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Any  business can fail if not well manage. It is one thing to start a business and it another thing for the your business to stand firm for life. These are examples of Nigerian Businesses that Failed Within 5 Years:

1. Efritin
https://i.ibb.co/C9Mxm3v/Efritin-logo.jpg
It was founded in 2015 as a classified advertisement website by the Swedish company Saltside Technologies. However, it was unable to scale beyond its second year due to various factors such as mismanagement of funds and high data costs.

2. GoMyWay
https://i.ibb.co/M2mv03x/images-12.jpg
GoMyWay, a Nigerian ride-sharing service, began its operation in mid-2015. It, however, shut down in 2017 through an email circulation sent to its customers.

3. OLX
https://i.ibb.co/72mWZ2D/9baf1-5-nigerian-businesses-that-failed-within-5-years-1.jpg
OLX is a classified advertising platform launched in 2012. It allows individuals to buy, sell, and trade used products and services using their phones or the internet. Naspers, a South African media behemoth, owns the startup. However, the startup was shut down in 2018 due to challenging operating conditions.

4. Easy taxi
https://i.ibb.co/Nst82Gr/416wpu-P3-WDL.png
The ride-hailing company started in Brazil in 2011 and expanded into Africa. It was launched in 2013 in Nigeria, becoming one of the first Rocket Internet armies to arrive in Africa but was later pullout from African market after few years.

https://businesselitesafrica.com/2022/02/09/5-nigerian-businesses-that-failed-within-5-years/?amp=1

Reason why businesses may fail
👉 Poor Customer Care/Support
Customers need proper attention for a business to survive. Without them, your product will fail to exist. When customers are not well treated or appreciated, they often become dissatisfied, leave bad reviews and patronize others.

👉 Mismanagement of Funds
Some small businesses fail because the owners mismanaged the business funds and there was no accountability.

👉 Inadequate Financing
Huge number of entrepreneurs make a common mistake of starting a business with no adequate operating funds. Most small business owner start their business without having enough that can finance the budget of their business. Some start the business with loan with heavy interested.

👉 Poor Business Management
The management play a key role to sustain a business. It comprises of activities such as planning, organizing, staffing, directing, motivating, controlling, co-coordinating and communicating. When a business is poorly managed, its death is imminent. Management

👉 Inability to Communicate Value
Communication is highly important in businesses. This is the only language your customers here. Some small businesses fail because of their inability to clearly define their value propositions — that is, they fail to understand and communicate their products or services to consumers effectively.

👉 Wrong Expectations
Some startup and small business owners expect money to start rolling into their business account immediately with doing little or nothing.
The idea of starting a business with the wrong expectations and impatience has made many businesses to collapse within a short period of time.

👉 No Planning
Most small scale businesses start the business without a concrete plan. They rush into business because they see people make ways from it. To start a business, one need to make proper findings about the business. Failure to plan may lead to the downfall of the business.

👉 Lack of Focus
Investing in many things almost at the same time is not healthy fora business. Engaging in so much things at a time may make them run out of cash. This on the long run will affect the financial aspect of the initial business. At the long run, they end up closing down the business.

https://mkobo.medium.com/13-reasons-why-small-businesses-fail-in-nigeria-3c844fee7e7c

CONCLUSION
Establishing a strong and firm business doesn't come easy. It involves patient, time, passion and hardworking. Young entrepreneurs should try to learn from failed businesses and guide themselves with successful businesses.

The business world has become very competitive and in order to remain alive in the business for a long time, a business owner needs to be very proficient in many things, hard working, smart enough, financial capable and always keep his/her eyes on the customers.

There are two very important elements that are crucial in running successfully any business. First is the strong business idea and the second one is all about marketing and management skills to be able to keep customers/clients interested in your business. If you are thinking of starting a business, it is good to have a strong business plan that includes all the necessary aspects of your business such as: market research, competition analysis, finances, marketing plan etc. To increase the chances of your business succeeding, you need to ensure that you are constantly updated with current business trends, educated enough to know all the possible market shifts and you must be able to make most informed decisions.

Inability to maintain quality can also be a reason for a business to fail, Customer's always want the best, the moment their is lack of value it can change the mind of Customer's to go after something else and may not come back. Business can also fail when you don't know what your customer want.

It is true that maintaining a business isn't easy and that's why a business that's already seeing its peak should maintain its consistency. That's all that matters in most businesses because even if you're the best right now.

But, you're not consistent in what you do like marketing, customer support and innovation then you're going to be the last someday if you're not able to maintain that. Especially for these businesses that requires continuous upgrade and innovation, they'll be left behind if they don't accept that fact.

Starting a small business is incredibly difficult and I cannot remember the statistic, but something ridiculously high like 9 out of 10 businesses will fail in the first couple years. It really requires a whole other level of commitment and multitasking ability. Depending on which business you choose, it can require learning all kinds of different and varied abilities. You might have to be the idea developer, the product manufacturer, the art designer, the accountant, the marketing manager and all sorts of other parts. Most people are also starting on a rather limited budget, or quickly use up their starting capital and end up losing a lot of money. Even if you are successful, things like burnout through overwork can easily creep up on you.

Building a business is not as easy as one might think. because in addition to being good at following ongoing trends, as business people we must be able to create trends that lead to our business. because following the trend sometimes won't last long. because the competition will be very tight. but creating a trend is a brilliant innovation in marketing. as before we know a small toy company such as toy cars and gansing. if we look at them, they seem to follow the trend among children who like to watch anime films about car racing fights. So does it last long? in fact not. but if we look deeper and more carefully, it turns out that the company has already designed the toy cars. and before being sold in the market, the company creates a trend first. by adopting an anime film and then the company helped the film to become famous and watched by many children. after the kids started liking the movie and fantasizing about owning the same thing as the main character in the movie. then that's when the toy company sells free toys that have been prepared for a long time in the market. and it is true that it immediately sells in the market.

and after a dim trend. then the company did the same with different toys and different movies. Following trends and creating trends is difficult. but if it works. then the profit will be very much. Many toy companies do this.

Some of the following tips should also be done in building a business, namely:
- Make and have a really mature plan.
- have creative ideas and fresh innovations.
- Can Follow Market Developments (be it following a trend or building a trend)
- study competitors.
- build good connections with many circles and companies as well as with customers.
- provide the best and friendly service to consumers and also to business partners.
- learn the desires of consumers.
- and maintain the welfare of workers or employees. so that they give the best hard work to the company and not on the basis of compulsion.

actually there are many other tips. but in general the tips above are enough. So far we have seen many business companies go bankrupt due to not being able to keep up with market developments, market trends and not according to consumer wishes/consumer needs. this is something to be aware of.

Yes it is, businesses doesnt have everything thats why on being an owner then you should be that attentive and adaptive on the same time.If there were lacking then you should immediately add up because if

people would find out that it doesnt really have that kind of feature and find out something else then they would really simply skip and leave out.Its true that people would always be looking or go after for the best.

Building up a business doesnt automatically means success.There's always been a risk and this is why you would be trying out to avoid as much as you could and trying out to
give out the best service that you could really able to do so.

The reasons why businesses (small scale and large corporations) fail and pull out of Nigeria is mostly due to insecurity, power and government policies.

I don’t need to spell it out that when there isn’t peace and stability, business will definitely not thrive.

You would also need power to run your business. And Nigeria presently can’t generate enough for its personal use

Government policies in my opinion is the greatest hindrance of them all as a government could put in place policies and when a new government is elected, the old policies are thrown out and new policies are put in place that businesses would have to follow.
Government interference also plays a key role in the demise of businesses

That is why it’s very important to meet the demand of every client or customer because that will keep their interest to stay patronizing your product since it’s the best in their eyes. This might be the cause that most businesses fail because they don’t always improve the quality of their products as much as other competitors will always ensure high quality and always seek even higher quality so that the customers will stick to them.

It is quite common for businesses to fail within the first five years.
Around 20% businesses fail during the first 2 years and 50% within the first 5 years lol
The numbers must be more skewed when it comes to Developing countries(like Nigeria)

Businesses in poor countries tend to face greater challenges and obstacles than those in developed countries. This includes factors such as a lack of access to capital, limited infrastructure, corruption, and a lack of skilled workers. As a result, businesses in poor countries often have a lower success rate than those in developed countries.

Starting a successful biz in Nigeria isn't going to be easy and can only be done by locals imo

I see as a major difficult in developing countries the fact people don't have much money to spare, so you as a business owner have a very limited customers' base to acquire your services and products. People are too worried about survival that they will only have access to basic goods and in a limited scale. Furthermore, even though there aren't customers for everyone, the concurrency is the same or even more expressive than in developed countries. There are too many sellers for too few buyers. This situation has a very negative impact on individual businessmen and many consequently have to close the doors at some point.

That's why I made the other point, only locals can run a successful biz in poor/developing countries.

They have experienced the poverty and can make more accurate assumptions when it comes to people's spending ability & related projections. Unless you have millions to burn and can keep on adjusting the scales until you start making some profit. But then it wouldn't qualify as a small-scale biz.

This is what amazon did in India. They had billions to burn and seized a major chunk of E-commerce market while parallelly figuring out a revenue model that works.

Please note that the business world is a world full of challenges, sometimes bringing in troublesome competitors.
This is where our expertise is tested in business.

but the cause of the failure of a business is sometimes not because our business is bad or our marketing is not good. but the overall economic condition of the economy can be the real obstacle. when people's purchasing power decreases. and the price of goods continues to soar. At such times it is very difficult to maintain a business. it is not surprising that as a result of an economic crisis, many shops and companies were able to close, even factories that had been around for a long time had closed because they were unable to pay employee salaries due to the products produced there had been a decline in interest in the market so that they were not selling well.
There are many factors that can make a business fail. both internal and external factors.

usually to maintain a business when we have many employees and at the same time income decreases. then the reduction of employees is the solution. despite the fact that the effectiveness is still 50:50 but it can minimize expenses. reduction of employees and reduction of production if it is a factory.
and today the global economic conditions are really worrying so that it is increasingly difficult for small businesses to survive.

All the reasons you wonderfully outlined that cause the failure of businesses are valid but you forgot two that are killing businesses in my location. Unfavorable government policies and external factors like the war in Ukraine are silently killing businesses in my country.

Due to inflation and reduction in government revenue, the government is over-taxing businesses, making them collapse. There are also businesses that have been witchhunt by the government because they supported or are supporting the opposition political party. Such businesses suffer and sometimes collapse because of the perceived political affiliation of their owners.

In my lifetime, I have heard about or witnessed conflict or wars in different countries but the global effect of the war in Ukraine has given me a clear glimpse of the interconnection and interdependence of the world economies. The increase in the cost of oil and gas, power, and other agricultural products due to the war in Ukraine has led to the death of many small and medium-scale businesses.  
  

This is true, in fact regardless of how competitive the market is now it is certain that product quality is one of the attractions.
Actually, not only small companies have to do this, but large companies also have to keep up with market developments and desires.
Examples in gadgets, we know a few years ago Nokia is one of the biggest products even in the whole world. but now when those who are always strong in developing their Symbian and with minimal features clearly lost in the current android competition so that they have experienced a significant setback until now they are difficult to rise.

For me there is one very important factor that you have not mentioned, although it is related to these two:


It is simply taking on too much debt. It is better to start small, little by little and grow as the business works. Starting with debt adds a fixed cost that requires better results to make the business work than starting without debt. Depending on the sector in which the business is undertaken, it will be more or less necessary to get into debt, but nowadays, with the addiction to credit, many small businesses get into debt more than necessary. It is usually one of the main causes that end up screwing up the business.

You forgot to mention that harsh government policies can make a small business go under. A typical example which I remember clearly is Gokada. Gokada (https://en.wikipedia.org/wiki/Gokada) is a tech startup based in Lagos, Nigeria. The startup launched as a ride hailing company in 2017. And in 2020 the Government of Lagos State in Nigeria stopped the Gokada from working citing insecurity (https://guardian.ng/news/lagos-assembly-candidate-laments-insecurity-flooding-in-amuwo-odofin/). A claim which made no sense. Even though, the company has now diversified into Logistics and Food Delivery, their ride hailing plan was the best because the company came with a very good initiative (https://guardian.ng/news/lagos-assembly-candidate-laments-insecurity-flooding-in-amuwo-odofin/), where you can track their bikes to know where they are and where they are going. They are well registered. You can even track the bike from your phone, but the government cancelled it without a good explanation.
https://i.imgur.com/gaoYkxe.png

I don't think this is absolutely true as most new business entrepreneurs are planning way ahead on their business endeavors and most of them have a roadmap to follow through. Also, newbie entrepreneurs know how hard to handle a business before even starting one as they will need to against huge companies.

I guess most new businesses fail to run in the long run due to not being able to follow up with the roadmap as well as compromising any delays that could happen on the roadmap planned. Another main reason why small businesses fail is that huge companies overwhelm them and they cannot keep up with the other big businesses' pricing, marketing, and services.

The reason you gave above are just common sense because that's what you're comparing to the big projects. Small startup will have limited funds, limited person, higher risk to bankrupt, and lack of many thing. Obviously big projects already have big funds, many employee with brank office and bigger in many thing.

Each startup will have different problem and mostly the problem is about their product aren't offering better feature with cheap price. If the project can create better product with cheap price, they can compete against the big projects.

Regardless of the type of business mentioned above, for me they are all examples of how a business stands not only about costs and adequate concepts. In business there are always ups and downs, therefore business can't run in one direction. For example, only targeting one particular consumer, if in it there are 2 or 3 target markets it might be much more stable. In today's digital era, businesses face big corporate competitors. As a business person, it is very important to pay attention to digital trends, because then adjusting to what the digital market needs can be fulfilled. One of them is digital marketing, this is clearly important in reaching market elements. Utilizing a video marketing platform as a means to highlight the products we have.

Not only that, nowadays the use of smartphones is a must for young and old alike. That way we can direct them to a platform that we build to make it easier for them to explore what items they are looking for and need. Build a website to be accessible to every element or rather by building an online store. Give them the best 24-hour service, and evaluate each customer to provide as objective an assessment as possible so that our business continues to be updated according to consumer desires.

This one is the wrong example.
First, the story is not true, as it never shut down, what it has done is leave Nigeria as in the physical presence and continue to operate there without a headquarter, just s Binance offers P2P in countries where it never plans to have an office.
Furthermore, you can't really point any of those flaws at the team behind olx, they managed to score big in some European counties, gaining a solid foothold even in southern Asia and South America, so actually none of those:

Poor Customer Care/Support
Customers need proper attention for a business to survive. Without them, your product will fail to exist. When customers are not well treated or appreciated, they often become dissatisfied, leave bad reviews and patronize others.


Olx is still up and running and has a 1 billion revenue, not even going into the fact that it wasn't a start-up anymore when it arrived in Nigeria if the dates are correct it was already 6 years old and with enough money and experience. A pulls out from some country or selling your business is not really a measure of the overall health of the said company.

Let me talk about this point as I don't accept such as one reason why a small scale business should fail, we can consider what we often referred to as business growth as a process whereby an enterprise proceed from one developmental stage to another and just as we know that many businesses started from being small to expand to something big in the later future and we've got some good examples of some businesses that has little start up capital and remain committed to it and they eventually got advanced and the business turn big while some have started with huge amount of capital but ended in bankruptcy within the shortest period, so it's a responsibility of funds utilization in business expansion and its management, start small and grow big is better than starting big and ending up closed down.

Some of them are not from Nigeria. Efritin's description said it's from Swedish and OLX is from Singapore if I am not mistaken. Those businesses are also not small but a true small business won't be featured like that. I think OLX didn't fail but they only rebranded their website. It was now called carousel when I visited them last time.

I remember I used this site before for selling some of my stuffs and got a good offers from different people. It was a fun experience though. Easy taxi may have failed but there are now uber and grab which are more popular. Something tells me that competition is also one of the reasons on why a business can fail.

Just wow for this post! I am very much impressed because there are some facts which are actually making the failures amongst startups. I have heard/read almost all of the examples given in the OP and yes I have seen them failing. OLX is closely related to me as I have used it multiple times. The website is working till date but it's presence is next to zero. It's like surviving on it's final breaths these days. However one thing is sure, there are bigger players in the market as compared to them with bigger budget to spend on management and marketing etc. It's beautifully written article and every startup must note down them to save themselves from failing.

More than 50% of small businesses failing within 5 years is a commonly touted statistic.

I think most entrepreneurs make a mistake of thinking that starting a business has to be a large mega enterprise. Its much better to start small. Buying and selling items on local second markets. Having some type of profitable side hustle. It could be as low key as cleaning parking lots. Or cutting lawns. Starting a business is better to not be something people pour all of their time and life savings into. It should be a casual thing and natural progression that is done on the side. If incorporating, large expenses and other extras are tacked on. I think those extra and unnecessary steps greatly increase chances of failure.

A good educational system would give students real life experience owning and operating a small business. That is something that is very necessary and needed in this day and age.

This is very common, governments supposedly want to encourage foreign and domestic investment but in reality they do the opposite, anyone that has tried to create a business before know how difficult and costly is to get all the paperwork done, and then once you begin to operate you have to deal with thousands of regulations and taxes, and before you know it your dream business becomes nothing more than a nightmare from which you wish to escape every single day.

I agree that there is a good reason why we can't really understand what could happen for us to fail, but we need to realize one huge and important thing, which is debt. Most of the companies that you see end up working towards the fine line between bankrupting and success, because they spend everything they get to grow, and that causes companies to be always in trouble, one big mistake and you are done because you can't pay for that mistake without getting paid and if it's a mistake you can't get paid.

Even Tesla and Amazon had this, they had plenty of times when it looked like they would fail, and instead they ended up working out but it was very close for both of them at times.

I don't know many of those Businesses you made mention but I am well aware of OLX and what the brand is all about and I would let you know that they weren't really a small scale business.
OLX came out with so much ambition, thought and financial backing and you could see that in the amount of resources they put into their marketing.
They hit the ground running for some few years and I personally know some people that made use of them. And just like many businesses that has fallen even with the right financial power, it has to do with management.

In this case it may be a target that we need to consider. Because in business, especially for small businesses, it is clear that we do not have to set high targets to fit our budget.
Actually, in this case insufficient capital can occur for several reasons and indeed for a small business, it will be more or less affected by capital, even though what you say is starting from small to big, but in this case, adequate money management is needed so that things like capital do not happen which is not adequate.

It was sulit.com.ph and it turns out to be olx which i do know that lots had been changed and lots had left and using up the service or platform which i wasnt aware that they had gone down.
When it comes to business then there's no assurance that you would really be successful, yes its not bad to make out some changes for the good and trying out to expand but
it wouldnt ensure that it would really be that effective but well its really something the risk where these business owners need to test or try on for the better
but it did  really just failed and it is one of the risk.

The reason why businesses whether big or small should always have sufficient capital so that the production will always be consistent, and if ever there are sales decline, there are still good amount left that will cover the shortage. Also, in building businesses, it’s also important to consider the population of the consumers and specifically their demands too so that you will create quality products that will be consumed by a large amount of consumers.

It is all connected to each other, once one of them will fail, the business will fail also. That is why we should know which part is weak in order to take immediate action to resolve it otherwise. Those companies that you have mentioned are just a few of having suffered huge losses due to mismanagement and lack of team participation. It was indeed important that each member of the team will understand each other, teamwork, and their is one goal and that is to success, not only for themselves but for the whole company.

Also, it doesn't mean that your first attempt in business will always succeed.
It may take many failed attempts before you can really see the fruit of your hard work.
Also, if you have other members in the team, it would take their effort to accomplish your objectives.
But most young entrepreneurs easily give up if they encounter troubles building their business.

This is the reason why as a business owner, you should always search for the best outlet where to build your business, otherwise your business won't work not only because of few customers, but also the products you are selling are not the ones they mostly wanted. In search for the demands of the customers, you should have a thorough research first and start a survey because that will determine the success of your business.

