Do you want to start a business but afraid of business failure?
Have you started any business in time past but failed due to reasons not clear to you till now?
Well, you are about to find out what might have caused your new small business to fail.
I will be putting you through the major causes of business failures and how you can avoid them.
Any entrepreneur starting a new business venture has PROFIT in the back of their mind.
Owning a business can be rewarding and at the same time very stressful and risky. Running a business is also not a child’s play.
We spoke to Adam C from Ignite SEO Consulting company, he has a lot of knowledge on the topic at hand and works with various small and big companies, he said, “Starting a business is not an easy task.
Many entrepreneurs wonder how many businesses fail in the short or long run. However, business failure is very common, about 25% of small new businesses fail in their first year, and a staggering 96% of businesses will fail over 5 to 10 years. As for the remaining 4%, they don’t really succeed, they just survive
Outline of Major Causes of Business Failure
- Not Seeking Professional Advice
- Lack of Good Customer Care
- Copying Others
- Lack of Experience
- Lack of Personal Growth
- Poor Location
- Lack of Focus
- Wrong Expectation
- Quitting Too Soon
1. NOT SEEKING PROFESSIONAL ADVICE
No matter how informed you feel you are, once you want to start up a new line of business, it is pertinent that you seek professional advice.
This will help you ascertain whether or not the business is profitable as you thought. Most times, entrepreneurs start up a business because they find others doing the business and profiting
2. LACK OF GOOD CUSTOMER CARE
It is very important that you make your customer care a priority. A business with good customer care grows.