Failure is a topic everyone likes to avoid. It’s success you have in mind when you are getting ready for a start up business. Your mental state and mindset are very positive at the beginning of your venture so failure for you is not an option. Facts on other hand are that over 70 per cent of the start up businesses do fail. Down below we would try to underline some factors that prevent the growth of small business and ends them up in failure:
1 – Failure to research the market.
Not enough research about your market is vital factor that result in your business to failure. Not understanding your customers, not getting any feedback, not working on targeting the right audience. If you think you are targeting everyone in fact you targeting no one. You failing to understand who your real customers are therefore you failing your business.
2 – Getting in wrong industry.
Opening a business in a nonprofit industry is another factor that will result in your failure.It still comes back to the research before hand. This can be the first step to avoid failure. Finding the right industry not just in short term but in long term profit is vital.
3 – Failure to connect with customer.
Knowing the value of your business is good but not enough to succeed. Knowing and understanding your customers needs it’s very important for your business growth. Loosing touch with your customers mean failure of your business.
4 – Failure to keep up with technology.
Technology is advantage you can use to succeed in your business these days. Bear in your mind how rapidly the technology is progressing, and try hard to keep with it. In many big supermarkets they are now using self service machines. It’s a way for them to cut costs and boost the profits.
5 – Choosing the wrong employees.
Your staff is the face of your company. If you fail to employ the right staff you are failing the customer and therefore you failing your business. However if you make sure and approach the smart staff it will be a step up towards success.
6 – Not enough finance.
The growth of your business requires staff training and more cash. If you don’t have enough of financial support undoubtedly you going to fail. It’s crucial that you secure enough funds to support the growth of your business.
7 – Negative attitude.
We talked a lot how a positive attitude helps you grow and have a great impact on your business. It’s understandable a negative attitude will have opposite effects in to your business resulting on failure. So make sure you have a positive attitude when you face obstacles and bumps in your journey to success.
8 – Management and leadership failure.
Employing smart staff for your business is so important. Also choosing the right leader or leaders will determine the way to success. Making a wrong choise it will affect your staff and your business. Acknowledge your business needs and pick the right leader for your team. The one with skills that fits well with your business. The one that can work, motivate and lead the team to success.