5 MAIN REASON WHY STARTUPS FAIL
EVERYONE CAN OPEN UP A BUSINESS, BUT NOT EVERYONE CAN DEVELOP THEIR BUSINESS SUCCESSFULLY… HAVE YOU EVER WONDERED WHAT THE REASONS FOR FAILURE ARE? IS FINANCE THE ONLY CULPRIT TO BLAME.
LIMITED BUSINESS OPPORTUNITIES
They think that they will be able to earn a big income on their own without collaborating with other entrepreneurs. Egoism could be a possible reason to hinder them from accepting other’s people opinions for more business opportunities.
NO CONCRETE PLANING
They have no concrete plans and ideas, and a lack of guidance to execute the daily operation of their business. They fail to realize that planning is an essence in business, and just go for it with their gut feeling.
LACK OF KNOWLEDGE
Inexperienced newbies who think that they know it all but in fact seriously lack knowledge in all aspects may be a cause of failure. Many people are unaware on how to focus their niche in one area, how to manage employees, how to manage their financial income, how to reach their customers, and etc.
LACK OF VISION
New entrepreneurs fail to plan their business for long term consideration. They focus mainly on the current situation. They love the idea of earning fast money by investing very little on their business. This could lead to devastating results for the business.
GIVING UP TOO EARLY
When they feel like everything is failing, they give up the business with the idea that it is better not to lose too much money. They fear failure and choose to end it clean rather than cause a bigger mess.