Why Do Businesses Fail?

Reasons why many businesses aren’t doing well are numerous. There are a myriad of reasons. In your opinion, what are the real success factors for a business, especially around here?

It’s bad that if you ask any entrepreneur whose business is going down, several reasons will be given. Unfortunately, sometimes the real reason is simply ignorance. Many are not schooled on how to run a business. Your business shouldn’t die a slow or sudden death. You’re responsible for its destiny.

Come to think of it, how many business people seek for better ways of doing business?

Many are oblivious of changing times in the economy and they only notice the recession. In data driven economies it’s been observed that a large number of businesses fail after 5 years. The failure of a business is a sad experience because it ultimately impacts directly on the future.

Some are wired to fail from onset, especially where business owners fail to answer the quiz “why did I start my business? If the reasons & motives behind the business are warped, its not a surprise when they eventually fail.

Money, often times, is not the real issue in a failing business. Some have simply lost a sense of direction & momentum, lacking basic structures & systems.

It takes more than passion to make a business thrive & finally successful. Passion will fail at some point but commitment, tenacity will keep it going. Because entrepreneurs lack all the knowledge required, they need to seek professional advice.

Many businesses are laden with cultural & ethnic colourations plus surplus dose of poor customer service. Businesses around here are also not accountable in any way whatsoever. Many business people are not investing in themselves. There is no commitment to personal growth.

By the way, what were your expectations when you stated your business? We’ll like to hear from you.

When we have wrong expectations, business frustration is inevitable. Are you really serious about growing your business? Then keep your focus steady. Dont give in too soon on your dreams. If it’s not working, reinvent yourself with these tips.

WhiteOlive is building extraordinary lives and we will not let you give up on your purpose or self.

#MM

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