Things that lead to business failure

[WATFORD]

Establishing a profitable business of your choice is a good way of making money. There are so many business you can indulge yourself in and make a reasonable amount of money on a daily basis.



There's this particular thing that makes people fear to establish their own business, it's failure. Looking around, you will notice that most business does not stand firm because of one thing or the other.



If you are a business man or woman here are some things you can do to avoid business failure.

INSUFFICIENT CAPITAL: So many people just go into a particular business without calculating the capital needed to start up the business. Talking about setting up a supermarket, everybody knows how much capital we can start with. For example, you can't compare the capital using starting up crayfish business and that of supermarket business. So before establishing any business, you must have sufficient capital to avoid failure.

POOR MANAGEMENT: Yes, poor management leads to business failure. Even you as a business owner don't know how to manage your business, to avoid more loss, the best thing is to employ a good manager to manage your business firm, in this way you'll be able to grow your business without failure.

BAD CUSTOMER SERVICE: When it comes to any business, customers has an important role to play. Without customers nobody will buy from you, so treating your customer well can protect your business and avoid failure.

 

[Yan1]

Lack of flexibility is also the major cause of business failure.inability to adapt to a changing market.Enterpreneur who fal in love with a service or product and refuse to change direction when the market demands it are likely to fail.

Also the wrong mindset

 

[Kidi]

I really like the topic you bring about things that lead to business failure, here is my own experience.

Poor quality product can also leads to a business failure, yes when establishing our business we need to invest in good quality product so as to attract customer and this will remind customer to come back next time

Mannerless speaking can lead to business failure, business owner must know the best way to treat the customer in terms of speaking, being rude with customer will pursue away customer, since without customer a business cannot progress, business will totally fails when we don't have customer.

 

[Imran Noori]

Bad management could be the biggest reason that many businesses fail because management is playing a crucial role behind every successful business.

Bad customer services can also be a reason of businesses' failure, if a business doesn't have good customer services then they can not solve customers' problems and when they couldn't solve customers' problems then customers will stop buying from that business and will face the business with big problems because businesses are based on customers.