I have started many businesses in my life, some were not able to see their 1st birthday, many failed along the way, am yet to close some due to failure to break even and also have some that are doing pretty well. I have learnt many lessons while at it and I am here to share some of them with you so you don’t have to make some of the mistakes that I made while at it and today I want us to look at a few causes of business failure. There are a thousand and two causes of business failure but we shall look at a few main ones. It’s also inportant to note that when a business fails, it’s not the end, instead it’s an opportunity to learn
Starting business without enough money
You have heard stories of people that tell u they didn’t have cash/money when they started business, do not be deceived, they probably had working space from home, a laptop, free electricity and others, you cannot start a business without money. This money can be in different forms e.g cash, furniture, internet, space, machinery etc…, instead learn to use what’s already available to you to your benefit.
Have a business plan, do the business first on paper, have whatever you need to do it then go ahead implement it
Not having a big why
why do you do what you do, bse it can make money doesn’t mean it will work for you. If your primary reason for starting a business is to make money, don’t waste your time, go find a job.
Entrepreneurs solve problems and the reward for solving the problem is money. The bigger the problem (your why) the higher the reward
Doing many businesses at a time
I have been a culprit for this. Being a Jack of all trades almost always ends up no where, do one thing at a time. Start one business, grow it before you can start another.
Not Marketing your product
what value do u bring to the market. Tell the people about your product and the value they will derive from consuming/using your product. Do not be deceived by the thought of, “they may steal your idea” if they don’t know your product, they won’t purchase it.
We shall look at more of these in our next blog,
Stay blessed
Do business
arinrony 