Why do businesses fail? PART II
We heard you loved the first article, so we published the second part even sooner! If you haven’t read Part I, you are missing out!
Being an entrepreneur or starting a business requires research and well implemented strategies. Your first few strategies will fail, if you haven't properly educated yourself on the things you should or shouldn't do.What worked for someone else may not work for you and vice versa. So, we have gathered the number one reason numerous entrepreneurs said businesses fail and share them with you below!
- Cash flow.
- Lack of imagination and falling into the trap of bank credits.
- Mental and emotional blockage such as fear of rejection, failure, criticism, not being successful or fear of being successful.
- Lack of commitment.
- Lack of passion in your mission.
- Not making necessary investments.
- Poor product – market fit.
- When you are patient, you do everything you have to for as long as it takes until it works.
- Not aligning your service or product with a problem that actually needs solving.
- Know when to start.
- Lack of clarity of the vision and goal.
- Not paying attention to how much money goes out.
- Lack of quality or wrong location.
- Failure to adapt to changes.
- Failure to have a good financial forecast.
- Compensation structure.
- Lack of expertise in the various aspects of a owning a business.
- Lack of feedback from target audience.
- Poor customer service and poor work ethic.
- Not knowing your why. Lack of purpose.
- It takes time to build a customer base and build relationships.
- Lack of organization.
- People who don’t know what they don’t know.
- Lack of self-love.
- Lack of self-esteem.
- People don’t get the help they need.
- Launch of a product that is not in demand.
- Not being in the right state of mind.
- Visual Branding. First Impression of the person behind the brand and the brand.
- Poor launch planning.
- Hanging around the wrong people. Negative minded environment or relationships.
We chose to keep this article very informal and straight to the point! We didn’t prioritize the opinions of our entrepreneurs based on statistics because everyone’s reason varies. However, we do want to emphasize that mindset, self-love, and believing in yourself was a reasoning we saw over and over. Your business starts with you. What do you think? Drop your comments and questions below! Make sure to subscribe to stay tuned for Part II of our research. Until then, F.U N’ Slay!
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