Very good question!
Do they fail because of lack of capital? Too much debt? Lack of commitment? Too much inventory/overhead? I'll be looking forward to hearing the Community's opinions on this post! Thanks for posting!
Thank you Joleen, You have identified many key points. We will report back to the community if sufficient replies can show what the thinking about this is. Charles S. Teddy
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The KEY to business success is YOU.
Unless YOU are qualified to operate your own business, the business will fail
Some of the reasons business fail:
LACK OF A BUSINESS PLAN
Important questions to answer:
What do I have that people want or need??
Do I have the entrepreneurial spirit??
Do I have the financial resources??
Do I have good people skills??
Thank you for your input. It will serve many people well IF they pay attention to your answer.
Each component of your reply is important. We are pleased to sponsor this type of dialogue and hope as more people view it they will gain valuable insights Charles S. Teddy
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You can put a rope tied to the corner of your office and every day go in for 8 hours and PULL HARD on that rope. You will go home very tired - you will have tried hard - you just won't have accomplished anything. The results are similar if you don't have the knowledge of WHAT to focus on, HOW to plan for it, and HOW to execute it.
Most business people don't know how to keep books, much less plan them, create the systems that maintain them, and execute on all fronts. In the old days, there were fat profits and more succeeded. Today, there aren't many "fat profit" industries around anymore. Entrepreneurs HAVE to understand more - they HAVE to drive a tighter ship.
Thank you for sharing with the Small Business Online Community.
Your reply should prove helpful to all small business people. We think your key word of FOCUS is central to everyone's business operations.
A part of that FOCUS relates to the reply from LUCKIEST in that a business person has to develop a trusted
group of people ( through people skills ) to not over do but be able to reach out when appropriate for advice or qualified help.
Too many times a business person is reluctant to ask thinking they will be seen as ? - we say, better to admit you do not know about something- rather than going ahead and making a mistake to be regretted.later.-simply because you did not reach out for a different viewpoint or suggestion on what else might be done. Charles S. Teddy
Almost everyone today uses the web to shop or hire a service or at least to do a little market research and to identify the company they wish to deal with. With the evolution in communication technology and the dynamic nature of the business world, Internet is quickly becoming a natural extension of our lives. If today you don’t have an active online presence, you are sure to miss out on a substantial share of your potential customers specify for small business as they have not much extra money for marketing or advertising. We can also say that it is one of the latest and affordable marketing tool for every small businesses
Local Search Marketing
Thank you for sharing. The Internet is very powerful. As we shared earlier it is important to reach out to qualified resources to assist in areas where you think you need assistance. Always - ALWAYS ask for 3 references and speak with them candidly. If the references seem good you probably are on safe ground. You will be surprised at how helpful even the references themselves can be. They are usually genuinely glad to be supportive to another small business person. Charles S. Teddy
I want to add that even though you may not believe, many small business owner started just that for a temporary situation ("Unitl I get something better"), others just go for a while to see how things would go on ("I wish I have luck") , and others were pushed to take on that journey ("This is what my parents want me to do..") ... whish means most of them don't have their brain in love with their business idea. I believe is just that. Many business owners were born to deal with one business; others, however, aren't happy if don't get their hands in differents enterprises!
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