Most of the companies that you have stated seems to be an international company or companies formed in other countries trying to expand in your country. I wouldn't blame them if they had to shut operations. Like you have said they shut down due to "operational difficulties". I guess it was some issues with the government or the local laws that has changed or due to some changes their profits are no longer enough to run their business in your country.

I wouldn't call them "small-scale entrepreneurs" if they have franchises and expanded to other other countries.

Nokia is a testament to that, a corporation that has always been a leader in phones has been killed by competitors because of its refusal to innovate. In fact, maintaining a business is not simple, it includes hundreds of different factors, not only capital management, planning, poor customer care support...Nowadays, every field will have extremely fierce competition, so opening a company or business is simple but maintaining it somehow is the problem.

There are many people who always say that there is no fairness in business when the director is paid dozens of times more than the workers. But we can see that to run and find a way to survive for a business is an extremely difficult thing, not everyone has the courage to do it.

Perhaps of the many young entrepreneurs, only a few can really successfully run their businesses. They are the ones who can learn from anywhere to gain more knowledge and also often try trial and error in business so they can find the right formula for them. Each entrepreneur must have their own formula so that their business can run well and if they get a formula from someone else on how to run their business, they have to adapt it to their circumstances. It will be better because they can find what works for them and help them achieve success.

Yes, each one of us who venture to become a entrepreneurship, might not succeed in the long run. There are a lot of factors and sacrifice that we need to do and there is no formula that really fits everyone to be successful. So it will be a trial and error in the initial and this is where it going to make or break new and young businessman. Hopefully, they will adapt, and only handful can achieved success because it is very difficult if you don't have the expertise or no one is mentoring you. Going to be a struggle, but for those who succeed, it will be worth.

I want to argue. It is better to weigh everything and understand that a person is not yet ready for entrepreneurship than to take risks, implying a loss in advance. What are their failures if they have not lost anything? Another thing is when a person is dominated by excessive self-confidence, without a clear understanding of all the risks.
It's not scary to be confident, but it's scary when people are overconfident.

Thats true. Nokia is well recognized globally but failed to continue to dominate due to few reasons resulting to its downfall.

I also have have a business that is running for years now. The profit is unstable but we managed to survive even there are many new competitors sprouting in our place. It might because we are already well known here and had a loyal customers who gained their trust that's why they keep coming back. We also dont stop marketing our business and giving promotions. It takes guts to be an entrepreneur since you'll never know the outcome but if you are determine to succeed then you have to do the best that you can. If you're too complacent and not competitive there's a high chance for other competitors to take over.

That was initially what I also thought when I saw OLX on the list however Sulit.com was a buy and sell company here in the Philippines and it was quite a popular one where even I was able to use it to buy some goods from the platform however OLX was able to buy the company.

I did quick google research and this is what I've found in regards the connection between Sulit.com and OLX.com.

I got your point here, business line has several requirements for each stages and level a business want to operate in, this is a determination of the business idea itself, then we can come to say that some business just need an adequate start up capital bade on the nature of the venture while some can manage to start small and grow big to develop into the standard required one, the vision mandate of every business enterprise is different and so is their financial capacity required, the least a business may require can be the highest another may needed to operate with, therefore understanding the particular nature of a business can help direct it requires funding capital adequately for effective utilization.

Distinguish between not ready and never want to try. When someone is not ready to take the risk then he still has the opportunity in the future to try. Whereas "never want to try" means that he has indeed buried his own hopes. I catch from what the OP said that someone who doesn't try anything is a loser. I think that's true, because no one can be successful without trying. How can you know the result is just trying never?

Some business owners or investors does have that kind of target or goals that in every investment there's always a failure chance but doesnt mean that it would be completely a solid reason for them to

stop.You cant really able to determine whether a certain business would really be that successful or failure.Business minded person will really be that prepared when it comes to this.

You wouldnt know unless you do try but of course it would really cost you up money because having a business and all attaching expenses is never been cheap.
Some cant really just accept nor able to recover once they had fall down.

There are many reasons why small businesses fail, but some of the most common include inadequate planning, poor management, insufficient funding, and a market that is too competitive, and not daring to play hard.
and often small businesses do not have the resources or expertise to compete with large companies, and this can result in them not having enough customers, leading to financial problems and ultimately failure.

This is what should be a reference because there are already many examples so that before starting a business, of course, we must prepare for this so that it does not become a loss in the business we are running.
Although indeed this can also be a good experience but of course we certainly do not want failure in business because experience does not have to come from failure even though failure is a factor in experience.

Only those who are really steadfast in running entrepreneurship and keep trying can succeed in the future, while others are still looking for what business is right for them. Failure is a common thing that new and old entrepreneurs must experience, but it should be a spirit to keep getting up to find the right formula to turn from failure to success. If they could really do well, they would be able to see the results later and would smile with satisfaction.

One of the major reasons why small-scale entrepreneurs fail is this :

They do not listen and adapt to the changing needs of their customers. Around 60 percent of new restaurants fail within the first year and nearly 80 percent start to fail before their fifth anniversary.

Why does that happen? .....well, people will eat their favorite food for a while and then they will start looking for something different. We humans are wired to look for variety ....not to stay with one thing for the rest of our lives... diets and preferences change over time and businesses should understand that and change with that over time.  ;)

One of the hardest parts that I learned while trying to be one was the fact that it takes so much of your time that you wouldn't even understand. I mean working is always hard of course, there isn't any jobs that is easy and entertaining so much that you would want to do it for free, all jobs are hard and that is why people pay you for it.

But having your own company means that you are going to work harder than anyone else, you are not going to just work at office and come home and forget about it, you would have to actually end up with something on your mind at all times. So, basically you are working 24 hours, even in your dreams, it’s really hard to live like that.

Humans tend to get bored easily. and always looking for new things. so that many restaurants are closed due to not being able to adapt to the needs of their customers. and some restaurants stick to their recipes so much that their menus become monotonous with no changes or variations in them. whereas in a business we must always pay attention to what things people like at that time. follow a trend or create a trend. by creating a new menu for example. people are always curious about new things. but most of the small businesses that go bankrupt are those who are too monotonous and slow to follow the trends. the courage to make things new and strange is indispensable in maintaining a business. that's where many say that successful people tend to be more daring in taking risks and of course with careful calculations and analysis.

The OP mentioned that the biggest losers are those who don’t try anything for fear of losing.
I beg to differ. The biggest losers are those who put in investments and lost out entirely while those who were wise not to, still had their capital intact.

Excessive self confidence could very well make an individual turn a blind eye to the risks involved and not everyone learns a lesson from a loss.

To be honest, at the beginning of their business, there must be ups and downs in their business and that's when we can judge which entrepreneurs have big souls during the crisis they experience and which business people have weak strength to get back up. Well, we often encounter principles like this in our environment where small business owners must be able to manage management as well as possible in managing the business they are involved in such as balancing expenses and income in order to align the business so that it remains.

I don't know about other businesses, but I know OLX well. It's very much operational in Ukraine, and it's, like, probably the most popular marketplace we have. Maybe it failed in Nigeria, but it wasn't a Nigerian business. I googled (https://en.wikipedia.org/wiki/OLX), and Wikipedia says it's actually still operational in 30 countries. Since it's one of the most known websites that tons of people use in my country, I also wouldn't call it a small business or a startup.
As for reasons of businesses failing, I think reasons that are unrelated to the entrepreneurs should be added. A country can have a sudden political and/or economic destabilization, a global event  (like the pandemic) can heavily affect some businesses, and some countries have terrible legislation and business climate that just makes it very hard to create and operate a business there.

Mismanagement of funds and poor management are the major challenge in a business. For a business to succeed, first you don't think of using business funds for basic needs or for pleasure. Secondly you should always have a good customer relationship, so that if your product is reducing in quality, they will be the one to let you know by complaining with this your product will be competitive in the market.

Thirdly, motivation of employees helps a lot,let them know they are the best workers you have ever work with,and give them bonuses for work well done. Fourthly, you should know the risk in the business so that you can learn the risk management.Using borrowed funds is also a big challenge

It will depend on countries, OLX is no longer popular in my country but it used to be before Shopee and Lazada came. There is a need for a business to expand or develop when its competitors are.Sometimes they need to do more advancement in their features and not just stick on what they know like how Nokia lose its popularity over other cellphone companies now.

That’s going to be a problem up until a point, but then you come at a crossroad that you have to decide yourself. I know a friend’s father who started that way, back in the 80's he worked insanely, and then during 90's he worked quite a lot as well, but after 2004 he retired while keeping the company, he just hired a CEO or general manager or whatever you want to call it and gave him both a salary and also bonus depending on the company profits and ever since 2004 that dude has been retired on an island with my friends mom, and husband and wife they end up just relaxing all day every day.

That’s not impossible neither but you can't just hire someone straight off, you need to build the company to a good level before you can afford that.

Indeed that OLX is still breathing and it's also true that they lack of marketing because I didn't see them appear in the ads online other than those recent companies whose concepts are also similar to theirs (buying and selling). I think that is a sign that their company's budget is getting low but did you know that OLX is one of the biggest buy and sell site before? I remember they are being advertised left and right and they even have advertising on the local television. That's how successful they are but unfortunately, they ended up on this.

It's not that the saying is true that all good things has an end because there are also old companies which are still at the top up until today. Maybe they only got carried away of their fame and then they start doing things which are inappropriate. This is a common mistake of those who experience a success.

OLX in my area is now a little dim because it can't compete with other startups such as, for example, Shoppe, Tokopedia, Lazada, TikTok they have started well and can survive until now so there are many enthusiasts because of their extensive marketing and the features that are expressed are so good. that is felt by the community and this has become a lot of people's choices for buying and selling at the startup.

There is a friend of mine who uses OLX, he sell/buy used cars, but he said OLX is now not like it used to be that many enthusiasts are now left behind so that the buying and selling they trade there is no longer a buyer, it becomes quiet and it is difficult to sell there, but that's a little Complaints about failed businesses for small circles, any of them are still basically we ourselves can do several things so as not to fail.

One thing all these startups have in common is that they are based in Africa. The government doesn’t do much to encourage tech startups, their rigid policies and systems tear down innovative business before they begin. In the end, they give room for foreign products to flourish in their country instead of patronizing their own. OLX was popular at some point, I think I had an account with them but I can’t remember using the service. Jiji and Jumia offer the same service and they are popular in Nigeria. I’m not sure what went wrong with OLX, they had good publicity at the beginning. The competition for the services they offer is high, I think they should focus on improving their customer base in South Africa before increasing their reach to other countries.

There's no exemption and this should really be applied in all business is that as an owner then you should really be mindful when it comes to non-stop innovation or changes so that your competition wont really be

able to overtake you when it comes to innovation and changes which could possibly overtake and replace your business when it comes to ranking.This is why it would really be that normal that you should really

be thinking for something new or changes which would retain up your users or do still create that interest and make them coming back into your service/platform, because if they
do find out these changes or new things on other places then expect on what would be the next.

These young entrepreneurs may not gain instant profits from their businesses for sure, they certainly have gained lot of losses at first. But business is business, if you can’t stand from your losses and you won’t be able to recover from it, your business will surely bound to fall. However, only few of them managed to overcome the trials and continue to experience business prosperity. The reason might be they have built good strategies throughout the years to run their business successfully and they were able to meet the demands of their regular and new customers.

In my country a big number of startups got into existence as a result of some schemes initiated by the government. Later this turned to be mere schemes and the government failed to provide consistent support in all levels, particularly in finance. This have caused a big percentage of startups end and very few are sustaining. The governments have got big responsibility in the development of the people through entrepreneurship. Most of the time government work for the corporate that are once a strat-up.

When you started a business from a debt, its hard to expect initial success from it because all you will prioritize is to pay the debt first  and after that, that's the time you can completely focus to make your business grow. Sad to say, even big entrepreneurs engaged in debt, some have managed to secure finances more than paying their debt while others end up in bankcruptcy due to unable to secure profits and unable to pay their debt.

To be fair, owners of these startups have huge balls to begin their operation in industries that are either overly saturated or no business has even been yet. In school, we are taught that 90% or even 95% of these startups are doomed to fail, either because of mismanagement, tight competition, or both. Those who managed to break out of the norm gain some success, and it's still a very crucial point for them because they are expanding and they are using more resources than ever.


The government would only love working for those big businesses because they bring in more money. Banks and governments can even bail these big businesses out if they needed to, because they needed that extra boost from those huge corporations. Startups are always left to fend for themselves but in a business and practical standpoint, it's better to throw money on something that already proved something and is still capable of profiting rather than throw money on something that is highly uncertain and hasn't proven anything yet.

I'm sure the companies you mentioned above also must have planned and designed a good plan and must have been careful,
but in the end they closed or went bankrupt, why?

I explain, there are also two types of bankruptcy

- due to financial failure
- due to economic failure

financial failure
caused by the company lack of cash or capital funds for operational activities. To prevent this financial failure, the company can use some of the asset liability management.

economic failure
This is because the company loses revenue so that it is unable to finance its operational costs, meaning that the company's profit level is much less than the cost of capital or the value of the company's cash flow is smaller than liabilities.

and that triggered the failure above that
caused by
- Wrong financial management
- lack of innovation
- Lack of capitalization of funds
- Putting trust in the wrong people
- the company has too much debt
- the point is less thorough and careful in every action.

The competition is high and there is a huge monopoly that prevents new startups to succeed. Only when the government move to end this monopoly (particularly in Africa) will startups able to survive.
The cost of production as a startup is very high because of limited capital, unlike the big businesses who can get same materials at a huge discount from buying in bulk.
Then there is government policies which are too stiff for startups to meet and at the end 90% will not be able to survive.
The government has a big role to play for the survival of small scale business otherwise the story will remain the same.

You are bringing an important point, when it comes to tech companies there are huge monopolies that governments simply do not touch out of convenience as they are working hand in hand to obtain information from their citizens that way, and as such new projects have almost no chance of competing against them, and even if they could those monopolies end up buying them anyway, so until something is done about this it is going to be very difficult for small startups succeed.

You know what that competition causes? The lack of profits and only the aim of growing their worth. Because these days companies do not want to aim at making a profit, they aim at being worth a lot. If you have zero profits, in fact if you are making bigger and bigger debts and growing your losses bigger, but if your companies networth grows bigger than your debt? That's fine.

So, let's assume you have a company worth 10 million dollars but have a debt of 5 million, that's fine, and if you grow and have 20 million networth but 10 million debt that's fine and you could keep growing like that. "Exit strategy" is a term that grew too big, and that causes them to fail.

Its not undeniable that those who stay for long in the business whether it’s small scale or big time businesses have their own formula or strategy that makes them successful. That’s one thing that make them overcome all their struggles because they have a working strategy or formula that sustain the business profits. Otherwise, if they keep on failing, then it’s hard to see entrepreneurs last long in the business industry.

Funds are the problem that business go through may be mismanagement will course it to close up or it is in shortage of fund. Small business owners most times lack professional knowledge to run them and don't have fund to higher good workers that will help to move the business into another level. They can't secure loan from bank to finance the business and gradually it go down when the owner is late.

It's a shame indeed, when a business that has been built with great difficulty actually has to fail in the end, even though they actually had a boom at the beginning of their existence.
and at the beginning of their presence they carried out promotions so vigorously. so fans keep coming.
but unfortunately the promotion they do is not developed or too monotonous. so people get bored and switch to other options.

we also need to know to make a business so that it can survive in a very tight competition then there are several things that need to be our focus such as:

1. Consistent in running the Promotion.
Even though our business products or services have been widely known, it does not mean we have to reduce the level of promotion of our business. because if we look at big companies like Amazon etc. we can see their promotion continues to be done consistently. because they know they need new customers every day.

2. innovate and adapt to the trend.
whether small business or big business, if they cannot adapt and innovate by following the trend, it is certain that their customers will run away and will move to another place that understands trends better and has adapted to the environment and trends that are happening.

3. Identify your business competitors.
This is necessary for your own business evaluation material. And don't abuse this by creating a strategy that imitates your competitors. but make a strategy that is better than your competitors. because today's business competition is so tight, this step is a step that must be considered important.

4. Continue to improve the best service to consumers.
making consumers comfortable and addicted to our products and services is the main thing so that a consumer will continue to subscribe to using our services and business products.

and many more of course things that must be done in order to make a business so that it continues to survive in this era of intense competition. please add by all friends.

When the market is in recession, people tighten their wallets, slow days of business,... usually small-scale companies go first. It is not really that surprising, considering small-scale businesses typically don't have enough funds to operate at a net loss for a long. So you'll see downsizing, forced to close down for small-scale companies and niche businesses first, big one goes later. Tho, it was also a matter of cutting losses as small-scale ones don't have the potential to sell off themselves to investors like big-scale ones.

You sound like a motivator, but business success is beyond that. Many factors have to be considered before success could be made in any business irrespective of the scale of the business. The first and most important of the factors is the resources at hand, are the needed money and human capital adequately available? It is also important to consider the location of the business, you might be entirely a failure if your business is located wrongly or targeted towards the wrong people. While the management of the business is important, the creativity of the entrepreneur, the employee and marketability are also crucial.

I believe the number one reason that causes the failure of any scale business is the location and I think a lot of people don't notice this because I have seen many people doing the exact mistake and believe that having a business concept with capital is what is needed for a business to be successful.
But in the e-commerce business which the OP used as an example what is needed to prevent failure is to welcome innovative concepts and do the needed marketing.

In my opinion the hardest thing that makes the business fail is not to know the market so that the results of production cannot be marketed, we must understand the market strategy, namely things that are necessary, most business people have not mastered effective marketing strategies.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

Their is no successful business without failures, but as far as one is doing the right thing in business and putting good attention to the business it definitely be successful. Reasons why most businesses don't do well is because people fail to give attention to their business.
Failure in business will always take place but when one is comfortable with the falure and not trying to make some adjustment to correct certain mistakes that means the business won't survive.

All these reasons show how bad the team behind the project actually is! The team leader didn't choose the right people, they didn't manage to connect and that's why the job went bad! The most important part is how the people behind the business do their job, from the boss to the doorman... if the doorman is scary he will push people away!

People who start from scratch have to give up free time, in most cases even time for the family! Until the business starts bringing something back it's work day and night, literally! Some of my closest people have businesses, they started from scratch, and only after 5+ years they have a bit more free time. Simply, some people don't have the dedication and courage to risk (to risk much more than money in some moments) in order to create a business, and that's why they fall into the water as soon as the first storm arrives!

Bottom line is that if you don't try you will not know! If you try you need to think about many things and be brave to take some risks, nothing comes without that.

Any business does really experience failures but we know that failures could really be having different extent on which there are some who could able to recover and there are some who do totally die.
It would really be just that normal that you would really be needing up on making adjustments for you to correct on what you had done wrong.Although there's really no assurance when it comes to success.
You wouldnt really be able to stop things whether it could really be the end of your business or you could really still able to recover it.Mistakes and errors are common
but as a business owner then you would really be striving your best on standing on your feet.

I'm sure that those failed companies have came to a time that there's a bigger company that wants to acquire them. But, as they think that they're at the top of the world, they declined those acquisition offers. Everyone should learn who's into this type of business and endeavor that when a bigger company offers such acquisition, they'll just have to grab it and work for something else. It will make give them connections and will open more opportunities upon doing so.

Small businesses are easy to fail, very limited funding support makes the opportunity to fail is very large, moreover small businesses only rely on feeling and not good skills, just other skills and financial factors are the characters of small entrepreneurs who do not want to add abilities.

Some businesspeople will identify the issue and reevaluate to restore business conditions to normal mode, but that decision will not be passed easily until some companies decide to close because there is no other way to grow the business. But I suggest the best final decision is to fix the various weaknesses in the internal business and establish partnerships with other companies for mutual benefit, then the recovery of the company's graph will gradually improve in the next few months.

