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Why Do Very Few Startup Businesses Succeed?
Some small businesses fail and some struggle, while others are very successful. There are many reasons for this; most businesses fail due to lack of financial management understanding, book-keeping, lack of proper business planning, among others. What other factors do you think may contribute to failure in business?
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6 Replies
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Some Business Fail due to lack of proper planning and discipline.Some people tend to eat bothe their profit and capital when their business begin to boom a little.
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It’s proper that before you venture into any business you should understand and under study it,the business it’s self and also no it’s potential customer’s so as to not when and where to site the business.So not having sufficient knowledge on a business and it’s customers may lead to failure in business
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Lack of knowledge of the business u want to venture into
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Lack of Determination and self discipline
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Lack of sustainability and expansion strategy. The future of any business lies in the number of loyal customers that they have, the capacity and competency of their employees, their investment strategy and business structure. If all these factor is missing from a business, then it won’t be too long before the buses closes shop
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Noted
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