For a new entrepreneur, starting a new business venture can be pretty exciting and thrilling especially if you have been dreaming about it for so long. But do you know that there are many new entrepreneurs do not succeed in their startup business? Rest assured that this is not simply an act to frighten new entrepreneurs. But this is the reality that all of the startup businesses have to face and even so to the business owners to be more alert and doing whatever they can to sustain their business.
Business is not as easy as its seems. Although in the beginning, it might start off well, it can often go amiss along the way.
DIYPrintingSupply wishes to share with you the reasons that cause business owners to fail in their startup business. By doing so, hopefully, it will provide a good insight for any young business owners with a startup business to prevent their business from collapsing.
Here are the top 12 reasons for you:
#1 Faint heart never won fair lady / “Hangat-hangat tahi ayam”
It’s always a rainbow and butterfly for a new business owner especially when your business is doing well. But somehow, it goes awry in the middle and you’ve begun to lose all your driving mad passion when you first starting out. The result? You will begin to neglect your business and soon, you will find it on the brink of collapsing.
#2 Lack of capital
To run a business, you will need a sufficient money to start off and also to sustain your business. As the time goes, in which you will require some funds to continue operating, you need to find enough capital to ensure your surviving.
#3 Too smart and too sure of yourself
When it comes to business, you need to be smart and confident. But…just don’t be too smart that you refuse to listen to others that are more experienced and know better than you. You need to listen and take account into other’s opinion especially if it will do good to your business.
#4 Lack of knowledge
One of the mistakes that a new business owner make is that they have a lack of knowledge in the products that they are selling. Do you know how dangerous that can be? What if you were faced with the issue related to your products but you do not know how to answer it? Or even to handle this matter? You need to consult those who play longer than you in this field.
#5 YOU just……give up
After all that you have been through in this business, you have considered that this is the end; you give up. Problems will always be lurking in the hidden corner but when they find you…you just flee. If you want to survive long in business, this is the trait that you should not have at the first place.
#6 Selling non-quality products
How can you expect your business to bloom with recurring customers if you are selling non-quality products? We get that you want to make money but consider this; Will you tolerate a non-quality product and keep coming back for it? Don’t expect your customer to do the same to you.
#7 No marketing strategy
Marketing acts as a channel that can drive consumers to purchase from you. A business owner who has no firm grasp of understanding of good marketing strategies has a high chance to make their business fail..fast.
#8 Zero patience
Have a zero patience in dealing with your business? It is a big No No. Having a lack of patience will result in you making a rush decision.
If you are a lazy seller, don’t even consider to have a blooming business overnight. Well, it almost never happened.
#10 A strained relationship between worker and employer
Workers are the backbone of your business. A good worker is a rare gem for your company and if they are happy, you can expect your business to do well too as they are passionate to work there. But what if you and your employee cannot meet eye to eye? Can you guess what will happen to your business?
#11 Failure in handling financial situation
If you are having a slight problem in this part, seek counseling immediately from the professionals. Do not let it get worse.
#12 A problematic customer services
If you keep receiving complaints, just considered this: you do not address the customer’s problems enough. Provide necessary steps and actions to deal with them in the future.
Facing similar situations? Act quickly and save your company. Nobody wishes their business to fail and with the proper acts, you can make it.
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