Why business fail?

[skyjoe76]

Hi,

Saw many of my friends failed in their business. I discovered a few reasons why people fail them.

1. Lack of perseverance

This is the number one killer. You don't fail untill you give up. There are numer of times where I was almost wiped out, but I perservere, and then tide change for me. Most people do not wait until the tide change for them, they give up before when it's about to change.

2. Fear of sales

Most started their business without any knowledge of sales. Well, that's not a huge issue provided you are willing to learn. However, most have the fear of sales resulted them are not actively selling. They thought if they start their business, the customers will come.

3. Lack of marketing skills

Usually when someone start their business, they have limited funds. They should plan a practical and cost effective marketing strategy. However most either didn't plan the strategy, or put in too much money in one strategy that wiped them out at once.

4. Lack of mindset.

Building a business is full of challenges. You got to have that appetite to take in all those challenges. You have to think of solutions to overcome those challenges. Sometimes, business owners realize the challenges in the business, yet they did not solve it. This causes a snowball effect. When those challenges become too big too handle, it just crush the business.

5. Wrong product

Some business owner thought they have a new, innovative, winning product. They did not do a research or check with the market. Ask yourself, does the market want it? Is the market ready for it? Sometimes althought the product is very good, but the market is not ready for it.

You must understand this, the market is more important than your product.
I'm not saying you should provide sub standard product. But it is the market that pays for it.

6. Lack of self-discipline

Building a business will need you do things that you may not enjoy doing. But it is exactly those things that make you rich. You can't build a million dollar overnight. It is all the little things you hate doing that add up to your success. Until you earn your money and are able to outsource, you have to do it yourself. Many people failed because instead of doing the little things bringing themselves closer to success, they watched TV, party with friends.

I spent about an hour a day in front of TV. I invest 15 hours a day in building my two businesses. I still manage to invest 1 hour a day to exercise.