Report have shown that about 50% of start up businesses fail within the first five years of existence, that is not a good news or a news to celebrate because I can imagine an entrepreneur putting everything he has into a business that eventually collapses as a result of one thing or the other.
This is one major reason why entrepreneurs should always endeavor to gain insight before venturing into their chosen field.
Mistakes have been made been made in the same field a new entrepreneur is about to venture into and it is only right to obtain knowledge from those who have gone through similar parts, this way new entrepreneurs will not venture into the same direction older ones made mistake from.
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So this post aims to quickly highlight major mistakes made by entrepreneurs that results in failure.
- Entrepreneurs often ignore the necessity and importance of laying a proper business foundation, it is pretty easy to run into making sales and marketing but there are certain things that should be put in place to ensure that consumers are satisfied.
Getting your website to run properly is one of the things that you have to put into adequate consideration because this is one thing that could easily turn off customers.
- Regarding business as a get rich quick scheme: Business is not something that could turn you into a millionaire within the space of one month and even if that is going to be achieved it is going to require lot's of zeal, consistency and sacrifice.
As good as it is to go into business, it is wrong to go in with the motive of making some great returns within a short period.
- Always thinking of short term goals alone: Every decision made in business should include long term goals and not just short term.
An entrepreneur should always think about the present as well as the future.
- Taking the concept of following your passion to the extreme: Becoming an entrepreneur is going to take more than just doing what you love, it is definitely going to involve you doing the things you do not like.
So if you are just prepared to do the things you love to do, then know that the entrepreneurship isn't for you dear friend.
- Expecting everyone to become your customer: It is necessary to understand that it is not possible for everyone to become a customer, learn to build your customer base properly but never force anyone to become a customer because not everyone needs or requires your service.
- Lack of proper time management: New entrepreneurs often forget how important their time is as they waste lot's of it on things that are irrelevant.
- Taking competition to the extreme: Competition should exist in business but it should never get to the point of destroying personal lives, start up entrepreneurs take competition to the extreme that they begin to destroy themselves which is not right as there will be no record of growth in the process.
Do you like what you just read, ensure to leave an upvote, is there any compliment, questions or constructive criticism, do well to drop that in the comment section.
Remember to always wear a beautiful smile and stay safe.
Resteemed already :) Upvote on the way
Interesting choice of topic @oluwatobiloba
Lack of financial planning, lack of research and problems with money flow seem to be main killer for all new businesses out there.
Valuable read,
Piotr
Thanks for contributing dear @crypto.piotr, it means a lot to me.
Short term goals only make necessities for short term achievement and it prevents longevity which means a company cannot expand beyond its capacities and might eventually fail. It's beautiful written I love it.
You are absolutely correct, I appreciate your response
I like that you talked about taking competition to the extreme, it is very clear that lot's of small businesses do not know when to put a stop or control measures to competition.
No they don't and I think that is because they are only concerned about surviving daily with the business instead of moving it forward.
@oluwatobiloba this the major reason why bussinesses fail thank for sharing and soild post
Thanks for coming around henry.
hi @oluwatobiloba
Great read. There are so many reasons why businesses fail which you have highlighted.
For me, one of the main reasons for failure is being to narrow in the view of the market place and only seeing things from our own perspective. We need to research the market and the true needs of our potential customers. Ensure that we are on their agenda rather than just pushing our own.
You are very correct on this one, it isn't about what we want, rather it is about what customers need.