing.

15. WRONG SELECTION OF A MATE IN MARRIAGE: Great business partners are force multipliers. With a great group of cofounders, 3+3=9.

16. OVER-CAUTION: Get comfortable with the unknown. Sometimes, you just need to trust that things will work out. It’s healthy and helpful to be cautious, but being too scared to go out on a limb can stunt any chances of getting your brand to the next level.

17. WRONG SELECTION OF ASSOCIATES: Hire slow and fire fast.

18. SUPERSTITION AND PREJUDICE: If you only hire and work with your friends and people who have the same background and ideology as you, your business will have blind spots. Sooner or later, that will expose you.

19. WRONG SELECTION OF A VOCATION: Do you love what you’re building? Are you obsessed? Would you do it for free? Are you uniquely qualified to build the brand and product you’re building? Hey, I’m not saying you are or you aren’t. I’m just asking questions.

20. LACK OF CONCENTRATION OF EFFORT: Are you launching too many things? Expanding into new categories before you’re ready? Focus on what you do well and be the best at that until that part of the business is essentially running on auto-pilot. Then test other categories.

21. THE HABIT OF INDISCRIMINATE SPENDING: Even the most bootstrapped brands can benefit from the reminder that, oftentimes, you don’t have a revenue problem, you have a spending problem.

22. LACK OF ENTHUSIASM: Passion is contagious and, frankly, intoxicating. If you’re nonchalant about what you’re building, your customers and community will be, too.

23. INTOLERANCE: Do you empower people around you to make decisions? Are you open to other people’s opinions? Do you run a “my way or the highway” type of environment?  

24. INTEMPERANCE: Are you trying too hard to be cool? I certainly was in my 20’s, so I get it. But stay locked in. Enjoy yourself, but everything in moderation.

25. INABILITY TO COOPERATE WITH OTHERS: Don’t burn bridges. Are you easy to work with? The relationships you form, especially early, can make all the difference.

26. POSSESSION OF POWER NOT ACQUIRED THROUGH SELF-EFFORT: Did you start a brand on the heels of your 15 minutes of fame moment? Was the business handed down to you by family? If so, you better recognize that that will only get you so far. You will need to work just as hard as everyone else to build a good business. 

27. INTENTIONAL DISHONESTY: Don’t lie or deceive investors or partners. Are you going to do what you say you are going to do? Are you reliable? Can people trust you? If not, you are going to struggle.

28. EGOTISM AND VANITY: Get off your high horse. You’re not as smart as you think. These qualities will doom your success, because those around you will resent you for it and, even worse, pray for your downfall.

29. GUESSING INSTEAD OF THINKING: The reality is, in the early days, there is a lot of guessing because you lack data and experience. But, try to make the most sound decisions possible (I know, not the most revolutionary advice). If you must, develop a process for making decisions (pros/cons, journaling, hiring advisors, etc.).    

30. LACK OF CAPITAL: Look, it takes money to make money out here. If you need to keep your full-time job until you have the runway to go all-in, that is part of the sacrifice and you need to accept it.

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Man, that was fun.

Shoot me an email ([email protected]) and let me know which reason(s) above resonated with you most.

Honestly, I've fallen victim to more than half of these pitfalls at various points in my career.

It’s all about the journey.

See you next time ✌️