There are many reasons why businesses fail. Nobody ever wishes to start a thing and not finish. I have seen a lot of businesses start with speed and crumble within a short time. It is of course a terrible thing to lose money. The fact is, that could have been avoided if the approach of doing business was right from the beginning.
Before you get started in any business venture, you need to specifically ask yourself some very crucial questions. What are these questions you must ask yourself before venturing into business?
If you can answer this question convincingly by yourself, it will help you with the right energy, confidence to get started. Most businesses failed because someone did not take some time out to ask important questions so that they can be guided properly for the business they are set to embark on. When once you neglect some of these common reason some businesses fail, you are most likely to make the same mistakes that others have made before.
A lot of people delve into business because they probably think going into any kind of business will help them secure a good future for, meet up with family demands, use it as a medium to safe up the money they have at the moment so that they won’t squander their savings, and of course, let me have something physical to always lay my hands when the times are down. Having a clear picture of why you are doing what you do will keep you long in business. To succeed in businesses, your motive for starting one must be right and not based on external influences so that you would not scratch even before starting.
Knowledge plays and important role in anything one wants to do. The knowledge and experience you have gathered over time will impose on your choices and decisions in business. To start any business, gather enough information that will help you know what to do at all times. The power of knowledge is what people trade rightly.
Gathering sufficient information prepares one for challenges that come with businesses especially for start up businesses. If you want to try out new opportunities, dedicate sometime and research about them. You can as well consult those who have been into the business that is impressing your mind. There is always someone to guide if you if you open up. Other people’s experiences can serve as a platform for you to know what is working and what is not.
You can list out the names of persons or businesses around doing what you the business you intend to go into. Other people’s experience can you help you know what to expect and how to tackle issue when they show up. The right information will put you on the track. Beside gathering information about other people’s experiences, taking this steps commits you to inadvertently know who you will presumably be competing with. From other people’s experience, you can draw conclusion whether to take the risk of investing on what you want to go into or take sometime out to get your mind really prepared to handle any risk involved in doing business.
This is another very striking reasons why business fail. To succeed in business, you need capital to keep it running. Starting business requires capital and constant financial source to support the business especially if its a start up that is why I usually encourage my clients not to start any business if they don’t any financial backing or saved enough to fuel the business to stand. Sincerely, investing into business is a great risk.
Business needs constant support, nurturing, diligent effort to grow. If you are going into buying and selling especially, you will need extra capital to fuel the business to maturity before you can start earning from it. Your business needs you more than any other thing. Your keen attention to it, will inspire you always to strategize and make things better.
Attitude is what put people on their feet to make whatever they do work. To have the right attitude that will make what you do scale height, you need to develop yourself to match the efforts that you desire. Businesses success does not just depend on having a good idea alone, but working hard to see it fruition. A lot of people start businesses and eventually get sapped over time when their expectations are not met, possibly because they did not work hard to make it work and this one of the key reasons for business failure.
Setting up a business does not guarantee its success. Business needs more than what you started with to make it work. The right attitude depends on determination. Let the enthusiasm, passion, determination heighten because nobody knows sees what you saw before you started.
People’s experiences in business failure differs. Besides, those who succeeded in business had one time failed and learnt a great deal from their experiences. The fact is, fearing to fail is already failing on it own. You have made the right decision if you want to start a business. But before you get started, make up of your mind to succeed like every other working business. Even if businesses that you knew had failed, its not a complete reason to shy away from trying. When you have been able to answer the above questions to yourself and you are sure of your readiness to take the risk, then I guarantee you fit to kick start.
Failure is part of life. To be scared of failing means you are not ready to make progress. As a matter of fact, people will never stop failing. I am going to list at least nine successful entrepreneurs who had failed before they succeed:
Steve Jobs He was fired by Apple computers but he made a fortune out of his life today
Oprah Winfrey: She was also fired but the truth is she kept pushing until she pulled through
Thomas Edison: He tried 1000 times before he succeeded. Failure gave up on him.
Fred Smith: He thought his federal express was feasable as a professor.
Steve Spielberg: Known for directing movies but was formally rejected.
Walt Disney: He was fired for not having great but today check his worth.
Tim Ferris : A great writer, turned down by many publishers but later picked.
Henry Ford: He founded two automative companies that failed before but today his life is a mirror of success.
Colonel Sanders: He started his company at a later age but still made.
There a lot more reasons why businesses failed. In 2020 businesses failing is not a new thing. Your determination to make yours work is what will make you stand out. Even though most businesses have failed, many are still succeeding. The truth remains failure is not an excuse. Trying is the perfect conviction to success.
Your Success depends on your mindset.
I hope this write up has helped you? If it did, then shar