WHY DO MOST BUSINESSES FAIL?
Why do businesses fail? What are the main reasons?
Many reasons can turn your dream into failures, We will cover some of them,
Before starting a business you must need to know that what you are going to do, you need to have some basic knowledge of that business that you are going to do.
Starting a business is too easy but remember that, there is a lot of difference between starting a business and managing it, It is just like a plant, starting a business is just like, as you bow a seed into the soil, You’re just dreaming for fruit, vegetable, and a cool shadow in the summer, But the main thing is to give proper water and keep bugs off.
Business is just like the same, You were dreaming about profits and luxury, and you just get started, but the main thing is to make good decisions and create a great team who can lift your business up with their skills.
Stay patient, Great things take time, and don’t lose hope.
LACK OF INTEREST IS THE MAIN REASON OF BUSINESS FAILURES.
When first you think that you are going to do a business, it sparks something into your head, and you started,
but after some time you’re getting lack of interest, or you’ve lost all your motivation,
You are not only that one who feels/felt this, every one person in the world feels it,
to stay motivated you need to just remember that why you’ve started.
Life is too short, stop worrying and never give up.
WRONG TEAM CAN TURN YOUR DREAMS INTO THE PIECES.
The team is the main thing in your business, if you are having a great team then you are the lucky one,
Every member plays an important role in your startup/business. Choose your team wisely, take a pen and paper and write down what type of problems will you face in your business after writing you’re all issues or problems, create a team that can help you to solve them, for example, if you are facing something related to sales or marketing then hire a person who’s expert in the sale or in marketing,
Your team must be your problem solver and loyal to your company It matters a lot, You can also do some meeting with an expert who can help you for free.
Why do most businesses fail? : POOR DECISIONS
Yes the poor decisions, sometimes you don’t even realize that what your decisions can do, your decision the main key factor which plays the most important role in your startup or business, before starting a business you need to have some balls to say “no”.
Do what it takes for success, but into controlled emotions,
It is the simple and easy trick, you make decisions by emotions. Train your mind before stepping into the business, Sometimes you need to be cocky.
NO MARKETING & LOW QUALITY SERVICE
Before marketing your product or any service, you need to categorize your service into the best, This is the simplest and easiest way to market your product or service, Just add quality first,
After quality product/service you need to start a campaign for marketing, you can do CSR activities, Do podcasts, etc. But don’t get to fade away, stay under the sport light.
NOT LISTENING TO CUSTOMERS
“Customer is always right, even he/she is wrong” This is the basic and real-world rule, Many customers will not listen to what you’re going to say, but many will.
It’ll be you to understand the customer and suggest something better to them or to stay quiet. You need to learn some psychology too. If you did good marketing, and you are not going to understand your customer, believe me, there will no benefits of marketing or business that you are into, customers are the main and basic building pillar of your business that can lift your business.
Why do most businesses fail? : CHANGES BY TIME
Do you remember google’s first theme? Or Facebook, YouTube, Twitter? Or any other famous company’s websites. The themes of these all are not the same as what they launched the first time, even your thoughts and your clothes are not the same as you were a child,
What most people don’t realize, You need to change something in your business that can improve your target market and experience of your users.
Why do most businesses fail? : GOING INTO DEBT
You need to avoid this, Going into debt is the worst thing in the business, Debt will be the most stressful if you are into a startup.
Work in the garage or little corner of your room then to purchasing or renting an office,
Save that money and do some marketing or hire experts from that money, after a few months you’ll be able to afford offices or spaces too easily.
Stop doing it. Do what is in your circle, get some help from your close mates.
Dean Kaplan has discussed Five Strategies To Manage Debt When You’ve Lost Revenue on Forbes, have a read to it.
There are some books on “Why do businesses fail?”, that can help you to grow.
Why Do Small Businesses Fail?: Starting a Business For Beginner Entrepreneurs
Why Businesses Fail: … and the journey through our irrational minds
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
The Disruption Mindset: Why Some Organizations Transform While Others Fail
The Ten Commandments of Family Business Succession: Why 70% of Family Business Succession fail
Denial: Why Business Leaders Fail to Look Facts in the Face–and What to Do About It