It looks easy to start a business and we often dream big about our businesses but the risks are what we never really look forward to face and more so the failures. Our business ideas look so great that failures never cross our minds. Here, I present what makes our ideas fail miserably.
Financial mishandling. If you get handle finances right, your business will definitely fail. Make sure you calculate profits, losses and take off the capital.
Competition. Competition is good for any business but I mean unhealthy competition. If everyone is producing what you produce almost exactly, your business may fail.
Zero creativity. Stand up, get creative. If you have many competitors, do something different or package differently. Your business is most likely to fail if you’re creatively at zero.
Too many projects at once. It is said you can’t serve two masters at a go and this applies to businesses. Don’t start up too many projects at once. Grow one at a time lest all will fail.
Poor communication. This applies to those with employees. Spell out what you want and keep your communication between yourselves healthy. Help them to help you grow instead of fail your business.
A few more honourable mentions include poor customer care and producing or rendering services off market. Know these and more, improve your business and let’s meet on the other side… When our businesses thrive.
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