Exactly. A business isn't a true business if it requires government subsidies in order to remain operational. I'm not oppose to government propping up businesses with subsidies if they meet the public need. A lot of farming operations receive government subsidies for the obvious reason it's within the public interest for there to be a surplus of food. More recently I'm seeing tech start ups in the green sector receive government loans/subsidies. These business wouldn't last a second without these low interest loans. And of course, when the business goes up in flames, the public is left with debt burden.

It is true that the key to success in business is how we take lessons from every failure we experience in building a business. Because all
successful businesses always start from failure, because it is failure that usually teaches to be able to achieve success in business.
After we experience several failures, usually we will begin to realize how to build a good business. Therefore, people who never give up,
who can always rise from failure, usually that person in the future will become a successful entrepreneur.

So if we want to build a business but are afraid to fail, that means we don't have an entrepreneur mentality and are more suited to office jobs.
Because all the big companies in the world, usually they all fail first and they can fix every failure. That's what ultimately makes the business
bigger, because they know how to fix every failure that occurs. So when we experience failure when business, it's not the end of everything,
but indeed to be successful we do need to experience the process of how we can overcome every failure that occurs.

a business built on a feeling is a speculative business. then it is true that such a business is very prone to failure. because the right business is a business that has been prepared and planned carefully. both in terms of capital funds and also capital expertise or knowledge or skills. even have to have gone through research first. and indeed sometimes with limited capital funds can make small businesses prone to failure. because they do not have spare funds in case of losses. even though an important element in a business is that there is always a reserve fund. Even careful planning always requires a backup plan. because a business or business sometimes always finds things that we did not expect before.

Yes, indeed because now business competition is getting stronger, so small entrepreneurs will find it increasingly difficult to grow, because they lose competition with big companies, such as starting from food products and so on. and usually lose competitiveness in terms of price,, usually if large companies offer very cheap prices to the public,, because they have large capital,, so small entrepreneurs, with small capital will surely lose to big companies. but of course not all small entrepreneurs go bankrupt because many companies that were originally small turned into big companies.

Subsidies are fine as long as they are given to a sector of the economy which is solid and not speculative on its nature, and a clear example of this as you mention is the food industry, as everyone needs food in order to survive and the more food we have the cheaper it is and it becomes affordable for everyone regardless of social class, and while I think we all recognize the need to have greener sources of energy, at the same time we also recognize the technology is not there yet and that fossil fuels are the more efficient way to produce energy, so if anything I will prefer those subsidies to go towards creating a more efficient engine or something like that.

Apart from the above-mentioned factors, there are some other factors that could lead to business failure, among these factors are ;
1. little or no knowledge of the business owner about the business. When you don't know how the business is run , yoy don't know the secret of the business and you don't hire the right people to run the business there is every possibility that the business will fail prematurely.

2. Another factor is unfavorable government policies, and also some of the environmental factors that were not considered during the business research stage. For instance, establishing a business in a flood place during the winter coming to meet the reality during the summer.

Many people will not necessarily be lucky enough to experiment with different business ideas because they get trapped by the complexities of day to day life or simply do not have the resources to dedicate to it. The internet has been a great equalizer for people across the world and opened up a whole realm of possibilities for trying new things. The most important thing that an entrepreneur is likely to pick up is failure and perseverance, which means testing lots of different things until you find a profitable recipe for yourself. It also teaches you constant adaptability as the world is often changing and you will need to change along with it.

Business is an inherent job with two sides, namely losses and profits. Like black eyes with white eyes. That's the parable.
There are two types of business people that I know so far. The first is business because of talent and the second is because of heredity.
Ranging from mismanagement of funds, planning, poor management, inadequate financing to false expectations, for me it's just a theory. All of that is summed up in four words namely POAC, which is easy to learn but difficult to practice.

Want to be successful, depends on each of us. Not just in business.

There should be a continuous plan for improvement as well knowing what the market trends. It's not always the same there will be time you will sell alot and days with low sale , so identify how will you manahe the expenses with these 2 scenarios. Keep track of all the expenses,sales as well things you do for business to identify whether your right track or need a change plan.

Don't forget that you also need the support of others to build your business and support it to succeed.

Starting small, will become big if managed properly. A business will develop and advance to compete in the market if the business is supported by many things. You can't just rely on hard work and patience to keep your business competitive without adequate financial backing. I think good capital is the most needed support besides working hard for it. Nothing is easy, hhmm right.

You can still work your ass up but you fail as an entrepreneur! Do you know what kills any business faster than others, it is the government and policy. I have seen so many micro, small and medium enterprises get shut down due to government change in their policy, it is not favouring business people and they are also not helping them, I'm even surprised that there is a fund allocated to support these MSME and the rate at which they are all closing down seem to be unappealing.

Among the top business listed by OP, the Gomyway reasons mentioned may not be the main reason why it was shut down, the government could also be among them because a similar business like Gokada has been shut down in the country and even OPay that are into transportation, and what pains me the most is that they don't take quick decisions on their launch, it is always when it has become successful.

Do most entrepreneurs always think about where to find capital? Thinking like that is a very fatal thought if done by a novice businessman, in fact in the field we can apply for loans from friends, family, and even banks. Healthy? Maybe you often read or hear why entrepreneurs or rich people always owe a lot to the bank.
the most important thing in my opinion is the mindset of managing money from time to time to keep your financial turnover.
no matter how much money you put into your business if you can't manage it, it will be like a plane crash.

Big business do start on being small but it is really just it did turn out that there are lots of people had seen their relevance and demand which ends up on being big in the years had passed.
It is really just on what kind of business you are building on and on what are the things that you are offering.Sometimes it does really require up some luck for you to succeed on any
venture.Not everything is guaranteed on success just because you had done everything.It will always vary on the demand and on how the community or people
would be seeing the relevance of your business.If they do saw it to be useful then its good but if its not then you would definitely fail.

Sometimes some people also misinterpret failure as a spice to be successful. Because there are so many people who when they fail several times have to build everything from scratch again. Even though from the several failures that have been experienced, it is clear that this can be a very valuable experience and lesson for someone who wants to rebuild his business to become better and more advanced.

It is understandable to fail when you are trying to build a new startup. I personally tried a few myself, and spend a useless amount of time and money on them too, and never took off, it didn't even reach the levels of the companies OP talked about, all of them failed to take off to a point, just one of them made me a decent chunk of money back in 2017 bull period, and I was happy to sell it off and it crashed after I sold as well due to bear market of 2018 as well so I am glad I sold it, but all the other times I tried it failed miserably.

This is why I understand people who try to build something and fail, it's not an easy task at all, it is definitely very difficult.

The history of the collapse of Nokia is somewhat different. I will not now retell "the last years of the life of a dying patient", but I will suggest that you familiarize yourself with this period, familiarize yourself with the "transformation in Nokia" arranged by Stephen Elop. I also highly recommend reading The Impossible Success, the autobiography of Jorma Ollila, the former Nokia CEO who led the company to the height of fame we all know or have heard of.
PS. Ollila joined Nokia in 1985 and soon became Vice President of Finance and then CEO of Nokia. He held the high position for more than a decade, building Nokia into the world's largest smartphone maker.

I disagree about providing subsidies for more efficient forms of energy (or a more efficient engine, for that matter).

The purpose for a subsidy is if the assistance of the person or enterprise benefits the public good in some fashion, and if the person/entity is in specific need of financial assistance. The energy companies are sitting on record amounts of cash according to some media reports. That's fine, I don't attribute it to greed, but rather operating a successful business. It's within these energy companies to invest in the R&D for alternative energy sources or taking the existing products they have and making them more energy efficient. Why? Innovation drives consumers to be gravitated towards their products, so the incentive already exists.

When companies get free government money, it drives complacency. If it turns out that for some reason, market forces do not meet the public's best interest, then fine, I'm good with subsidies for whatever industry.

To talk about building a business and maintaining it is an extremely difficult thing, not everyone can afford to do it, whether small or large scale. I also failed once with my business so I know what it feels like, but I find it not a waste of my money and time, I think neither should you, although the feeling of losing a large amount of money is not pleasant at all. Thanks to that failure, we felt weak, and not as good as we imagined, from those failures, I have learned lessons that no one or school can teach me. Although I have no intention of reopening my business because I currently have a fairly stable freelance job, those lessons can be applied a lot in life, not just at work.

Actually the main capital in building a business itself is a skill and experience that we already have in the business field that will build our business.
because experience is needed so that we can minimize failure before we go any further. like if we want to build a culinary business such as a restaurant or cafe. then we should look for an experience first by working as an employee in one of the restaurants and cafes. we worked there while studying the business system. so that when the experience we get is judged to be sufficient. then we can venture to build our own restaurant business. but of course this only applies to people who already have capital money. because still even though our experience is enough but if we do not have enough capital money then we will not be able to start a business.

Skill and experience are just useless if you don't have enough money to start a business. Because some have that stuff already but unfortunately, they are just sitting and drinking beers as they can't pursue their goal due to financial capabilities. Success in business doesn't just rely on our skill and knowledge but on our mindset as well on how to drive and run the business. Many entrepreneurs got failed because lack of managing skills which I see is also a vital tool in this field.

there are a few skill which doesn't need much investment
For example - photographers don't need much investment they would need to have good gadgets and they can rock the floor. Graphic designer would only need a computer and nothing more.

I agree with you and disagree :)
I use a "hackneyed phrase", but well applicable to the real situation with Nokia - "this is a bit not the case" :)
In what I agree - yes, Nokia ignored Android, focusing on Symbian. By the way, Symbian is a very good system, the first in which real multitasking appeared, good stability, not very demanding on resources, and not bad at all ... for ITS TIME. But they did not appreciate the "risks" of Android's luck.
Although even Steve Jobs, who I respect, said "... that he was ready to spend a lot of money and effort to destroy the Android operating system." True, this was presented under the sauce "Google stole my ideas", but I think this is some kind of lie, because to. Steve was well aware that this is a real competitor to iOS. But that's a completely different story.....
Back to Nokia! At the same time, Nokia still had a good trump card - MeeGo, but he was deliberately "killed". I’m not ready to say that MeeGo would kill iOS or Android, but MeeGo would definitely get its niche! And instead of objectively assessing and ACCEPTING the trend set by Android, developing MeeGo in parallel, they not only did not adapt, but also KILLED Symbian and MeeGo by changing the head, and began to poke Windows Phone everywhere, which was really not competitive and unpromising, at least on the basis of that this system was aimed primarily at the corporate sector.

We must also recognize that to create a successful business right now is very hard since inflation is out of control, so many people which perhaps could be interested in doing something like this are not creating new businesses and they are not generating economic growth or jobs, this is slowing down the economy and making the crisis even worse, but I understand them as it is clear that if things get worse, and all the indicators seem to point to this possibility, then most likely they will lose money.

When you do build a business then you shouldnt really make yourself be that positive or believing that it would really be definitely succeed out because chance or risk of failure do always lying on side.
Neither succeed or fail, there's only two outcomes which the business of yours would be going thats why its better not to expect because it would really frustrate you out if you do see different results.
Nothing is assured on business or investment world because it would all come or depends on the demand as always.Neither small scale or huge scale there wont be no exemptions
for this one.

Maybe we can not say failed, because until now it is still running. Like OLX. OLX is still officially trading goods, both new and used. We can sell goods by meeting directly with buyers. However these companies operate independently in each country. Although in one country it is no longer used, in other countries it runs smoothly. I think it depends on the competition within a country.

To this you are right, but more than learning from failed businesses and enterprises, Aspiring entrepreneurs should take a page out of the book of successful projects and businesses, their trade secrets, behaviors and practices that they are actively using and abusing to ensure success. It also must be noted that it's not enough that you are industrious, you must also be intelligent and wise in making decisions especially ones that will affect the scalability of your project. True, OLX is pretty much still up and running although the company is as far as I know already absorbed by a much larger project that dabbles in the same sector OLX used to be in. They also underwent a bit of a rebranding if I'm not mistaken. Although when summed up, OP's statement regarding businesses should still hold true.

I would like to add following things to the list

1 -  Wrong timing of the Product:
 Even though your product is excellent, sometimes business fails because market is not ready to buy or understand your product

2 - Poor Marketing:
Marketing is crucial for any business. If you do marketing at wrong section of people, your marketing fails and so your business.

The most basic factor that triggers business failure among small entrepreneurs is their inability to understand the business environment or lack of enthusiasm for doing business.

The main risk lies in the company's ability to survive when external pressures are applied eg location selection, insufficient capital investment, or asset appreciation. This is because small businesses are generally founded by individual businesses, for example at home or otherwise.

The key to success in entrepreneurship does not entirely lie in one's business skills but also requires a positive attitude towards life and effective planning in maintaining business facilities where skills, solid market strategies, having good/creative ideas, and innovation in operating the business to keep it running.

I agree.

Running a business is also like growing yourself, you need to grow by accepting new ideas, accepting other's opinion, and accepting the fact that you need to continue improving your business in order to make it alive and competitive to other businesses. It's all about getting out of your comfort zone, thinking out of the box, because a business that has no goals will never be a successful one.

That's right in business. There's an unstoppable growth and it's limitless if you're willing and open to hear more idea on how to make it a better running business.

You just have to listen to some ideas if there are some experienced business owners giving you advice. Don't get heated if a more experienced person giving tips and advices, just take them and it's up to you if you will apply it after listening to them.

You have to keep on learning because the market is also changing whether you're the best business right now, time will come that people and other entrepreneurs will copy your idea and will be your rival.

Currently, the fierce competition in the business world is also what makes small businesses prone to failure. because of the many competitors in the business, forcing business people to always be able to innovate and adapt quickly. and business people who adapt slowly, they are usually the first to fail. so to be able to survive in business today, of course what is needed is to continue to innovate, adapt to the environment, be it market trends or the like. skill and careful planning are also definitely a must-have. and many other factors.

Business competition is something that must be faced in carrying out a business field. so in my opinion one of the strategies that must be done is to do a fairly large promotion, especially in the first 5 years of running a business.

Yes, at present, let alone small businesses, many large businesses that have been founded and managed by entrepreneurs also have no experience in the business. This can be seen for example in the technology industry, where many tech giants are founded by people who have no technical knowledge of the topic.

One of the things I believe is critical to a successful business is a passion for the industry we are trying to explore. All of this shows how learning outside of our sector can be applied within it as an entrepreneur.

Are you aware that big businesses started small, everything started in a small way.  When a business is small it is important to give that business every attention that will be good for the business to grow. One of the serious problems that usually affect small businesses is when their is no much fund needed for the business,  it is not as if it is too hard to make a small business grow. Government don't need to fund a small business to grow.  I have seen lot of business without support of Government are doing well.

Everything starts on being small when you do start up a business which success is never been a guarantee which it would really be just normal that you would really be facing up lots of challenges along the way.You would definitely need lots of things to be adjusted and be implied for the better good of the business.
 
Of course you would really be expecting that there are business owners will really be competitive and trying to place themselves on the top which it would result whether your business would succeed or not.

Failure is always been part but trying out your best first and never give up so easily.Each business does have its own challenges which it would really be that normal.

There's a help if there is a support from the government but each country has a different policy in terms of support to the small businessmen and entrepreneurs. I think, before you start, you have to think that there's no one that will support you and even your family, that's usually how business goes. Do not expect any help from any of your relatives even the government. You've started it all and you must do all the grit and hardwork for you to thrive with your business. But I wouldn't say that all of them are bound for failure and they're easy to be like that. Others are just starting small and when they tick on the right system and operation, they're also quick in expanding and growing.

True. Natural disasters are not in our control. And also Luck.

You're right, alot want to engage in business which they never have an experience in amd are not making moves to develop themselves on this weakness they have, business is only sern afar before a start, till you fully launched into it before you realize what's involve and this has been the common reason you see some ventures on a closedown mode after a successful launching, they didn't gibe a proper administration to it and it ended like that.


There must be a rescue techniques aropted for a business in case of challenges, this will serves as miscellaneous to be use to cover up for any challenge during the run of a business.

In the business world of course we will definitely feel ups and downs, so in this case we as small businessmen must of course be ready to face the failures that occur, don't give up easily because from a failure we can be a guide for the better in the future, and we must know many big businessmen who every time they experience problems but they can still stand up because they have a way to solve it all, then in this case we as small businessmen must be able to improve quality so that it can develop and all this certainly needs a process.

When there are a lot of small businesses that are failing at the moment, I don't think it's that hard to figure out where the fault is, because the bottom line must be due to the lack of buyers for these small businesses. Especially if at this time in each area there are already more mini markets that sell various kinds of goods for daily needs and it becomes the toughest competition for small entrepreneurs.

But if you're saying it's for the whole world, then you've traveled the world doing more research on it and I hope you'd like to share a little bit about the results of that research here. Because I don't think this covers the whole world, which at the moment in the richest countries in the world there is never any news of the failure of small entrepreneurs.

No matter how big or small the business is, challenges and failure possibilities will always occur. Even well-established companies could fail due to unsolved problems. In the current inflation crisis that we have, companies having a weak foundations will surely have a hard time surviving so they have to double their efforts and desire to keep their resistance firm during this situation. The competition is also getting stronger so they have to create more effective strategies to keep more clients. The ones who will suffer the most during this situation are the small-time businesses but I hope they could survive this inflation.

Government policies is one of the great challenges small scale business owner are facing. Most times in Nigeria policies made does not favour young entrepreneural. This make the big entrepreneural boom when coming keep failing in their business trails.

I had to quote this because the business in question found a way to thrive despite a government policy that almost crippled it in total. Entrepreneurs are suppose to  be creative enough, so as to find ways of sustaining their businesses when policies or a case of pandemic strikes suddenly. The difference we need to acknowledge is that small businesses have only a fraction of capital in their chest while large scale businesses have huge or fractions more than small businesses. Also, the risk these big businesses bear is more.
It is advisable for small businesses to find the easiest and most creative ways to keep thriving amidst government policies by thinking ahead of the pack or by not limiting the possibilities of expanding or improvising to standout.

i think you are right. that a failure is a common thing in a business. and those who can bounce back from a failure are those who will achieve great success later. because those who can rise from failure are those who have learned from the mistakes they have made in the past. and learning from failure is a very expensive science. because through a very difficult process. and the key to learning from failure is not giving up easily. keep trying and trying while we can.

When there is a business owner with 1 million  dollars, and one that has 100k dollars, you know which one will win that competition. Startups are growing only thanks to big bank money to help them out, and that is how the ones that stand end up achieving something. You think facebook would have been what it is today without getting some rich people to invest into it first? Of course not, we all know that it would have been gone already, but that doesn't change the fact that it grew out of that.

So any business that starts small, without huge investors, would be prone to failure, and that is why the ones that failed are proven to be ones who didn't get that big investment.

All businessmen must have experienced many failures before they finally tasted success. Most of us only see when they are successful and never know what they went through before. Ups and downs for a businessman are normal, but they never give up in finding solutions to solve the problems they face in their business. I think failure is the key to our success, because then we will know what went wrong in our strategy.
I prefer to say it's not a failure, because if it says failed it means we have stopped trying, because failure is only for people who stop trying.

Its not necessary on making yourself to test up failures but it is an inevitable thing.The best thing to be done is to make those mistakes or errors as minimal as possible.Come to think that big businesses doesnt

start on being big which they do start up on scratch too but it did really end up on getting recognized and getting some demands and this is why they do reach out this kind of situation.

There are lots or soo much things that you would be encountering along the way on which you would really be making yourself believe that this is really the end or tough thing to engage on.
Failures is common but as much as possible you should minimize it if you are really that having those goals or targets in business success.

