There are many reasons why new businesses can fail and at guaranteed leaflet distribution
we don't pretend to know the ins and outs of each failure. The list on
the enclosed infographic, however, are considered to be some of the key
areas that entrepreneurs should follow, but don't. No business is
guaranteed success or should be doomed for failure from the outset, but
the simple fact is that far too many good business ideas are falling by
the wayside. All wannabe entrepreneurs should take notice of this list
and make sure they don't make the same mistakes so many have before
them.
Before
you attempt to start up your business you have to take an honest look
at yourself as not everyone has the oomph needed to be a businessman or
woman. You must have passion and drive and the commitment to see it
through and overcome the hurdles that are put in front you. You also
need to be humble enough to accept advice and be prepared to put in a
lot of hard work. Stick with these principles, and follow the advice in
the infographic, and you are giving yourself the best possible chance of
success.
CLICK INFOGRAPHIC TO ENLARGE
Wrong Choice Of Business
Choosing the wrong business idea and running away with it is perhaps the very first business mistake entrepreneurs make. People rush into successful ideas they hear about or ideas that are making money without doing the relevant research on the viability of the idea and whether it is best for them.
No Or Inadequate Business Plan
You know how the saying goes "fail to plan, plan to fail" or something a long those lines. But the point is, time and time again entrepreneurs go into business and launch their products/services with little planning or without a business plan all together. Ignoring the importance of a business plan or not carrying out a feasibility study is one of those things that comes back to bite entrepreneurs in the long run.
Lack Or Inadequate Experience
If You've never been there before it is difficult to know what potential business threatening mistakes or obstacles stand in your way. Lack of experience both in their specific niche and in running a business, can be a potential banana skin for entrepreneurs and potentially lead to the failure of their venture.
Lack Of Passion
If there was ever one quality needed more than any other for an entrepreneur to be successful it's passion. Passion is what drives entrepreneurs to succeed and go on when all seem-lost. Without that passion, one's entrepreneurial journey is destined to end in failure.
Many Businesses At The Same
Time An entrepreneur's inability to focus on one business can usually lead to their downfall. These types of entrepreneurs have the tendency to jump from one idea to another causing lack of focus and half-hearted approach to their business, which can ultimately lead to their failure.
Competition
Have you ever heard someone talk about their business idea and how they will pack in their day job for a crack at an idea in a saturated market or a market that has some serious players that will not shift easily? Time and time again I see entrepreneurs trying to going into difficult and saturated markets without the necessary capital and expertise to overcome those competitors.
Poor Customer Service
Having an amazing customer service is absolutely paramount for entrepreneurs to survive and for their businesses to succeed. An entrepreneur will find it almost impossible to overcome a bad reputation, which comes as a result of bad customer treatment. Word of mouth spreads like wildfire and entrepreneurs with bad reputation almost never last.
No Mentors Or Advisors
Entrepreneurs should avoid going at it alone as much as possible. Simply talking to people with business experience or getting advice from someone that has been through it all and has made mistakes can be invaluable. Entrepreneurs can avoid costly business mistakes through the guidance of mentors and experienced advisors.
