raaman
Valued Contributor
Why does a Business Fail?
A survey has been carried out to identify the most common causes of business failure. It has found various conclusions. Among the most frequent causes are the lack of foresight and planning, excessive orientation towards the product or service instead of the customer and the market, lack of financial support, lack of specialized training in business management and professional inexperience. Almost nine out of ten respondents of the survey pointed out as a recurring mistake of not previously carrying out a serious analysis of the feasibility of the project. Furthermore, seven out of ten considered the lack of financial planning as a major fault, while six out of ten noted the absence of a strategic business plan.
A survey has been carried out to identify the most common causes of business failure. It has found various conclusions. Among the most frequent causes are the lack of foresight and planning, excessive orientation towards the product or service instead of the customer and the market, lack of financial support, lack of specialized training in business management and professional inexperience. Almost nine out of ten respondents of the survey pointed out as a recurring mistake of not previously carrying out a serious analysis of the feasibility of the project. Furthermore, seven out of ten considered the lack of financial planning as a major fault, while six out of ten noted the absence of a strategic business plan.