Failure is what businesses face especially in their early age. When a business fails, it is either the product failed or the idea failed. In some rare cases both fail. But if product fails, you can change product and continue with your idea in another product. We see this when people do rebranding. But when Idea fails, you strategize another idea. Which is why it is advisable to always start small and grow in the business. Instead of starting big and have problems in the system. When you start small and the busines is successful, you can add more fund. But if you start with all your funds and the business fails, it is worrisome to know.

I think the biggest problem that makes a small -scale business fail is ineffective coaching, many small entrepreneurs who do not care to make the business effective, they only rely on experiences that have been seen or felt so that when there is a change there will be difficulty competing with other entrepreneurs.

You are correct that constant attention and proper management are necessary for any new startup. There are a bunch of examples of startups that fall due to not being adequately managed. You must possess adequate management skills and an appropriately trained and eligible team to run your startup and lead it towards a profitable business.

I found new knowledge from your writing. about a failure which is divided into 2 things, namely business failure due to a failed product and business failure due to a failed idea. and this is quite reasonable. I also want to add related to the failure due to a failed promotional idea, namely that sometimes a good product can also fail due to lack of expertise in making promotions in the market. in terms of marketing failure. because marketing is the most important thing besides a good product and a good idea. marketing must also run well. because to introduce a good product and idea it takes a good marketing plan and action.
even if you are good at marketing then a product that is not good can sell well in the market. but of course a product that is not good will not last long in the market and will soon be forgotten. so basically the power of a marketing is also an important element in building a business so as not to fail. because we must be able to attract the attention of consumers to be interested in the products or services that we offer.

Indeed, in this case minimizing so that failure does not occur is something that is very good to do but as you said, we will encounter many things that are not even predictable from the start and of course that is something that you should only meet when you decide to do business. so indeed we must be ready in any case here because of course I am still quite sure when all business people must have felt failure and mistakes at the beginning but that does not mean I suggest failing but in this case (in doing business) we will definitely feel something like this at least very.

That is a nice contribution from you, you are very correct from your perspective of reasoning and addition to what I have said earlier. Promotion is very important for every business especially new business with very new idea which is not Known to the society. It is not easy to pass a very new idea to a group of people who has known a particular thing for a long time, that is why it is advisable to hire competent hands which will promote your new idea to the society.

Nobody should underrate the power of a good promoter. That is why in marketing, it is said that a good promoter with a bad product is better than a good product with a bad promoter.

Failure is standard but you should really be doing your best on being versatile on these conditions and make up something better off from those mistakes or errors.
Demand would be always the key because no matter how generous you do spend in terms of marketing but your produce or company does offer something that not needed then
it would eventually fail and die later on.Unlike into those small scale but gradually establishing up their names then this is where success do comes from.
Its not a short and easy process and it does takes time.

People who fail are people who stop and do not want to continue what is planned, most people will stop the business when they lose money, even though many things must be improved to be able to develop and things that must be done immediately are training our skills.

It is not because they don't care too much for their business but it was because of the lack of strategies and knowledge.
of course, having a coach is a great idea and I know many of the starters did this and went successful. But this is not only the thing we need to acquire but have the commitment to do this as well. Coaching is somewhat useless if we are not following them. A person will only succeed If they are also willing to change their attitude and mindset.

I guess, for a small business that hires or has a coach, that's too special in my opinion.
the biggest thing that makes a small business go bankrupt or destroyed, from the results of my survey in the field it is usually done by people who mix business finances with expenses for daily living needs and do not have records of incoming and outgoing financial statements, this is a fatal mistake and cannot be known by small entrepreneurs. Financial reports are one of the important things that must be in every business that aims to control and manage business finances properly.

it seems you are a little experienced in business. Because it is as you said that a financial record / report is an important thing that must be owned by business people. even for non-business people this is necessary in managing finances in the family. and Financial management is the first thing that must be mastered by people who will enter the business world. because how is it possible for a business to run and survive if the manager is not good at managing finances. and a financial report must exist so that we can review the flow of money in and out. and determine and view the advantages and disadvantages of the report/record.

In my opinion, small businesses can fail due to various reasons, including insufficient planning and strategy, inadequate market research, poor financial management, intense competition, and failure to adapt to changing market trends. Additionally, a lack of effective marketing and customer engagement, an inability to attract and retain talented employees, and limited access to capital can contribute to failure. Overcoming these challenges requires careful planning, market analysis, financial discipline, adaptability, strong marketing efforts, customer-centric approaches, attracting skilled personnel, and seeking financial support through various channels. Also if you have an offline business, like for example a clothing store, you should pay attention to the interior design of it and the way your employees look at their uniform. I have a beauty salon and care about such things, so I recently ordered embroidered workwear (https://essentialworkwear.com/super-workwear-deals/) in champagne color, which looks stylish and modern. You may think it does nothing for your business but these details attract customers.

First, you should really be avoiding on necrombumping up some old threads which it doesnt really have any response or replies for how many months just like one, because its really one of the common against
rules here on this forum or something not that recommendable thing to be done. So you wouldnt really be facing up some problem or post would be deleted.

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Going back on topic about failure then there's no exemptions to this because no matter how small or big the business would be, there's always the chance  for it to fail because we know that there are
several factors which could really affect out success rate.This is why on the time that you would really be making out a business then you should be wary about those risks. Do your best on trying
to avoid as much as you could. Even though its hard but its actually part of the process on this way.

Small scale entrepreneurs may experience business failure is because I think there is lack of proper planning and preparation in starting up their business. Many entrepreneurs fail to conduct thorough market research, develop solid business plan or establish realistic financial projections before starting the business. It can lead to a poor decision making and financial mismanagement which can result to failure. Luck of funding could also result to business failure. It is difficult to market your products if the capital of the business is not sufficient to sustain the daily operation of the business. Another one is the competition if there are entrepreneurs within the same area with the same products it would cause also business failure especially if the customers preferred the other store than your own store it could result as well to business failure.

Business failure is common, as long as we can think positive and always optimistic, success soon comes, unfortunately when someone experiences a failure once he will always remember and does not want to try again, we must understand that successful people experience many failures and things that distinguish It is they immediately rose and continue to maintain positive thoughts.

What needs to be underlined here is that success will never come immediately without any effort behind it. This means that what must be strengthened here is that his efforts are not just positive and optimistic thoughts, because that will absolutely not be enough to be successful. Even though it really hurts when someone feels they have failed through their business, they really need to get up again in more effective and new ways, because getting up after falling down will not always be easy for everyone, especially if everyone's way of thinking is always different.

And sometimes among the many failures that happen to small entrepreneurs is that they don't have a backup plan and reserve funds when they fail with the initial plan or they experience losses in the initial trial. So that the strength of capital sometimes also becomes a very, very important thing. Mind capital such as insight and careful planning as well as financial capital to start and run a business and restart a business when it fails. Currently, even to make a product known more quickly, of course, we must first spend money on promotion costs. And now even a promotion can be done practically and easily through social media. The point is that small business owners also have to be able to adapt to the current situation. one of them must be familiar with every technological development and customer demands who always want to try new things that are practical and easy.

You have provided some brilliant point. I want to add that personal factor that causes business to fail. And one of it to that a business that is just start should know when to compete and when to collaborate. Sometimes you thrive and succeed better when you choose to collaborate with other businesses than compete with them. You may have all the money as a new business to go head to head against an old business but then an old business will beat to it in experience of the market because the market is dynamic and what you may have on paper during the planning phase may be totally different when you hit the ground running.

The most difficult thing in business is that in the first 3 years, there is no business that is immediately successful, especially if we are still new and have no experience in the business, patience and of course capital is important so that we can succeed in business.

Capital, determination, experience, knowledge and perseverance in my opinion cannot be separated, and this is an important thing in business and I think what happens among those who always fail in their business may be lacking in terms of that aspect, actually the business world requires skill and also optimism to spice it up, as well as playing strategy is very important in business, and we say prepare a backup plan when the main strategy is a bit deviated from the business later, but the name of the business must be persistent.

Having a backup plan may be necessary to continue your business after it collapses, but in some cases you have to be wise enough not to fall into the same hole. There are times when you have to be brave enough to get out of the previous circle that made you fail to grow the business, so the backup plan that you have to think about is not about running the same business, but maybe you should try new business idea.

During Covid 19 and inflation, there were many businesses that had to go out of business because they failed to develop and did not have worth it turnover. Business owners are unable to make profit because their sales figures are not worth it with the capital they use. So some of them have to develop new ideas and even try new businesses so that profits can be expected.

Business challenges could happen even in the most unexpected times just like what happened last pandemic. No one have thought that pandemic would get that worst that even huge businesses have to close down. It should be a lesson learned for business owners to be always ready and prepared for the possibilities.
I agree that having a back up plan would be an effective idea so in case our business fail at some point, we will still have other options to pursue. It is also important that we'll monitor the profit flow as well as the financial development of our business to check if we're making profit or if there will be developments and strategies to do to help it grow better.

Without much thoughts and as someone within the business field, I think all business operates similar schemes to make them work. On the top of that list is that;

1. Your providing a much needed service or product.
This is where it all comes down to. What you have to give or offer. It doesn't have to be the best out there but then, you would get the patronage things that aren't the best do get. You just have to try drawing your lines with the best and ensure that your putting in your best work or quality everytime, never holding back, never allowing the finance you don't have make you relax the quality and people will definitely seek you out.

2. Customer care support.
Customers like seeking what the other service doesn't offer and what better way to keep old and intending customers than using a good customer support. Customers likes being treated right, as though each of them where your bosses, like being pre-informed before anything happens, likes being told what's going on and be treated like they matter because in the end, they do. You need them to patronise you.

3. Management
It's very vital as this is how you run the business, this is how and where every decision making is crafted and maintained. Getting steps wrong as this point would be disastrous to the business, something you can't afford.

4. Active Advertising.
Of course you want old and new customers to know about you, keep hearing about you and the new packages you offer. You've got to reach them somehow and so, an active group to handle this is how.


Do these rights in a circle and you could find business flowing just as much for you.

it's normal, in fact they didn't completely fail because a new generation of better ones came to replace them. on the one hand they could not survive against the currents of the industrial world that they held, in the end it ended about their company sinking into a new generation that was much better. platforms.

Poor customer care is a strong factor that scares customers away from a business, but business also fail because they expand faster than they should. Most small scale businesses employ lots of staffs than they can handle, which is bad for their growth. It's been long I heard of olx and surprised that it failed, that was a promising business with lots of clients. These small businesses pay higher rents in the offices they occupy, knowing that their income wouldn't stay strong after such expenses. Management is key, that's why the managerial role in every business should be strong and firm, if not it won't progress.

Just because it is common, we need to think of it and prepare less? Hell no but we must do our best like equipping ourselves with knowledge first about the business that we are about to venture. Also, we must prepare a good budget so that we can be able to do different things at their fullest.

We can still think positively and stay to be optimistic. It's just that their level have now increased dramatically because we know that our business is growing as on what we have planned. For those who fail and never try again. They might be a reason for this. Maybe they realize that they don't have a passion for it. Sometimes it's better to move on than being stuck in a rut.

that's true, but there are also several other things that cause business failure among small businesses, in my opinion, the main or biggest factor is the lack of capital, making it very difficult for them to compete and improve their business.
besides that Management is also very important, there are even some of the small entrepreneurs who are able to get up and grow their business bigger but the percentage is very small.

Business small or large can fail without proper planning, management and good entrepreneurship.
For a successful business you need a good plan and strategy to carry out the task ,planning and management.

Also, some businesses are more capital intensive than others, and surely there may well be needs to identify how capital intense any business might be and then to reassess if there might be needs for more capital or there might be ways to carry out a business without as much capital by restructuring it in order to build capital prior to embarking on more capital intensive aspects of the business.

Effort, perseverance, and effective action are the essential components of the journey towards success. When faced with failure, getting up and trying again can really be a challenge. It requires resilience, determination and a willingness to adapt and learn from past experiences. Each failure can provide valuable lessons that can be applied to future efforts, allowing for growth and improvement. So even though it can be difficult to overcome failure, you must acknowledge your need for personal growth and development. Every failure can be seen as an opportunity to hone skills, build resilience, and gain valuable experience. This can increase your chances of achieving your goals and building a successful business.

The most successful business we see today has had its share of past failures, some successful entrepreneurs have embarked on two to three businesses before now thriving in the new business. When one encounters failure in life you will avoid the type of mistake you did during the first business and try another mechanism another day. Also, one other factor for business is location because if your target audience is not located where you are the business will most times fail though this has been reduced with online business and logistics company.

Yeah right. Even a giant company whose name is very famous like CocaCola also started its business with several failures. But the owner didn't give up and kept going and correcting what was wrong with the business method they had done earlier. So that in the next trial he was getting closer to success and he kept on trying and finally became successful.

The point is very rare who can start a business and immediately succeed. because most businesses always experience problems at the start. it's just that those who continue to learn from mistakes and never give up on their business are the ones who will eventually meet with success.

never be afraid to fail before starting and if you fail after starting then learn from these mistakes and fix them in the next trial.

Agree as you say Failure in business exists, but it's the beginning of success and the learning process dares to fail and continues to maintain positive thoughts. The words that I always keep in my heart are like this:

Right now you are a failure. Enjoy it because tomorrow you will be a much better person.

You want to succeed? You yourself choose whether to succeed or not!

You are not them you are special, you are the one who inspires them.

If you are consistent with what you are doing, you will definitely succeed.

From this second you have to change.

There is no smooth road to success.

You will fall tens of thousands of times but failure is not permanent.

Rise and try again.

Most people don't achieve their dreams because they stop trying.

This is my dream and I will achieve it no matter what, I will learn from my mistakes, I will keep trying, I will fight harder, I will work smart and I will not give up until my dream comes true.

Failing is part of success.

Failure makes you wiser, gets valuable lessons.

This is why I always suggest working in the business you want to start in at first. That means you are going to end up with something much better understanding of the business before you do it. Doesn't matter how big or small scale you are thinking, from a simple cafe to some industrial machinery, it doesn't matter what you want to do, and the position obviously matters because if you are working for a cafe, then being a barista is better because you get to see it all of it, but when you are working at a factory then being in charge of just one machine means you are not going to learn more about rest of the business.

So all in all I am guessing that it is going to be a tough business to start but you need to first get a job in the field so you learn the mistakes of the industry a lot earlier on.

Failure is the biggest motivation in doing business, as you said a business that has grown today they have failed several times but they continue to correct the mistakes they have gone through and finally everything can run according to the procedures that have been set, for location problems I think there is no big influence on a business if the products we offer are in accordance with consumer desires then wherever we are they will definitely look for our place, Although nowadays it is easier because you can get a product online, then all businesses that are lived today all have twists and turns of life.

Many fail due to banking, management, and communication.
Banking: being your own bank won't do much in a global business.
Management failing to control, overestimating your own abilities.
Communication not getting the message thru. 

Regarding failure in a business, we must dare to run a new idea that we can take an experience in failure, and all have failures when running a business but they continue to rise to achieve glory even though there are many challenges they must miss but without any failure we will not foam to achieve success, and we can learn from large companies that have developed today they have gone through many challenges to be able to  Standing firm, then failure is the most valuable lesson in running a business.

https://www.talkimg.com/images/2023/06/06/wfssI.jpeg
I perceive you in that manner, and I wholeheartedly agree with the emphasized statement: Consistency.

Business commences with initiation, proceeds with consistency, and culminates in success. The beginning and end are not overly challenging; rather, it is consistency that poses the true difficulty.

Consistency engenders trust and credibility for entrepreneurs. When a business consistently upholds its initial promises from inception, it cultivates a reputation and credibility that serve as tangible evidence of its commitment to the business endeavor.

Through consistency, every business can adapt to current market conditions and seize opportunities for innovation. Novel ideas spontaneously emerge from the depths of the mind as business owners unconsciously adjust to market changes.

Considering that business is a long-term endeavor, it takes considerable time for a brand to become mainstream and resonate with the public.

I agree with you. Small scale entrepreneurs faced business failures because of several reasons. Lack of planning, many small business owners fail to develop a comprehensive business plans. Insufficient capital, small businesses often struggle to secure the necessary funding. Poor management, inexperienced or ineffective management can lead to poor decision making. Without effective marketing strategies, small business may struggle to attract customers and build a loyal customer base. Small businesses that fail to keep up with the changing market trends and consumer preferences may quickly become irrelevant and lose market share. Competition is another factor because small businesses may struggle to compete with larger and more established companies.

Business location is highly important as he has said. Alot of businesses has failed due to a bad location. In siting a location one have to conclude on the precise audience he/she is targeting. You can't decide to target the rich and go and site your business in a poor environment. Your target audience has a longer way to determine your business location.

Most business start out with high quality products or best in service quality delivery but I er time it has been noted that they begin to drop the quality by 1% at first the customers don't notice but the. It cannot be hidden for ever. Some factors are to blame though like if the economy of that country hits inflation and the business takes a hit but need to keep running so they sacrifice quality for longevity or profit in the business.

The business is based on the quality and the quantity,if the business is the less quantity one.Then the business is the small business,So the business holder will be the starting businessman most of the time.If the business is satisfied with less quality, then the lifetime of that business will reduce to the shorter time period.So in a business, we should not satisfy with less quality and less quantity is doesn't matter.Because it's based on your capital to business.

Well you're right about that. Things like mismanagement of funds can wreck a company badly, which is why every startup has to be very careful and make sure that employ the best methods when it comes to this area. Any money that goes out should always be for the right reason, and not for any purpose that does not help in driving the business growth.

Most middle class companies rely heavily on banks to live and survive.
The entire system is set up like a house of carts.
One loan fails and the company folds.

Indeed, there are many companies or businesses from the lower middle class where they even start a business with capital money obtained from bank loans. But in this case there are positive and negative points from this. The positive point is that someone can start a business faster. But the negative point is that when the business doesn't go as expected and fails, of course he has to keep paying the loan repayments that he made capital.

And currently there are actually quite a lot of banks that provide loans for business capital and so on. So now more people are starting businesses from borrowed money.
And I hope people avoid this way of doing business. Even though we can start a business faster, what we have to be aware of is the very high risk when the business doesn't go well. Unless we are already 99 percent sure of the success rate of the business that will run.

Starting is the priority though and the bank's system issues are a chance for us crypto enthusiasts.
Form a local investment group and seed start ups i.e is a possible solution.

Yes, that's right, and now borrowing from banks to be used as business capital has become a common thing for some business people themselves. But well as you said that there are indeed negative and positive sides to this action, because it involves loans to banks, as we know if some of them cannot pay their debts because for example the business is not running as expected or maybe even fails then it is very likely that they will be in a dizzy condition or confused because they have to pay the money they have borrowed and obviously there must be some pressure from the bank if their payments have problems. I even saw some of them pledging their house certificates or other valuable assets as collateral. Basically, it is difficult to find capital for those who have a middle to lower income or economy, and if they want to open a business or do business then only banks are the main choice and that is more realistic but there are risks too.

So the point is I hope that before you build a business or any field of endeavor, it is not only money that you need but you must also have a strong mentality, because difficulties or maybe failure will definitely come to you at some time in the future. So prepare everything and consider carefully before unwanted things happen.

The option you mentioned is a good option and is worthy of consideration by novice businessmen as well as experienced businessmen. Because they really have to see the environment that is most frequently visited by everyone from various directions so that their business can be more advanced through a greater level of sales, besides that the rich are indeed not the main target for business people, but if business people can target more people If you are rich to glance at the products that are in his business, that will also be better. Because the main thing is to target everyone from all walks of life in the surrounding environment and must really ensure a place of business in an area that is more accessible to everyone.

