Reasons why people fail in business

[Kapazität]

To add to this piece
Lack of planning
Vision or target is the key, it sometimes the driving force in every thing we do. Now, we plan according to the vision or targets set..in buisness planning it is not best to go for too much loan in terms of capital, a good capital must have been made available before the start of the business

Plan for the positive and negative outcomes

Investigations

This is very important because it helps in the area of site selection, the nature of business one wishes to go into and the type of people you are targeting.

 

[Abigael]

You have given very points on why most businesses fail. Lack of proper planning and having no knowledge and skills in business are the ones that really affects a business negatively right from the beginning. Other things that may lead to business failure include;
1. Choosing the wrong partner to work with - this can cause you to loose alot and so you should be really careful about who you choose to partner with in business.
2. Uncontrolled growth - growing is so essential in business but it needs to be done with a lot of care and not just abruptly. You can't just expand your business without a plan.

 

[Wisdom01]

Yeah this are some of the reasons while people fail in business ,another reason i think might be the reason is that most people actually fail due to the poor management of their invested funds , like they are not able to mabage the business properly and due to their excessive spending they lost a lot of money operating the business and this are some of the things to consider and are very important because they can lead to the downfall of the business

 

[funmi]

There are so many people in business today that has nothing to do with owning a business, some have not even read a single literature on how to manage a business. Some has not even undergone a formal apprenticeship under anyone who owns a business that they intend to run. These and many more reasons are why people fail woefully in business. It is not enough to get some capital from friends or a loan house and go straight to the market and purchase items and start reselling. Own a business requires planning, one is suppose to sit down and look at how to organize the business, a good entrepreneur should look into how he or she is going to add value to the product or services that one intends to start. He or she looks out ways that the target customers will gain the maximum utility on the product that they intend to sell. They also go out of the way to always get the feedback on how well their product and service are. They still.do a kind of follow up and try as much as possible to build a good communication channel where the customers can interact with them.

 

[funmi]

People fail in business for various reasons. One of the primary cost of people failing in business is because they lack the technical know how of the business they are trying to start. Running a business is not for everybody some people are better off working as a team with others, and achieving the general organizational goals and objectives. Many are also failing in business as a result of inadequate business funding. They fail to realise that just as we as humans have our needs so also do business also require financial support so that it can grow and also achieve its objectives, which is primarily to generate profit. Let's take for instance someone running a transportation business with a bus. It is most likely that such a person will always keep a special fund for the bus, in other to run a routine maintenance on the bus so as to ensure it doesn't breakdown or suffer early depreciation that will send him out of.business.


So most times people starve their business and the business is not getting any input and the business owners keeps expecting output, it will certainly get to a point where the business will have to suffocate.