That is the tactic of all companies because every company that is already running will certainly have clear reasons when spending money on something. And the main thing is to encourage the growth of their own business, because the company is included in the big business category so that every decision they want to make must be based on sufficiently mature consideration, especially now that there are so many competitors who continue to show themselves to be the best so they can attract more customers from other companies to their place.

thats interesting take and I think it holds truth, so many business are indeed relying on loan hoping the business gonna went well for another years until their loan completely paid and their business grow significantly in no time, but the reality is harsher than what we imagined, so many business went bankrupt simply because pandemic that affects greatly the overall interest and their income which means defaulted loan.
this is also why building business from small to big one is also really difficult, if you don't take loan the business hardly thrive, it might lose momentum and never grow, but with loan you also exposed with the fact that one defaulted loan already make you lost everything, its all always risk accompanying business in their growth.

My advice is just this. If you run a business and experience failure, never give up trying and keep trying, and if you are tired, you should take a break first, then get back up, and change your ways.
And don't blame your efforts. Maybe something went wrong as long as you try and always fix what's wrong with your business, whether it's your efforts that are not optimal or there are other factors and this must be contemplated, corrected and used as a lesson.

The point is never give up, and try to keep changing the ways that have been done and failed, and always make corrections so you can get better. Because all successful business people start from failures they have experienced before and become lessons for improvement, until you find a suitable and successful business.

Startups need badly funding for them to survive. That's the first thing that they need and without which, survival of them shortens. But even with funding, that doesn't mean that they're going to survive this brutal competition and many of these startups don't make it to the end.

That is why market research and studies are needed for the startups. They need to know the market that they are targeting and they need to be focused on it before proceeding to the next stage that they're planning to do. What's wrong with these many startups, they are not yet successful in one niche then they want to expand as soon as possible which they think is beneficial and will make them successful already. That's a wrong strategy and many proved that to be wrong.

Yes this is verifiable that those who never loss hopes are always fortunate so if you wants to be a Victorious businessman then try to explore about the faults that your are doing in your efforts.

There is nothing which a man cannot do but one should work properly for it because the word of impossible (I m possible) signify that everything is achievable. If you are unable to get success in one project by executing every single effort then either you should change the way of your business or change the overall business to select another one.

Through continuous efforts you will one day get the reward of your hard work and your business will be acceptable by everyone as hard work never become useless.

Also, small-scale entrepreneurs often experience business failure due to various common factors, including not enough financial resources, lack of management skills, and inadequate market research on their industry and competitors. Businesses should never be complacent, and they need to keep assessing their strategies and adjusting to market changes. Succeeding in entrepreneurship is challenging, but with the right mindset and resources, overcoming obstacles and failure is possible, and a higher success rate.

That's why small-scale entrepreneurs must prepare everything carefully and run it to the fullest, with optimism and enthusiasm. They have to take advantage of the opportunities that come their way as much as possible because if they don't they will find it difficult again if they have to start over from the beginning because they only have mediocre capital, so it is difficult to create new opportunities for entrepreneurs who are less financially capable. What's different from the rich, he is able to repeat it several times to achieve success. one-time failure is meaningless and they regard it as mere experience as evaluation material when they want to start a business again.

In my view, when comparing truly successful businesses to those that falter, the proportion of failed ventures tends to outweigh the successful ones. The failures, often unhighlighted by the media, cast a shadow over accurate quantification. Even certain established enterprises that once soared might crumble in a remarkably short span, categorizing them as failures despite their previous ephemeral triumphs.

The essence lies in recognizing failure as the culmination of the business journey, whereas success demands continuous preservation. An individual who encounters setbacks in their entrepreneurial pursuits indeed retains the opportunity to forge anew, while a prosperous business owner must adeptly navigate the waters of sustainability to avert decline.

Hence, small and medium-sized businesses often find themselves susceptible to downfall, as sustaining is inherently more arduous than initiating afresh.

All those things you made mentioned are part a business failure. And I will also like to add some to the list so people can see them as well. The failure of government to create an enabling environment for the small scale enterprises is one one of the caused of their failure. Like what happened late last year and early this year in Nigeria was caused by the government. The government printed new naira currency and also limit the withdrawal amount of money and the whole the affected businesses more than any other thing. And this policy was enacted because of the General election in the country and after the election, the policy of withdrawal limit was not reverse so many businesses failed in the country.

And in practical observation, any business which has been in existence for 5 years and above have the capability of staying longer and if you look at things around the failure of these business as the op said they are within the 5 years interval.

This is a small business that we are talking about and not a large company. Although I know a small business has the capability of having up to 100 employees, which some people can still consider large, it does not take them away from being a small business. Suggesting that a business runs up to 5 years of promotions for their business is not a bad idea, but you also have to consider other factors above the advertisement, such as the amount that is to be spent and whether the product that the business has is actually what the people want.

To meet up with competitors Entrepreneurs should always take customer relationships very seriously, and they should always be conducting some monthly or annual survey with their customers in order for them to know where their products need improvement, where they need to work on them, and what the actual demand of the customers is. Running a million promotions without a working product won't bring the company any positive results; rather, it will cost the company unnecessary expenses.

I think the biggest reason why start up or small business fail is because the competition that very tight. even some big investors invest to a company and let the company spend their capital only for advertisement, promotion, discount and etc. even the company is not making any profit every single year but the company value or price in the stock market is rise. those investors gain profit from it. it create huge entry barrier for start up business that prevent them to get market share. fortunately expert said that this method is not work anymore. at least it is what happen in my country.

Competition surely plays a big role in business failure, especially when small-scale entrepreneurs face big companies that have more resources and already have a well-established name and status in the business industry. Moreover, these big companies are backed up by good investors which only adds to the challenge.

Making loans to banks to build a business certainly has positive and negative impacts some people are able to pay off their loans and some are unable to pay off their loans. For those who cannot pay off their loans, of course they do not have a good plan for the business they want to build, but for those who are able to pay off their loans at the bank, of course they have properly arranged the plans for the business they are building and they consider the loan to the bank must be paid on time so that they are motivated to run their business properly so that they can repay the loan to the bank.

You are right in building a business, of course there are many things that need to be considered so that we don't experience failure in the business that we are going to build, everyone who builds a business has certainly experienced failure, but if they are able to fix it, of course they will be able to achieve their success.

This is one thing that people seem to always forget. It's okay to dream big and aim high but we have to be rational. You can't start a business today and expect the profit to start rolling in immediately. Sometimes when things don't go as you thought you would immediately it doesn't mean you should quit.
Running a business is quite hard and starting it up is even harder so you have to be ready for what comes after you start a business.

Don't look at others who are making tons of money from that particular business and feel you should be making that much money too. You have no idea how things were for them. So instead of thinking it's a get-rich-quick scheme, learn, adapt, grow, and find out ways you can develop your business.

Aside from that, make sure you provide grade-A level services or products.
Your business won't survive for very long if your product and or service is shit.

I've encountered both successful and unsuccessful individuals. Your feedback? On target. What about banks? I am familiar with them. The finest of them. Loans can determine a business's success or failure. I assure you, its not for everyone. Certain individuals are excellent planners; they are accurate. Those individuals who regard loans as deadlines are the most intelligent.

And blunders? We've all witnessed them, so you're absolutely correct. Every enterprise experiences adversity. However, victors are determined by their fighting spirit. Restoring a business is not for the faint of heart. You must exert forceful effort. And success? The destination is delightful.

Everyone has their own dreams, and for those who dream of becoming a successful businessman, they must also be willing to undergo everything including taking risks, and there is no success or success that is not accompanied by a difficult process or even with some setbacks they experience. It's very possible and it's a journey that we have to go through. That's right, and I see a lot of people who come with high expectations of profits, can you get the profits you want? Of course you can, but I'll ask again, are you willing and ready to go through all the processes (including the difficulties) to get those big profits? I'm sure there will be many who try it first but honestly I'm not too sure they can make it to the end until it's what they expect. That's one of the differences between someone who's serious about their intentions and someone who's just hooked because they want to get something big but they're not serious about it and maybe they're not mentally ready. So in essence, if you want to run any field, especially business, then at least you must have some readiness in yourself, such as capital to move and also mentally to survive.

Apart from that, capital is one of the obstacles where they are difficult to compete, when experiencing losses small entrepreneurs will find it difficult to rebuild because of the limited capital they have, it can also actually happen to large companies, but the difference is that they have enough capital to back up the losses they have and it affects the company in the future.
If we pay attention, many small business people have to go out of business because they cannot bear all the losses. I believe that something that is built must also have preparations such as backup capital or something else, and what happens to small entrepreneurs is that they build a business without preparing it, or even they build a business with a lack of capital.

That's actually a good point, if you attend some seminars on how to start in business I think they also include in the plan the backup capital in case there's a need in the business such as materials, wages for the staffs and rent. That's why it's important to invest with knowledge first before starting even a small business, you could do online webinars or seminars and there's already a lot of videos online that could help you to start a business. So once they've gain losses they will be having a hard time to recover due to they don't have a back up money.

And also the thing even the fact you have the capital, but if you don't know how to handle it like just impulsively by materials to overpriced stores for sure that would be a big waste if your business did not gain attention to customer. Remember you could do your own trademark like some DIY things for your business because people loves to try new things. For sure once you've succeed there will be other people will copy your trademark and competition is on which can make your business boom!

Every business has financial management to anticipate losses unless business people do not organize financial management so that they have to go out of business if they do not keep reserve funds to maintain their business. But for lower level businesses it will be easy for them to build another business because they don't need high funds to start a business from scratch, but for high level businesses it will be difficult to start a business from scratch if they don't save reserve funds, it is impossible to apply for large loans for their business .

An important factor is that they must have financial management and a solid team to run the business, they also need to prioritize financial advisor positions so that the company's finances are managed properly for business growth.

We don't know what small business that is talking about, because every person's view of a small scale business has a different interpretation from their respective perspectives, my views of street vendors can also be said as small businessmen or common Also entrepreneurs, and they do not need large funds in starting their business, as long as they have the ability to form products or provide services, of course they can easily start when they fail in one field.

But the most important thing in this case is, no matter how much or small the business is run, financial arrangements or financial management must be there, and the mentality should be formed in financial governance must be really considered, because it is the most important capital in business. With that note if you still do not have a family or do not have the burden of the lives of others that you are responsible, except those who have dependents of family life, of course, preparation must be mature and have a reserve fund and others, because failure is a disaster if the situation is like that.

In today's era, promotion or marketing is the thing that must be prioritized to attract more customers. And yes, at this step, more capital is needed to fund the promotion and marketing. And those who lose in promotion and marketing are the ones who will slowly experience defeat. So it is not surprising that many companies are starting to go bankrupt. But in the end, the quality and comfort provided by a company to customers must also be prioritized. Because of course consumers will stay and become regular customers if they feel comfortable. Currently in my country the online shopping platform companies that are most widely used because of their convenience are Shopee and Lazada. They make customers satisfied with their services. And the promotions they do never stop. They realize that promotion is important in the digital era.

As much as possible then it would really be that entirely be recommended or suggested on building or making a business which isn't a loan or simply came from your own savings or funds which are intended for business or investment. Although not all would really be having that kind of allocation then this is why they would really be considering on taking up some loan in banks. Yes, it isnt bad but the risks of possible or potential problems is there since not all the time we would really be succeeding. This is why in taking up some loan then be sure that you would really be able to repay if ever the business would failed out or simply having those back up plans because if not then you would really be finding yourself on great trouble.

If we do speak on taking up a loan for some business expansion then it wont really be a bad idea. In overall it would really be just depending on a certain individual since not all
would really be that successful but there are ones who are risks takers on which they wont really be able to know if they would succeed unless they would try and this is why they do come up
with this kind of option.

It is indeed very important to ensure that a good promotion or marketing is at work for a business to maintain good status. Having a good marketing plan welcomes various benefits for businessmen, whether they are new or are already well-known in the industry. In fact, according to Bradley (2019) in his article entitled The Importance of Promotional & Marketing Strategies posted in Chron, there are three significant benefits that a good promotional and marketing strategy brings. First, promotional and marketing strategies allow businesses to understand and have a better connection with their clients and customers as by having the right marketing plan can lead your business to the right demographic to have better access to your target clients and customers. Second, promotional and marketing strategies also lead businesses to have better development of financial goals as financial goals are correlated to sales targets. Lastly, promotional and marketing strategies assist in strategic planning.

To have a better understanding of these points here is the article: https://smallbusiness.chron.com/importance-promotional-marketing-strategies-57205.html

Well this is why every big company they never stop making promotions in their business. Because they know that promotions can also bring in more new customers by taking advantage of old customers. Well, just as we, who are old customers, find good promotional information, we will also start talking to those closest to us and bring them along whether they will be interested in the existing promotions. And about Marketing then this is actually far more important than promotion. Because marketing that is created with good planning will make the product more widely known to the public and attract a wider range of new customers. And marketing and promotion are two things that must always go hand in hand in carrying it out.

Businesses that have good marketing and promotion usually last longer and can grow bigger quickly.

Well that's right, and of course the purpose of the promotion they do is none other than to increase the number of customers or their customers. As you said above, we can also imagine when we, for example, become customers, we will also choose a promotion that is good, attractive and of course we can trust. In a business, I also understand that the competition there is very tight, there are always advantages from other competitors like they are more able to provide great benefits to customers, so there we also have to be able to find solutions so that we can still compete with them in various ways. in that condition they will usually rely on price slam promos or lower prices to be able to attract customers again. Marketing and promotion are interrelated and cannot be separated, a small example is like someone who acts as a marketer will bring something to be promoted.


Well sure, but maybe it also won't always be good or last because they also have to adjust it to the needs of the community according to existing conditions. so still they should be able to make various updates to their products, it will be useful to balance with the needs of the community. Oh yes, I also often see now a lot of promotions that don't make sense, I mean like for example they sell goods at very cheap prices for example, in my opinion it is done maybe because they have run out of ways to compete with products from other competitors.

Most new businesses fail within the first 5 years. One common factor is a lack of proper planning & market research which leads to a failure to identify a target audience or understand competitive landscapes. Insufficient funding, poor financial management & an inability to adapt to changing market trends are also common challenges. Ineffective marketing strategies, inadequate customer engagement& a lack of innovation can contribute to business failures. Obviously it's important to remember that failure is often a valuable learning experience & can maybe pave the way for your future success.

Well exactly, you said some common facts that cause most of the business people to fail in running it. Honestly, before we run a business in any field, we should first see what is really needed by the community, and if we already know about the market situation then we can proceed to the planning stage. In terms of capital, in my opinion, it is not too much of a problem because you can borrow it at the bank, but if you don't want to deal with banks regarding some of the interest that is there then saving from now on to build a business in the future is much better.

And in my opinion besides that, it is also important for a business person to prepare several other things, and I say mental readiness is also very necessary there, we can see not infrequently some of those who have capital and a pretty good plan but they are not mentally prepared, and after that fail with a record of stopping halfway. To be honest in business competition is very important and when other competitors make updates then inevitably we also have to think of something in order to compete with them. Excellence in business is always needed, and they will always look for ways to be superior to other competitors. But if they can overcome those challenges I'm sure they'll be successful, and for the rest I agree with you.

Nowadays, very tight competition means that all companies are required to continue to innovate to satisfy customers. And if a company cannot compete in making the latest innovations, this will make its customers switch to other companies. Another thing that makes it easier for companies to fail is when they cannot know what makes customers comfortable. Sometimes convenience is the most important thing to keep every customer from leaving. So that is where it is important to review every complaint or criticism and suggestions from customers. Customer satisfaction is the main thing. There are many out there companies that like to do promotions and marketing very well. But the services and platforms they have are not very comfortable to use. So they just waste money on promotions. Even though the priority should be comfort for customer satisfaction. after that then introduce to more customers. Promoting a product that still has many shortcomings will only make the company's reputation worse. So product improvements must be made from the start.

Of course, if we can't maintain the product quality or the quality of our service, the customers may feel disappointed. The customers always want to get the best quality, they will always compare our quality with others. When they think others have better quality, they will never come back again and totally move to another one. That's why maintaining the quality has a big role to keep the trust among the customers.

Some customers even expect for an improve of our quality. They may feel bored if there is no improvement at all, they may judge we have no innovation. But this type of customers mostly come from the upper-middle class people. But if the most customers come from the low class people, they only focus on price. As long as it is cheap enough, they will never complain.

On the time that your business had become so big then it would really be just that understandable that you shouldn't really be stopping there. Why? Competition and changes is really that inevitable on which if you do
make yourself stayed up on the ways or methods that you have used to make yourself that successful or able to make you big then it shouldnt really be stopping on that point but rather come to think with other
things which would really make yourself to be continue improving and could really go against or compete with newer competition which do comes up with something new idea or kind of approach.
You would be needing on continous improvement because on the time that people around would really be seeing  that you are already becoming that outdated then they would really be just simply flock away
and would find for another place for them to hang on and involved with and this is a normal approach and the normal thing where competition is really a tough one which it would really be applied
in most industries where it do really exist. Make yourself that confident then it would really be putting up on your demise. Continue on improving and dont make yourself that confident
and do all sorts of things on which it would be intacting your customers needs and interest.

That’s why there are surveys to a business.
It’s a vital yet neglected side of most businesses. Some of the reasons being that, people don’t see the need to look into just how the product is appreciated and why. Rather, they depend on advertisements to do all the job for them but, it’s not overly that.
Running surveys once in a while gives you an idea into the customer’s perspective of what they want, why they want it and what’s the line of preference between close competitors. To get these data sets, you need to go out there into the field or have customers come to you in a promotion but watch out, promotions could offer some bias as, most of those that would come by will be hoping on some price and as such, be biased in there qualifying of the product.

Quality is very important as much as quantity. Apparently, customers can’t always have them both but then, it’s better to deliver quality and have your customers dilute them into quantity if they do wish and be good.

Another issue or thing that impacts the reason why improving quality is vital is competition. Reality is there will always be another new or existing business that will compete for the target clients and customers. If a business is not doing anything to improve the quality of their products and/or services and customers see that the competitor is offering better quality, it is possible to lose customers, even loyal ones.

As pricing goes, there is also competition. Hence, between the two I think it is best to have the better price with better quality to have the best of both factors that will drive more customers/clients your way. See, if we don't improve and adjust, competitors will eat us alive in this industry.

Business owe it to their customers to give them the best products because if they don't, they'll go and find it in another place. The business world is very competitive therefore our product should always be at its best all the time. When we don't take our customers feedback serious we lose interest from not just the customers but also others that they are going to tell and others those individuals they told are going to tell too, customers feedback should always be treated with all seriousness.

Poor customer management is also a reason why small scale business fail, the product might be good, price also fair but when a business has poor customer management, they'll keep losing customers until they have nobody left to buy their products and they'll have to quit.

New entrepreneurs have very little knowledge about business and lack of a proper business plan is one of the reasons why small businesses fail. If you don't know who or who will be the customers of your business whether the location of the business is right how the competitors are doing business etc you have to face losses. Also an entrepreneur cannot succeed without a specific goal objective or direction. An entrepreneur must have a strategic vision there are many strategies to consider in business. He has to move forward with his specific goals by understanding the surrounding business environment. A businessman can be successful in life if he proceeds with the right experience.

That is an unfair generalization for all newcomers. And simply not true. At least 10 to 15% are prepared and ḱnow what they are doing.
Some have elders look over them. Do you really believe that Bill Gates had no help?

Yes, that's right, they came as people who didn't know anything about what they had to do and what they had to prepare for. That's right, in business planning it is very important because that is the only framework for us to run it, as you said a businessman must know his vision and mission, conduct market research and what opportunities will be taken under certain conditions, and of course they must also know the needs of the local community. Today's business competition is very tight, many other competitors have created many advantages in their products, they are doing very well because they have clear goals. So that's right, how to be successful in this field if you run it without any preparation or knowledge, at least you have to know some basic things in the business that you are going to run.

You see, many of them fail and stop halfway, because they only do it by relying on courage without any knowledge, it's very reckless and in vain, just a waste of money and time. So in essence, if you want to build a business, the first step you have to do is do market research, adapt to the environment, find out what society really needs and you can fill that void with the products you have, try to make it useful for society so that your business can last a long time. And besides that, I also emphasize that you must also have a warrior mentality, never give up because business competition is very tight.

Well to be fair, there's still a lot of people who have planned a lot of things even the back up capital things, location and target audience things still they haven't managed to success. Point is not all things are going according to the plan so it's either you have plan A and plan B, if its still doesn't work for sure it's either not in demand business where customer doesn't buy it. As you said businessman can be successful if he proceeds with the right experience, so those failures can be either work as a lesson or just experience for your business journey. If you take those failures as a lesson to growth for your business for sure you would point out the things that hinder your success. And I agree that if a businessman doesn't even have a goal and have a just go with the flow mindset will be having a hard time to succeed as they don't look at the brighter side and the potential of their business.

Business fails and not only with small scale enterprises, other big businesses failed as well and cease from operations, there are many reasons that could have led to having a business failure in what we do sometimes because we are not careful enough or not being vigilant to have sensed it coming, most of these occasions of business failure would have been giving signals to serve as indicators but when we don't make plans then having failure becomes an inevitable consequence.

You're right about that. But more often than not these large scale companies have safety features and contingencies that would keep them from drowning especially during precarious situations. Plus small companies are more prone to committing rookie mistakes in the business world so this post goes out to everyone who's trying to become an entrepreneur thinking it would all be rainbows and sunshines when the fact couldn't be any more different.

Small or Large business risks and problems come, but large companies has their safety nets to support them when shit hits the fan and they lose their footing. To small scale businesses these kinds of mistakes are something they just can't afford to commit, which makes this all the more important to them.

Yes, you are right. I see many people making a portfolio, your mentor plays a vital role in your success. One work without mentor is difficult but when he explains all the facts and figures to us, our chances of success increases. There are big businessman that start from small business, now they are enjoying a successful life. When your father supports to stand a business, it gives happiness to person because in way he engaged his father very closely. More the strong relationship, more will be your success. If a person has a skills, he can work at any place of the world and can earn money. Business failure chances occur, this risk can be minimize. The people who take calculated risks in their life, they will be successful at the end.

When starting a business it must have double capital when the first fails we can certainly still overcome it with double capital that we can start again with operations as usual of course with a higher level of vigilance in the sense that we must fully understand the business sector that is being undertaken because in my opinion for the first and second will definitely experience failure.

Having experienced this difficult time when the business was just starting, of course we have to be more skillful with what is offered in the product, including in marketing with a more continuous reach, especially what is more important is that the financial management sector must be healthy.

And when a company achieves higher success, the company must also start to be wary of competitors from other companies who will always pay attention to companies that have achieved higher success. Because there is a saying which says that the higher a tree grows, the stronger the wind blows. This means that if a company gets bigger, the company must also strengthen the fundamentals of the company itself. Just like a tree must strengthen its roots, if the tree doesn't want it to be toppled by the wind.

Because the higher the achievement obtained, the less easy it will be for the exams that a company will face. Because out there, even companies and other companies can bring each other down in ways that we don't imagine. Promotion and innovation must not be stopped. And it must continue to be improved. Because this is one way to keep every customer from leaving.

Apart from marketing, promotion and innovation. Another important thing is to maintain quality and never reduce quality when the company's name has grown. Because just one mistake will make the reputation of even a large company collapse quickly. So being more careful and never showing gaps to competitors is an obligation in any business world.

when business is still small anything needs to be efficient, one mistake and business will fail thats the thing with building business from scratch from the very bottom.
its unlike what majority of people said that building business only needs courage, its not just that, luck also have big role in having big business, like if you start a business thats very niche and few years later that niche becoming a big thing then your business will definitely grow really fast.
also, when the big companies starting to get into that field, you'd also need to face them in which they have advantage of having bigger capital for better marketing and promotions. that period would also be as difficult as the other.

Well, having a safety net is something that only large-scale businesses have the liberty of using. it's a basic truth in life so to speak. You'd never find small-scale businesses out there not duking it out as if it's the end of the world cause they need to make profits or else they would go bankrupt. I feel like that's also one thing that contributes to why these micro-businesses are more prone to failing. They don't have the luxury to afford contingencies and safety nets that would've prevented them from losing it all should their businesses sink under, so when they fail, they fail horribly. It's also worth noting that for most first time business owners, their first losses are the biggest and hardest to bear, with some even stepping out of entrepreneurship for good cause it's just that traumatizing to lose your money.

First thing with business is the identification of the need. What is in need among the people, then the location need to be identified. Now we should think of the business which will meet the needs in the best way possible. Here we should be prepared enough with alternate plans, only then it is possible to keep the business on the right track even if things didn't work according to our plans.

Business failures were part of the success, I haven't researched about those mentioned firms. For some reason I strongly believe that these business firms have established their services in a better way on some other countries. With the failure they could've understood the real need and moved somewhere else and succeeded.

Although courage is needed to take the first step in running a business. But courage is not the only thing needed in building a business. Because in the end courage is only needed when we have sufficient capital both financially and insightfully. Then we also need careful planning and many other things that are needed. And when all the preparations have been completed only then does one need more courage in taking the first step. And this courage is also needed in making breakthroughs or renewable innovations so as not to be unable to compete with large companies that have been around longer than our business, which has just started. In essence, courage is needed to take on a challenge in business.

It's just that the real challenge will be greater when our business is already running well and then other competitors appear and that's where we have to make a better strategy in running our business so that it can survive and avoid bankruptcy. Following market trends is a good thing. But it would be better if we created a trend starting from our business. A trend emerges because someone started it. And most companies just follow trends. But the most successful are usually those who start the trend themselves. Trends can be created because of how good the innovation is and then because of how good the marketing carried out by a company is. So it attracts the interest of many people and creates a trend.

There needs to be a lot of preparation that needs to be done before we start a business because if we don't prepare well then it would be better if we didn't have to start it because if we start by just listening to the words of other people who run a business well without understanding the risks of a business well. then of course the business we run will not run well. For those who understand business well and have sufficient capital, it will certainly be easier to build a business because without these two things it will be very difficult to build a business that will develop well.

Although it is good to listen to other people's experience to learn from their mistakes and good decisions, having a hands-on experience and knowledge is still better when you are starting a business. You have to know everything there is to learn about the business you are starting in order to have a full control of everything. Moreover, I agree, having a plan is always the best way to go on with things as it prepares you to face any challenges your business may face and with a plan backing you up you'll have a detailed idea as to what decisions to make in order for your business to succeed.

Any business that lack proper and adequate management will suffer loss, because if there's nothing wrong with the business then the people in charge will mismanaged it and ruined it down completely, when we are starting a business enterprise, we have to engage on business plan on both short and long term running, there should also be a proper means of advertisement for the business promotion and there must also be a good background study of the business location and prospects.

Without an experience you can led the foundation of a business but business success cannot be possible because if you have no idea that how to attract costumers, how to show your products to them and how to manage the rate with costumers then you will not get profit like other successful businessman gets.

Make discussions with those businessman who are profitable so you will be engaged with his planning and strategies which he use in his successful career and also you will have experience of working.

thats the thing business always need preparation, it also requires the businessman or someone who involved in building business to be highly realistic about the circumstance and condition of the market.
but the thing is preparation requires massive capital, in which in this case, not every business man is having, at best they'd just make some manuever and thats it, all money usually spent on the operation of the business regardless whether the business itself is already in profit, if its in state of developing which gonna burns a lot of money big fat chance, it will fail the first time it got hit by some problem.
though i'm no expert in business i think business is really complicated, no one knows the right amount of recipe in building business.

Managerial is not an easy matter, a business that grows well and continues to develop certainly does not happen by accident. therefore, even if you have large capital, if you are not able to
- manage cash flow
- employees
- have good relations with the government,
it will be difficult to make your business live and survive. you also have to be able to follow market developments and trends, don't go against the flow, during the pandemic maybe people like to use online but now people can meet face to face, large companies such as Google, Facebook or Apple still survive today because they have perfect management and are also able to direct people.

I heard and read about businesses that closed due to mismanagement. It is also quite common when the succeeding heirs fail to maintain their ancestors' management skills. Long-running businesses continue to strive because their founders sent their children to school for proper education while also teaching them hands-on.

Experience gives us the best lessons which is why many people who are new to business fail in the beginning. The most important thing is we learn from our mistakes and from other people as well. Just last week I watched the story of a successful businessman. At first, he was surprised as to why he failed to make a profit and was losing from his restaurant when in fact it was always crowded. What he learned was his failure to manage it properly starting from its supplier of raw goods and materials down to accounting for all expenses incurred which will be the basis of its products pricing.

Yes, it's true, to build a small business or a large business you need to have basic knowledge about business. Building a business into a successful business that is resilient requires a big mindset, and must have a network (a network in business that is diligent). The key is in product innovation which is always being developed, such as the Nokia smartphone which is not developing, because a successful business takes a long time and of course it is a process, there is no giving up under any circumstances.

Apart from that, there are 5 other reasons why people fail in business

1. Mindset error, don't say building a small business. The truth is to build a big business.
2. Do business if you are not lazy
3. Not thinking seriously
4. Doing business is not serious
5. No reinvestment

This is a sad truth that nobody wants to admit even those successful businesses. Luck comes into factor and connections as well. Unless your product or service is hella unique that it doesn't exist yet, you would struggle getting audiences and people wanting to buy your product.

Luck would come into place like you need to find a good place to build your business. If you were born in a desert, well it might be harder for you than other small scale entreps.

A similar situation occurred in my country. A brand launched a very good product and started selling more than others selling similar products. Seeing this situation, the other brand increased its advertising expenditures and virtually eliminated the other brand from the market. By using all its advantages such as logistics network, advertising and free products, it eliminated the product of the small-scale but successful company from the market.

In such cases, power is often money. Advantages such as advertising and logistics are all provided by having money.

Becoming an entrepreneur, especially one who is not a business with the privilege of parents, really needs struggle, sweat, blood and tears, so of course don't give up easily, and you really have to have a plan like you said. Luck is also a major factor in achieving success, but luck will not occur without strong effort and determination. Everyone can become a small entrepreneur but must scale up to become a big entrepreneur... the point is to start small and do it quickly.

As quickly as possible, we have to learn the skills we have, such as distribution, marketing, market share. Prepare funds, you don't need a lot, the important thing is to have a business and be ready to become an entrepreneur. It's okay for small scale entrepreneurs, the important thing is to be loyal to small and large obstacles. You have to believe in yourself because it's your own business so keep getting up. Keep learning because nowadays you can get a lot of knowledge on YouTube and the internet. Whatever business we do, we need to use our brains and sharpen them every second.

Every business should strive toward improving the quality of their product or/and services to suit the ever changing needs of all consumers. The lower income earners, while being restricted by the amount of money in the bank to afford top recognized brands would most definitely appreciate new innovations and better services.
Irrespective of how much is being spent, low and high income consumers have one thing in common. They’re paying customers. If a business could care less about the quality of service provided to their low income customers , they’d be surprised to learn they too have options on where to spend their money.

Luck comes when we often try and get several opportunities that we can take, we have read about it from all sides and when there is a very potential opportunity, whether in advertising or whatever, we can get it easily.
Don't deny too much that luck is something that definitely exists, but it is also hidden and doesn't just come out of nowhere, of course you have to make an effort to get it.

It is true that money has an important role in producing products, but don't close your eyes too much, the amount of money doesn't matter if the product being traded is not needed by the public, it will only be temporary hype and people will lose the product you are selling.
And you need to remember that failure in small businesses is a lack of capital to back up losses, this is what makes them feel exhausted and prefer to give up.

I've read countless guys writing similar things to yours, you are right though but business should be more strategic than the general things of experience, planning and all that which are being repeated. There are businesses that fulfil all those but still fail, that's why it's good to go deeper into this a little bit.

Personally, I believe that people should not just dabble in business but do business of their nature and capability. We shouldn't because Mr. A is successful in a business and we should do it as way, our nature and passion matter. The location, branding and marketing matter too, we should also be fully aware of the kind of people we are selling our products and services to, and how best to bring it closer to them in an unresistible manner is most important.

Of course, this courage must be supported by funds. And in general, small business owners who do not have sufficient funds to run their business will often face or experience funding problems.
So courage without sufficient funds will be meaningless and this must be the main thing to think about, because with this, when our business is advanced and needs funds we can look for or borrow it from the bank with the confidence of being able to pay.
And small businesses must also be supported by leaders who are not weak and also have expertise in the fields of business, finance and marketing. And with the addition of hard work, patience and continuing to try, I'm sure the small business you run will become big or at least run smoothly.

Everyone has different problems in building a business, but building a business certainly requires a lot of funds so that we can make our business run and even develop well. Choosing to lend funds to the bank for business needs is indeed an easy thing to do, but we must understand well that the risk is if we are unable to pay it off if our business does not run well. In leading a business, we must have expertise in the business we lead so that we can run it well and if we encounter problems in the business we run, the leader can solve them well.

So you think that luck exists and that it doesn't just happen? Friends, I have some bad news for you: hoping for "luck" is as out-of-date as dinosaurs in the world of crypto and the modern economy. But, I suppose you're right in one sense - hard work does unearth opportunities that one might mistakenly attribute to "luck"

Now, to the money. Money is merely a tool, a means to an end in and of itself. It is stupid to invest money on a project or problem without first developing a well-thought-out plan. It's a little more complicated with cryptocurrencies like Bitcoin, though. Technology, decentralization, and a change in the balance of power are more important factors than he flashiness or the amount of money invested in it. Do public interests influence its worth? Yes, exactly. Don't oversimplify it, though

And you said that items that the general public does not need are only "temporary hype"? What then would you say about limited-edition luxury goods or art that sells for millions of dollars? It is possible to create demand, my friend. What's "desired" is often more important than what's "needed" in different situations

It is a bit foolish to attribute small business failure exclusively to a lack of funding. Vision, flexibility, strategy, and yes, even timing (or dare I say "luck") can be very important.

To be successful in business, one must have various skills and experience, otherwise business must fail. When a person undertakes an initiative he needs to have that knowledge otherwise he will not know the important things and will always fail. Also, when a guy starts a business if his products and infrastructure are not good then he will never get good feedback from the customers, and he will fail at that time. Moreover, many times businessmen are victims of fraud in various ways. Some customers find that their business has lost money and failed. So before starting a business, all aspects must be considered, how to make a profit and sustain the business.

Even the funds prepared to build a business must be doubled. Because sometimes a business will not immediately achieve instant success. Sometimes achieving success requires a process that costs time and money. This is where reserve funds are also needed. And having more funds sometimes makes someone braver and business resilience will also be stronger. Because sometimes the business that lasts a long time is the one that will ultimately succeed. Because collecting customers cannot be built in a short time. And yes, insight and careful planning are also needed in managing the business. So in the end courage, strong funding, insight and careful planning. Everything must be there and one of them cannot be lost.

Any business can experience of bankruptcy because of the demand and the people's need of course if you are the one who will make the business, you must need to cater the target buyers need and if you do a business that most people doesn't need those at all there's no essence this makes become profitable. Let's say the business is in demand; the cons right here is the misleading of prosper management that possibly fail the business itself. Making business from small is the hardest one because you need to experience a lot before you will possibly become a large-scale company. But there's nothing wrong with striving to become one of the biggest soon.

I saw the birth of businesses from scratch, but what struck me most was how young mothers, while caring for a child, started their own business. They probably didn’t want to return to their previous job so much and wanted a good future for their child that they simply "moved mountains". One of these women created a foreign language business, and the second woman had a clothing business. They are still very successful. I think they could fail if they weren't motivated because of their child. They would think how difficult it is and how many obstacles there are on the way.

Well that's right, therefore as in general, before we finally run a business, we must previously conduct market research first, determine your target market and see what is really being needed by the community now. After that maybe you can prepare a product that is suitable for sale which certainly has high selling power and interest from the community such as basic needs that are never ending in the eyes of the community.

You may choose to come to a business because you see some people who are already successful or maybe you see that there is a great opportunity that you must complete which can certainly be profitable, and yes it is true that building a business from scratch is not easy and very difficult, there is a lot that you have to prepare outside of market research. Honestly I would emphasize that you have to train yourself first, prepare your mentality as strong as possible because business competition is now very tight from other competitors who are even far superior. So to compensate you need knowledge and a strong survival mentality, because it is not uncommon for some of those who come are just wasting time and end up with losses.
They build their business from scratch and suddenly fail in the middle of the road because they are unprepared for everything, one of which may be your mentality is too weak there.

Establishing a successful business is a very difficult task.  Not everyone is capable of it.  To establish a successful business a businessman must be honest.  Such a businessman must have sharp intelligence.  Must have good customer relations skills.  The more customers he can keep in mind, the more his business will improve.  Good product should be provided.  Because no one wants to buy a bad product with money.  If a customer buys a bad product from a store once, it is normal that he will not go to that store again. I agree with your words that enough capital is needed to do business.  Cannot operate business without capital.  To be a successful businessman, one must have a lot of patience. The businessman must be devoted to his goals. Without these qualities, it is not possible to be a successful businessman, failure in business is inevitable.

Some new business lack the sales of goods or product and nothing kills a new business than not meeting its sales goals. Lack of proper investment in a business kills the business also, some people lack the idea of investing more on their business,

No success can be achieved easily without going through the processes you have mentioned. In carrying out each process we must stick to the plan we have made before starting. There are people whose processes are different, some go through it easily and some go through it very difficult. To start a business requires a lot of capital so that we can start it and if we cannot get it then we can get a bank loan but this will burden us in building a business. In running a business, of course everyone has experienced failure, but being able to survive and be able to get back up in this business will certainly be very satisfying for us if we succeed in achieving success in the future.

you have rightly pointed out good reasons why businesses fail just to buttress a little,  knowing how to retain old customers and managing new ones can be challenging but with a lot of research and being on top of  trends and creating new trends if possible is a good way to keep your relevance in the business world.

Yes,you are right.Any business need skills that are very important to run any business for long term.If any small business becomes successful , generations eat food by sitting on office chair. To start any business ,you would face
risk and after a long time you will be experienced and skilled person of your field. For example ,if you  want to graphic designer or Website design. Only money can't do anything ,you have to go to skilled person who is skillful in graphic designing . He will teach you how to make designs then you will do it for many times .Then this skill will be yout part of life. After repetition,you can start your own business and you would be successful .

Unfortunately, not many people have the ability to develop a business, apart from not having capital, there are also some people who don't have the skills to develop a business. Business must be run according to consumer needs and review is needed before someone opens a particular business because if the target market is wrong then the business being run will definitely fail.

The term building a business is not easy because it takes a long time to see the business develop, in fact many companies have to increase capital every year for the business they run and can only enjoy the results several years later when they have mastered the market Business requires large capital, skills and a good communication network, this is what makes it easier for many business people to develop because they receive encouragement and support from certain parties to develop it.

The world has changed within these few years. You don't need to know how to develop or manage a business before starting a business. There are people with the skills or talent to develop business. They are called business developers, business managers, and brand influencers. The function of this person in a business, specifically the business manager is to manage the business while the owner is not around. The person knows the nature of the business and it competent enough to handle the business and ensure growth and success. The business developers help the business by bringing customers and new ideas that will help the business grow. And lastly, the brand influencer, advertises the business just like marketing it to the public worldwide on social media e.t.c

That's right, it does take a long time to develop a business, because all things require a process, where the process that must be passed is not just one, but many processes that must be passed properly. and the development of a business also depends on someone who runs it, if someone can run it well maybe the business he runs can develop quickly. vice versa, if someone runs his business poorly the possibility of his business will take a long time to develop and it could even be that the business he runs is bankrupt, and this of course must be avoided one of them by running the business as well as possible.

There are many reasons why new businesses fail. Business in the world is very competitive. New businesses can get on their feet, they can start with a startup, after that it is important how long they can continue, do they see just one step ahead or do they work with longer steps, predictions and plans? This part is important. These are all long processes, it is very difficult to find sufficient financing, you need to have unique ideas and a functioning business to convince the financing.

Building a new business must go through big challenges to compete with businesses that are already popular in the market, the new business must have advantages that have never existed in other businesses before and you must ensure that your business gets adequate financing from investors to support the development of your business, so it is necessary Young entrepreneurs are very experienced and they have business management skills and must be able to manage appropriate financial management to realize business goals.

Currently, there are many young entrepreneurs with very successful new businesses, so they always increase their ability to develop new businesses according to their respective skills because in the era of social media, many young entrepreneurs have been released with various new businesses that have been developed, they can even get rich from reseller workers by selling other business products.

I actually believe in luck, not in the sense that you won't work hard but I believe luck has to compliment your hard work. Some people get a pinch of good luck and all their hard work starts to show. I believe we have to work hard as if luck doesn't exist because it would be foolish to rely on luck, but I also believe there is something like luck in life.
Some were lucky enough to be born into wealthy families, they didn't have to work hard to earn that. Some hard businesses are handed over to them, even if they worked hard for it, if they weren't born into it, they won't get that no matter how hard they work.
There's a difference between hard work unearthing opportunities and being lucky.

Failure in carrying out a business or business is many things that cause this failure One of them is when designing a business too hastily without mapping out a plan carefully. secondly, often when carrying out a business after a plan fails, you just stop and take the attitude of giving up, even though if you have a little more patience then the success will be real, then you don't dare to take risks so you always play or position yourself in your comfort zone, the business you run also doesn't innovate. according to the demands of the times

There are many reasons why when running a business fails along the way, the first is that the business we designed is not in accordance with our skills, so we are forced to do the business without any other advantages, after that, when we make plans without maturity, the end result continues to open the desired business, then give up quickly, usually you just give up after the process of the business you are working on starts to fail slowly and finally, whatever the end result is, you have to be satisfied and ready to take risks as time goes by, keep updating new things according to market desires.

building a business requires various skills there’s originality and creativity you have to build a business that is unique next of course you have to be knowledgeable and at least a little bit experienced regarding the field of business you’ve taken up additionally to those skills is you also need to have values such as patience and open-mindedness in business there’s also of course mathematics i know a lot of people who are good at what they do but once they turn it into a business they fail because they don’t know how to at least supervise the accounting part of business

Initiation of business that will remains successful needs a skills about that business and before starting a business make a longer and clear research about the business as it will increase your knowledge and you will have control on it. Those who have skills are originating new ways for attraction of costumers therefore they don't have any fear about business declining.

For business an owner should hire those individuals for their business who know all necessary things and have skills to show the products in well manner to satisfy the customers. Setting a business is easy if you are financially stable but knowledge is needed to make it successful therefore if you don't have any idea of business then your finance will be at risk.

A motivator once said, "That in a business, when you fall five times then make sure that you will get up for the sixth time." That's for people who are born into families that are capable and well-off, because they always have the capital to get up again. Whereas when the fallen are small-scale entrepreneurs, who rely on their business as a way to survive and to make ends meet, it is very difficult for them to get back on their feet when they go bankrupt. Because they no longer have enough capital to start their business again.

But if we just stand by without making an effort to get things back on track, and despair over all that has happened to us. Then what are we living for in this world. Because this world is a place to try, and nothing is impossible for those who want and always try. Indeed, opportunities do not come twice, but opportunities always come to those who are always willing to try and try. Because what is called misery is not destiny, but it is the result of laziness within ourselves.

Such words often give people unnecessary courage and cause them to make mistakes. As you said, such things are generally for rich people. It is very difficult for a small-scale entrepreneur who loses his capital to get back on his feet.

There are similar sayings on social media and they are offered to people under the name of motivation. Many of them negatively affect people by giving them unnecessary self-confidence.

But what's wrong with trying, they get a lot of motivational words that others aim to restore the spirit of people who have or are in a phase of failure whether it's in the business process or whatever they are struggling with, for the problem of mistakes, yes it is due to their own who may be careless, it doesn't matter because mistakes become common in every journey of a process. Another thing is of course it is true as you say that poor people experience such failures then yes it is quite difficult to get back up to build, financial factors become a major problem for them and that is the difference why poor people find it difficult to get up compared to rich people who have a lot of money.

But on the other hand even so it does not mean that it is impossible for poor people to get back on their feet, it's just a matter of time where poor people need enough time to collect capital first to start again, motivation is good and whether it will be useful or not it all comes back to the person in response.

only those who work hard are able to build their business from zero to big, and this is what i see CEOs of large companies who set up their businesses from a small scale have, i am also trying to run a small business and to be honest there are many trials what i often encounter, especially when my customers are quiet, is that managing finances well is something that every entrepreneur and businessman must master, although it is not easy, but slowly you will definitely master it, as long as there is a strong will on the part of that person.

someone who starts a business must have good skills because they themselves have complete control over the business they run. no matter how small the business they run, they still have to have good skills to run their business so that it grows. A business of course has to grow and make a profit so it should be someone who starts a business must have good skills, they must be able to manage finances, marketing, production of goods. with them being able to manage their business well then the possibility of their business can grow, the better the development is fast. one of them is the skills that must be possessed in marketing, they must be able to attract many people to buy their products using the ideas they have. as you said using unique ideas can be done to attract the attention of many people.

If by recruiting people by making them employees it depends on the business anyway, but a business that is run by itself and then develops will definitely need new workers so recruiting new people is necessary too. even with a small capital if the business can be run well then it can develop, risks and failures may definitely exist but they can be avoided with good skills and preparing everything as well as possible.

Every business need of the skills to be successful,the business man should learn the business before he use the money to inverse in the business.Because the skill only make the person to successful in business with the hard work.If you decode the previous business person you come to know about the fact that the person who work as the cook or server will start the hotel as the owner.So he may save the money and develop their skill when he working in the hotel.The person without any skills may leads to loss and the business person may get away from the business.


Every person who start the business will be the zero at the beginning,whether he become the hero or remain zero by their own actions.The self confidence was the important one in the business,because the self confidence will make the business man to stay strong at their hard time of the business.

This goes back to each person. Indeed, sometimes such a phrase can spur someone to be more courageous and ambitious again to achieve success. And when someone is too ambitious, sometimes his emotions become uncontrollable, so without realizing it he often makes mistakes in carrying out the process so that everything goes beyond the previous planning and as a result fails. However, when a person manages to turn that ambition into positive energy for himself so that he has more enthusiasm in exploring his abilities and carrying out a process to achieve success in the business world. I am sure he will be able to do that.


I only have one question, are you really sure...?
If you are confident enough about your plans and abilities, there's no harm in trying it. However, it needs to be emphasized that because the capital you have is very limited, you must make the best use of this opportunity, because if you fail it will be difficult for you to get back up. So that in the planning you make, the plan has been thought through carefully, so that you can ensure or at least estimate that the level of success will be higher. Likewise, in the process or implementation, you are required to be truly professional and learn tactics, so that you are also able to answer problems that are beyond your previous expectations. Because if you behave carelessly once, this could have fatal consequences.

Are we talking about putting luck into business and do you think that without skills we can run a more developed business? To what extent can brand influencers help your business grow and my question is how strong you will survive after they try to market or advertise your business to the public. So what happens after the contract with them ends and what will you do once the business advances.

If you know how competitive the business world is, especially for those who don't have the individual skills to develop them. Hundreds of businesses have had to close because they are unable to face competition and we will be made unable to compete with those who have large capital.

Successful business people are not born from a short process and usually they need a long process to generate a business that can survive in increasingly fierce competition. Ideas for developing a business also don't just appear because business people who understand the market segment will definitely make studies and surveys first before starting. There are many differences between large businesses and small businesses so we can see different patterns in developing them, large businesses require a lot of capital support, networks and connections.

Not everyone is born with the ability to run a business so we can see that only a few percentage are successful. Everyone has their own strengths and to see these strengths find your character even if it's not in business.

A book I'd recommend concerning this is " How They Started Global Brands" by David Lester.

You see one of the most important aspects of entrepreneurship people disregard is innovation. Starting up a business isn't all about how much revenue you'd make within a year or 5 years, it's about how long you survive BEING UNIQUE. What makes you different from other entrepreneurs in the field? What makes you more profitable to the consumer? If you can't focus enough on something new or transform something you already know into something new you may not survive the market.

So, my advice to young entrepreneurs out there including myself,  would be to focus on something valuable so much you can transform it into something new and sell it.

yep that's right, success is born from someone's hard work not just born. of course to achieve success we have to go through many trials and kuta must be able to overcome the trials and problems that will occur in the business we run, don't think with a small business there will be no risks or problems, because of course there are still risks that must be considered for us too must be able to overcome them well if we can't overcome the risks that will occur the possibility of the business being run will stop and go bankrupt. this must be avoided with the skills we have, where we have to learn a lot with the business we run no matter with the small business, because if done well there will certainly experience better development fast development. This should be avoided, where we have to learn a lot with the business that is run no matter with a small business, because if done well it will certainly experience better development fast development.

everyone  has their own skills, and not everyone has skills in busines so they themselves also have their own way to achieve success in their lives the advantages  and  disadvantages of each person are certain therefore we do not have the right to force someone to succeed in business alone there are also people who do not know business and when he knows business he learns the business world because he thinks his identity is in the business world  so someone will learn with things that he likes and that make a profit later.

We wont really be able to achieve that pinnacle of success if we wont really be having that hard work and this is something that would really be that
needing for an individual to do so before they would be able to hit up that success that they are longing for. If you are that someone who do really love just on sitting and waiting
for some miracle then you wont really be seeing yourself on reaching out that goal.

People would really be mainly minding about on having that financial freedom.Then on what way? Business and investment would be the fastest route on achieving this target
but the question is, would you do able to succeed? You wont really be able to know the result until you would be able to try and this is where you would be deciding for yourself
whether you should be risking it out or not.

Every business do starts on being small until it would be gradually be growing but of course there would be only two possible outcomes on having a business
whether you would succeed or not, it would be depending on tons of factors.

Almost all forms of work that we do have risks and that is something we cannot avoid, whether working for someone else or building our own business. Building a business requires skills and we also have to master the market we want to target for the marketing process, therefore we need to prepare many things starting from capital, reliable workers and other network support. When someone doesn't have experience, it is advisable to learn first because building a business is not as easy as people imagine. Everyone is not born with the ability to do business, but everyone has the same opportunity to start and try to be successful in business if it is run correctly.

There are many paths for someone to seek financial freedom because we are born into this world and have our own paths and perhaps not everyone has the opportunity to be successful in business. To find out individual skills, we need to examine which sectors we can make money in and there is no need to force ourselves to do business if we don't have expertise in it. Because forcing something we cannot do will give less than optimal results and we may even experience unwanted losses.

hard work is the key to being able to achieve success in a business, if you can't work hard don't expect success to be obtained. many people are successful by working hard alone or in the form of a team, this makes a business that must be done as well as possible and with full effort performance. If a business is run just like that without the thought of wanting the business to grow, let alone to succeed, to grow is difficult if that's the case, for example someone who has a business that is already running well, the products are always selling well but on the other hand they are just silent, I mean there is no action that is preparatory, where they do not think about how to expand their business so that it can be more developed and bigger. If that's the case, maybe the business that is run is indeed running well but there will be no greater development. this must be addressed, where someone who already has a business that is running well still has to think about how to make his business grow bigger, because someone who has a good mindset will always be thirsty for profit and development so that they always think of ways for their business to be more developed, spending capital to develop their business is no problem, because of course to experience development there must be struggle and sacrifice including the funds that must be spent is one of the sacrifices so that the business can grow.

In my opinion, in the business world, of course, we must dare to take risks, because otherwise there will be no progress. for example, someone has an idea but on the other hand he doesn't have enough money to carry out his idea. people who have courage and confidence maybe they will take a loan from the bank to be able to carry out their business ideas. with the confidence they have and the confidence that makes them confident in carrying out their business ideas that are sure to be profitable and can also cover loans that are used as capital. If someone has a business idea but does not have the courage to run it, in my opinion they will not  experience changes, for the better and if they just stay with the idea they have there is no action at all to move forward, of course they will not get anything. It is better to have the courage to try than to stay silent which does not produce anything,  even if it fails with the business that is run, does it mean loser? in my opinion not. because with the failure experienced, they have dared to take action to move forward even if it fails it is not a problem because they already have the courage to also try. also if they fail it does not mean they have to stop, but they have to learn more and understand what makes them fail, fix all the things that  make the business fail it is better than taking action to stop.

The success or failure of the business that is run depends on many factors, but it must be remembered, for a successful business there must be struggle, sacrifice, and effort. that's my own opinion. whether other people will agree or not, but I myself have my own ways and ambitions in running a business so that it can be called successful.

It's true, working with others or for others as well as with your own business will certainly have its own risks, because the risk in all things or fields must exist and also cannot be avoided but to minimize it may be in our own way that must do everything well then the risk is likely to be less likely. The business that is run must be done as well as possible so that it can grow, with good marketing that is one of them, but if someone who does not have good skills in marketing I think they can recruit other people who are experts in marketing, because marketing also has an important role in running a business so that it can grow, if those who do not have skills in marketing may also be difficult to inhibit, unless they want to learn to understand good marketing. On the other hand, in my opinion, there is nothing wrong with recruiting people who are experts in marketing, not having the money to pay is not a problem, invite people who are experts in marketing to work together not just to work, it can be done because with good marketing it will also make the business run grow. Of course, someone who starts a business must learn a lot about the business he will run, if someone who does not have good experience and is lazy to learn but he has enough money, they can invest, but this needs to be considered as well. do not invest in a deceptive or fake field.

not everyone is born to have skills in business, but everyone is born to be successful and it depends on themselves who will determine in the future to be successful or just live. not everyone has the right to do business, but everyone has the right to be successful. that's a definite quote. if they want success in life, then they have to work hard to be successful and vice versa,  if the person does not want to be successful or just wants to work to meet their needs, they don't have to work hard by working naturally it's enough. but I don't think it's possible for people not to want success in their lives.

all people who are born are unlikely to have success in business, but they have their own success and that is in various fields, including business. if they don't have skills in business, they can invest. for example, someone who has money but doesn't have good enough skills in business and he has a friend who is good at business, I think he can help capitalize his friend so that the business owned by his friend can be more developed in other words investment or planting shares.
 And indeed something that is done by force sometimes gives less than optimal results, it is also not recommended that they force themselves to be able to do business. because they must also have their own skills in other fields.

One of the common reasons that startup businesses fail is because of poor management. It takes money to actually build the brand or company but then it takes an adequate manager to make sure that everything is going right. I’ve seen brands that have really bad managers and merely seeing how they run the business, you can tell that it’s a matter of time before they put the business to the ground. CEOs should really be careful who they employ for this role (if they aren’t the ones handling it) because it’s like the future of the business.

Find your own character and look at individual abilities for matches that can be done responsibly because not everyone has the same abilities, including even in developing a business and people are usually born with different abilities. There are many ways to reach the stage of being able to earn income and money, not only limited to the business or investment sector, some people can even make money just sitting and working from home. The question is why not many people are willing to explore their identity before forcing themselves to do something that is much more responsible and the answer is because people just like to see success but they don't put in the effort to go through the process.

Investment also has a big impact on financial freedom, especially if we use Bitcoin in the long term. But you also need knowledge so that the investment you undertake does not result in the risk of loss caused by weak knowledge. All the work we do requires knowledge because nothing can be obtained easily or instantly.

  In this era, if you build a business the traditional way, it will be very difficult to keep up because the battle is really very competitive. A marketing strategy will enhance the battle to attract target customers; this is the battle in reality.

  That's why business requires intense determination and dedication, as others have said, apart from being patient and, above all, having passion. It's not possible that you are not ready to start a business because if you only started a business because you thought that you didn't have the character of a real entrepreneur, the result of this for sure will not be good; in short, your business will not succeed in the end.

Maintaining a business is always an Herculean task. Most of the reasons why many businesses fail is competition because in fairness you have to be on your toes to deliver whatever you are delivering for your business to stand the test of time.
Everybody sells values either goods or service and the way you present it matters. Competitions is not only in pricing but in every facet of the business because companies compete in terms of of pricing, after sales, money management, customer service, accessibility and host of other renderings and you must know how to compete in all fronts.

Need to also mentioned that some businesses are not meant to last long they are just in for the money and move on to next project. They create them to raise funds for something bigger. Right from start they already know number of years they want to be in operation.

Some business fails due to bad management of money & staff because they make the money but fail to hold up to their part of loan repayment as many of these businesses were financed by loan. They also forget to retain their biggest assets which are staff by not treating them well and losing them to competition.

We have lots of reasons why businesses fails but all these can be controlled if things are done rightly and I always say whatever business you do make sure you insure most especially against government policies that can crumble business operations.

It's about self-assessment, not merely character or unique characteristics. People avoid serious reflection because it's difficult. They desire success without considering their skills. Our society values hustle culture yet overlooks matching labor to talent. Everyone copies someone else's success formula, unaware that their secret sauce may be different. Knowledge is lifesaving, not just power. Cryptocurrencies are the future. People hear about instant billionaires and want in, but they don't see the countless others who lost everything due to ignorance. As dumb as jumping into the ocean without knowing how to swim, investing without knowledge is foolish. Instead of promoting financial shortcuts, we should promote careful risks. People should stop treating investment like a lottery ticket and more like an art form that needs strategy, patience, and a lot of study

You are right, all people are born with different abilities and of course with different fates too but if with  success they can achieve with their own effort You are right in saying that there are many things that can be done to make money not only with business and investment, judging from the current development of technology  in my neighborhood many young people are doing online sales and this generates profits for those  who run it well but I see this tends to be more dominant in women, although there are some men who also do this but I think more women are doing this,  because women usually tend to be smarter to speak in front of many people and they are able to market their sales well so that they generate their own profits. most young people today,  especially men who are like you mentioned, "only want to see success but don't try to go through the process". in my neighborhood young men who are adults, many of them don't work and don't seem  to think about their future, they just spend time playing online games, until some don't sleep to play games, and I see them like they don't have a burden on their mind. but some of them also make money from playing games like my one friend, he makes money by playing games, I dont know how but he is definitely not a youtuber or streamer.

that's right, bitcoin investment in the long run, the benefits gained from long-term bitcoin investment can be enormous because as far as I know it is promising, but this is only done by people who really have high patience and strong consistency, because even though this is easy to do but in my opinion it is not easy to run it, the consistency that is owned must be really strong because if it is not like that it is likely that they will fail in the middle of the road either pulling it or selling it when it is not time to do that, this happened to my friend where he invested in bitcoin but not long ago he sold it back and cashed it out because he was tempted by gadgets that are currently busy among the people. So in my opinion, we must have a strong sense of consistency so that we are not easily tempted by the things that are around us.

a business's success heavily relies on its sales performance. New businesses often struggle with generating sales, which can be detrimental to their survival. In addition to sales, proper investment is equally crucial for a business to thrive. Many entrepreneurs underestimate the importance of investing in their business, which can hinder growth and sustainability. Prioritizing sales strategies and allocating sufficient resources to enhance product/service offerings are vital steps for ensuring a new business's success. It's essential to understand the significance of both sales and investment in building a thriving and profitable business.

These are all good points in the OP and coupable also makes a very valid point:


It takes meticulous planning and dedicated execution to be able to make a business succeed. The economic environment also plays a role in the initial acceptance from the target market. If it's not a good time to by anything, it's hard for a new product be tried without any kind of backing or review, people and businesses take less risks.

I am yet to find a forum or a place where people can discuss what takes successful business execution. I think the major problem here is that there isn't an active forum that cultivated a community quick enough. Someone should compile resources into a thread in this board.

Yes, I agree. A true businessman is when he falls he can get back up. Every human being has a different mindset. Because mindset plays a very important role in achieving our goal, namely success. If we have experienced failure before, don't give up easily, because everything can still be tried again.

It is indeed difficult for those who do not have capital to get up, unlike those who are rich, when they go bankrupt they can easily rebuild a new business. but each of us must keep trying and not give up easily. Because everything has a way if we have the will. Therefore, continue to think positively, think optimistically, stay enthusiastic, we can definitely get through everything.

mismanagement of funds and wrong expectations are two things that i think often kill businesses.

when a business mismanages their money and tends to burn their money on things that are not really important, they have dug their own grave. because managing money is related to business sustainability and when companies mismanage their money it will threaten their operational activities and reduce the trust of their investors.

and when companies cannot predict market expectations when they have poured a lot of money into the plan, it means they are counting the time to go bankrupt. capturing what potential customers expect is the most important thing for a business, so that when they launch a product or service it will immediately be captured by potential customers which can improve their brand in the market.

For those who are just totally noob or new into this venture on trying out to make some business then they would really be sharing up with the same perceptions and beliefs that they do have in mind which is actually not that right or simply being wrong. They would normally be thinking or having these impressions on the ff;

1. Easy success
2. Easy to manage
3. Easy to control
4. Easy positive results
5. Easy progress
6. Easy problem handling
7. Easy profits

Once you do able to step your foot into this market then it would really be just that too damn hard to make yourself even getting with your first costumer specially if you are making a business.
You would really be able to realize it along the way considering that competition is high and handling out business related problems like management and fund planning would really be
that pain in the ass and not something simple that you could really be able to deal with.

Is true that sales are one of the factors of an investor's success, that is where the business basis if they should continue their business, cause some businesses despite having a plan it doesn't have any sales then it would be hard to recover resources as you get the capital from your funds again. Even starter businesses take advantage of using sales to have enough funds to upgrade their business, which the customer likes as they can see the improvement from the start of their product. People should not be afraid to risk on their first product as they can gather reviews for them to improve, remember that every business starts from scratch having a small fund and small sales as well. Plus there are already many ways to improve sales with the help of the internet, just take advantage of every resource you have.

Sales definitely play important role in determining an investor's success. It's important for businesses to generate sales because it not only indicates the demand for their products or services but also provides them with the necessary funds to sustain and grow their operations. Without sales, even the most trusted business plans can fall flat.

The option of becoming richer is just a hope and if someone doesn't have support then I don't think it can ever be achieved. Both doing business and being involved in investment require money and talking about profits will definitely adjust and unfortunately there are many people who are starting to get caught up in promises of big returns and they have no knowledge at all to get involved in these two methods. Forget about wealth when we don't have the knowledge to run it and don't expect to be richer when we don't have the money to make it happen.

Take small steps to prepare for greater financial freedom and if you have an understanding of bitcoin then invest responsibly using existing capital. There is no need to be too hasty to reach the rich stage because there are no instant steps to achieve it, but when we start preparing in a measured and good manner then I am sure that slowly we will benefit from financial freedom through this scheme.

Bitcoin is a solution because it doesn't require large capital to run it and all that is needed is consistency to keep trying to collect regularly. There is a method for some people who don't have a lot of money and maybe there has been a lot of discussion that has been explained in the forum, just follow these steps and increase your ability to get involved in it, then I am sure that in the future we will reach a better stage of financial freedom.

I agree with that, don't rush to take action, because something that is done in a hurry may not consider it well then it will produce something less than optimal too. and indeed if you want to succeed, of course, there must be a process that is passed. there are no people who are instantly rich, maybe there are but they only inherit property from their parents. starting investment with small capital is also not a problem because if it is run well, it is likely that it will develop and of course it will generate its own benefits. financial freedom that must be achieved so that we can enjoy everything.

everyone can do it if they have good consistency even with small capital it can be done, success will be created if we ourselves want to try to run it well, it takes a good understanding to invest in bitcoin because if it is done with no good understanding it will produce something that is not good, therefore before investing in bitcoin of course there must be a good understanding as well as must be willing to learn to take examples from the experiences of many people who have long invested in bitcoin, and the same is true with other businesses or investments.

For anyone to run a business you have to know much about the business very well in other not to be a victim of circumstance, most people fall into business because of the failure to adhere to rules that govern such business and the strategies involved, let's take for example a commodity that has only 10 bucks profit, you can decide to sail such item for 8bucks to fasten your sell in other to restock, some persons can decide to come from far to get such item from you since there is a little reduction of price, for you to excel in this kind of business you have to unleash all the necessary strategy you get to outsmart your competitors.
Don't go into a business with learning how to bit your opponents if not you ain't last long in such establishment.

That's a good percentage, I think entrepreneurs should master what you say, and if not, maybe the opposite will happen because I see a lot of entrepreneurs who can't maintain their business any longer, for that reason now customers are smarter in sorting and choosing the right products. They want it, especially in this modern era, to be more transparent, even regarding prices.

I want to add the 'not setting the right goal - short and long term goal. I started to think of opening a small business, and it has been running to my mind ever since. What's the goal of my business? what if something is going off? what's the plan A? B? C? what is the realistic roadmap for my business? I've been overthinking lately that frights me in starting.

This is why management shouldn't be handled by any of our relatives, unless and until they have a degree or experience on SUCCESS management of business. Even the business owners, if you don't know how to find someone who can manage for you.

Basically, it is the crippling problem of every business, expectations should be set in monthly or quarterly, we cannot expect something to happen in a year from the first day of the business.

People who when starting out and creating a new business encounter problems as it’s likely to and fail. When such people fall and rise again multiple times aren’t necessarily born into wealthy families to have enough capital to continue to bankroll the business even when it has failed to succeed multiple times.
There are people who put in the work to make the startup a success. Capital is important, no doubt about that. But the physical work is also needed that would take up a whole lot of your time. People who fall and rise again when starting a business have determination and perseverance. Traits that can help one when starting out and without it, all the capital in the world could be sunk into the business and it still wouldn’t succeed.

being transparent is indeed one of the thing many people sought after these days, i remember back then being reseller was quiteeasy thing to do basically just set up some amazon account and we're set, nowadays people like to make some research about the price of their product even go as far as researching the price of certain goods from aliexpress, the behaviour of customers nowadays are definitely changing and a businessman we should be well versed in these things and kept on adapting towards the changing of customer behaviour.
there's also reason why so many companies out there collecting data about their customer because they want to know whats best for their customer and the thing that piqued their interests.
everything is based on customer these day even go as far as creating personalized recommendation for the customers.

Something done in a hurry will not provide maximum results because we lose momentum to prepare the process. If it is related to investment, try to carry it out responsibly and carefully, especially if the available capital we have is small so we have to determine the right strategy to be able to utilize it. Bitcoin provides opportunities and avenues for anyone to take advantage of and as some discussions continue it is best to learn about them first before getting involved in investing.

Financial success and freedom is the responsibility of each individual and we are also required to be consistent in carrying it out. Nothing is instant and easy because going through the process will be much more difficult than hoping to make quick profits. The investment space is wide open for anyone and if we can concentrate properly then slowly we will definitely get real benefits. Start small and learn what methods are suitable for generating profits and as much as possible don't rush through the process.

Apart from these two which can make a business fail, there is another thing that makes a business fail, namely innovation, they do not have new innovations that can be provided to their users and also do not want to adapt to developing conditions so that their income will slowly decrease and eventually must shut down their business, because they are replaced by new companies that very innovative and what was offered was in line with what was needed at that time. Companies that do not continue to innovate and adapt to developments will be left behind and lose customers.

I think mismanagement and not maintaining good quality service makes a business fail. I see a lot of small businesses here in my place that goes bankrupt because of mismanagement reasons. Trusting people to work with your business is also an investment if you failed to choose the right and suitable one it will sometimes cripple the foundation. Just make sure you are ready to commit, take risk, responsible and then of course love your business.

of course, because whatever is done, especially binding with profit, it must be prepared from the beginning thoroughly, it is not recommended to take more risks if it can still be considered better to consider it than something that does not happen because it does not consider it well. make the best use of the capital owned even with small capital, never consider it as an experiment, it is better to do it seriously so that it can produce its own benefits. therefore before plunging into the world of investment or business it is better to learn a lot first related to things that bind to what will be done, because it can determine what will happen later, by investing in bitcoin it will generate profits but in a long period of time, it is also not easy to run it because not everyone has strong patience, investment or business is equally profitable if we can manage it well, but if we can't manage it well then don't expect there to be a big profit we will get, so the importance of learning about something that will determine the future.

it is true, in running a process it will not be easy, also most people fail in this one thing, people who do not have a consistent or stand they will easily give up with the occurrence of problems, whereas in my opinion a problem that occurs must be faced instead of being left or left, because by facing the existing problems it also makes us a lesson that can be taken on the bright side, If someone who cannot overcome his problems well then the possibility of that person will not get progress in his business, someone who wants to succeed of course they have to sacrifice to achieve success, I mean there must be sacrifice and struggle, because as you said there is nothing instant in this world when it comes to success, everything has its own process. and anyone can be successful if they want to try. and anyone can succeed if they want to try well and also don't rush in deciding something that will determine the future.

It has a lot to do with our management and I agree with that. Sometimes our failure does not come from external factors, but from within ourselves. Many businesses eventually have to go out of business because they cannot manage their business, be it in terms of finance or other things. But what I emphasize here is how we manage our finances, because the money from profits will always be in the money that becomes capital and usually it is not much realized.
I've experienced this, I sell small things like pulses and other electronic balances, maybe because this was my first experience at the time, I forgot to always separate the capital and profit money, finally I was confused when I wanted to spend back my capital was reduced. Lol

It is very true that starting a new business often involves various obstacles and failures. While financial capital is an important part, persistence and determination are also the keys to success. People who fall and rise many times in their businesses may not always have abundant capital from rich families, but they have extraordinary passion and hard work. They must really be able to take advantage of these opportunities, because it is difficult to they can get a second chance.

Success in building a business often involves a combination of financial capital, physical hard work, and perseverance. Although capital is very important, perseverance is what sustains a person in the face of failure. The ability to bounce back after failure, learn from mistakes, and move forward with great enthusiasm is key to building a successful business. So, while capital provides opportunities, strong determination and perseverance play a crucial role in the journey of building a successful business.

Carrying out the process requires persistence and patience because if someone cannot persist, they will never achieve success. Starting a business requires preparing many things as support and there will be big challenges when people try to go through the process. This is where people learn how to build their own abilities because there is a lot of competition in the business sector that needs to be considered in order to compete and when they are not able to compete then the business will never develop.

In life nothing happens suddenly because it takes a long process to reach the stage of success. Not everyone can run a business because apart from requiring skills and capital, there are many other things that need to be prepared. Anyone will definitely experience boredom when they want to start, but those who are ready for tests and trials will be the ones who will succeed.

In business, it's not enough to just last; you need to plan ahead. The "grind" is often praised, but isn't it also about being smart? The thing is, getting ready isn't just about gathering things; it's also about having the mental strength to do so. There is a lot of competition out there. But keep in mind that competition leads to new ideas. We need to do more than just fight; we need to change the rules of the game. To do this, you need to know about customer psychology, keep up with trends, and use technology. It's a fight, and quick thinkers are the best soldiers

Problems and boredom are real. These are chances to learn, grow, and sometimes even change direction. The secret? Resilience. You have to learn how to dance in the rain as well as how to stay alive during the storm. We need to see difficulties not as problems to be solved but as opportunities to grow. And money? Yes, it's crucial, but so is creativity. Sometimes, the most innovative ideas come from not having enough means

Therefore, before running a business, please study a lot to understand every aspect related to the business you are going to run. running a business and enterprise will of course have its own challenges and they must be able to be faced well, because if not then the business you are running will probably not develop and this is a problem in a business, because there are people who start a business but they don't pay attention the risks that exist, so that when problems occur in their business they are shocked and panicked and also confused because they don't know how to deal with existing problems well, this can be avoided or minimized by learning at the beginning before starting a business or venture, many fail in doing business, this is probably due to a lack of good understanding of the business that is being run, if you really want the business and business to develop, of course you have to learn from the start regarding what you are doing, because every thing definitely has its own risks, therefore the importance of learning and understanding something that will be carried out, also with the clear competition that will exist, this must be paid attention to, because of course people will do their best for their business so that it can attract many people, and we must pay attention to this, wherever possible maybe we should be able to market our products optimally and in a different way from other people, maybe that can attract lots of people's interest in our products.

Of course that's the case, to achieve success of course there must be struggle and a process, it can't just happen like that. It is also true that not everyone has skills in business, because everyone has their own skills, and it is not possible for everyone to be successful in the business world, this is clear. but however, I think they can be successful as long as they themselves have a strong desire for what they want and are consistent with what they want.

Yes, I think collecting customer data is also very helpful in understanding specific customer needs and preferences. I think with today's technology there are many platforms that provide analysis services for sales targeting. There are many other initiatives that can help build better relationships between companies and customers to create benefits for both parties.

Now almost all business people can provide better service to each of their customers, both in providing goods and also in meeting the needs of each customer who comes to their place directly. Because when stocks and goods that are frequently needed start to run low or run out, business owners can immediately make another order or record it first before ordering again in large quantities. Meanwhile, for targeting sales analysis, this can continue to be done by looking at certain environmental conditions and certain groups of people who often need certain goods every day.

It seems that you really understand the needs of this community, steps such as stock management that you describe are very helpful in the sustainability of a business. Because I think if everything is not managed well 90% of undesirable things can happen such as customer loss and so on.
So I think this must be managed well and wisely for consumer satisfaction. In this way, there will definitely be the best things for a business, such as generous buyers who will make a significant contribution to business growth.

That's right, if you also have a position as a trader, you will also do this to look after consumers and provide the best service for them. Now talking about sales target analysis as stated by @Davian144, in my opinion, you will also do the same thing, of course apart from analyzing what items you need every day, don't run out of them, you will also monitor the items that are selling the most and the highest What is the demand now and is trending and is being popular with buyers, automatically you as a shop owner will stock the requested goods in sufficient quantities because it is based on calculating the quantity demanded of the goods themselves.

The struggle to build a business is not an easy matter because it requires consistency and perseverance to carry out the process and this is where patience and perseverance are needed if you want to reach the stage of success. Before building a business, planning, capital and a strategy are needed to dominate the market because if we don't have these three capitals, it will be difficult for people to compete with other business people who are already quite developed. We will definitely feel boredom and fatigue and anyone who is patient will definitely get the success they want. That's why building a business is not an easy matter because there are many things that need to be considered before starting it.

We must master ideas and see potential amidst sophisticated technology because doing business today can also be utilized on available social media platforms. When we have a much better level of creativity it will be quite easy for us to dominate the business world. Social media is a good place to develop promotions because nowadays many people have their own accounts, so the accuracy of running promotions via social media might be much better now.

According to your thinking if you want to be a businessman then you have to be a strong businessman otherwise you cannot survive in business. To survive in business you must become hardworking and efficient or else you will survive in the market. A very important ingredient for any business to be successful is a strong business idea. You must have market research competition analysis means marketing plan. To increase the chances of your business being successful you need to ensure that you are constantly updated with the current business trends. By adopting these actions, a small businessman will be successful.

Its never been easy to build up a business on which there's no assurance in speaking about success and other stuffs on which it would really be that not that simple because of other factors which would really affect out when it comes to success. Failure is one of the risks involved once you do hover yourself or step your foot into this industry. Small-scale on which this is where everything is starting because no business would really be starting on being big, unless if its been inherited or being sold to someone then you could start up directly to be big but of course the cost wont really be that cheap and also people would really be preferring on starting up on scratch because they do really know on how to make things to handle since from the start.

So when you are planning out to have a business then you should always consider out on having those risks involved. Do your best on trying out to survive considering that in business world where industries
are really that bit saturated. Only the best would really be the ones who would really be able to survive. This is why as a business owner then you shoudl really be that serious on how to handle your business.
You cant really just that make yourself that confident or a must thing not to do in the first place.

Many things are helping businesses these days and it is irrespective of whether it is a big or small business when it is well planned and actualized, it will work fine. For example, marketing is very vital for the success of any business and the more you market, the better, but it must be marketed at the right places so that it reaches the right targeted audiences. This takes me to the customer data, it is good to have it, for example, having an email list or social media list of customers is a very good one, this is what will help the business to propagate new products/services, advertise promos and all that. While some will create their own group where interested people will be able to subscribe for new information about products and services.

All these help businesses grow so well these days. But one must be able to have a good relationship with their customers as well, and on top of that, a top-notch service is important. The last point is so crucial because it is a different thing you know or attract customers, but it is another thing to keep the customer with you. So, a very good customer relationship and quality service delivery are very important. If a customer is so satisfied with you, I wonder why they will not think of you next time and even tell people about you as well. Because of this, the business keeps running fine and growing as well. Also, capital is very good here, money is so needed for many things, which includes, for the products and service delivery, raw materials in some cases and even human power to say the least. Sadly, small businesses often die due to lack of this.

Business is not what it used to be, and you must be more than that. Strong for your business to grow and flourish, when you start a business you need to know extra things to spice it up. Otherwise, you will be a less competitive competitor. And working hard and consistently are the majority of the things that will act as fuel and keep the business moving because a lot of individuals started well but overlooked some things that started harming the performance of their business, which is why nothing should be taken for granted. I use to know of a bar in my place it was just a bar but now they have other games attached to it and that is business upgrade and go with the system. It is much better that way. No matter how small a business is take it serious.

Just as a boat without a purpose cannot reach its destination, without proper planning no success to work achieved. If a small entrepreneur wants to start a business, if there is a mistake in his planning and decision, he may end up in failure. Again, this can be the case for bad behavior with customers. In the case of offline busines, misplacing the business location can also result in failure  your business. If an entrepreneur is not focused on the business and has no patience, it is not uncommon for his to business fail. I think small entrepreneurs, if they can use their hard work, brainpower and planning properly. Only then business failure of small traders can be avoided.

Some people do really think off that having a business would really be that having that automatic success or likely that you would be able to succeed and make you rich, until the time comes that it would really make you realize that having one on which its never been simple if we do speak about risk and reward thing but of course this is something much more better other than other venture in speaking about money making opportunities on which this is something that a good option for you to take but since not all would really be that having the capital on doing so then this is why most of them would really be sitting idle
but if you are someone does have the capital then for sure you would be diving into this kind of opportunity.

Failure are common and something that been part on any business whether big scale or small scale, they are having that kind of risks because we know that in business we cant really be that having
that huge sales forever on which there would comes a time that business issues and problems does really happen and if you dont find up those ways and methods then you are really that putting yourself on trouble.

And from these failures, that's how businessmen learn. No one's going to tell them when they will fail but they can see the signs of it.
And with these experiences, if they're going to continue their business, they know how to avoid failure when they see the signs since they're able to experience it before.

Yes, I agree with that opinion. Good and wise management must be implemented to satisfy customers and potential customers. Satisfying them is the key to success in a business, besides monitoring market trends and demands is also very important so that stock items can be adjusted to their needs.

I also agree with your response that establishing good relationships with customers, proper marketing and providing quality services are also key to the success and success of a business. However, I would emphasize that managing capital wisely is important for business sustainability, especially for small businesses.

That's the problem because building a thriving business is not an easy job and we are required to be able to keep up with the times. Business must also be seen through consumer suitability, for example when we want to open a certain business, the first step we must take is to look at opportunities, whether the business we want to develop has a market that we can target. If not, the business will be quite difficult for us to develop into a more advanced one. I believe that building a business is not easy because it requires patience in the process.

We will definitely experience the risk of failure and loss of basic capital when building a business, but how can we survive when we first start building it? Businesspeople have reserve capital as a form of development and this capital is used when initially building it and when everything runs stable, that's where we can take advantage.

in my opinion someone who starts a business of course has to learn a lot first with what they are going to do, they can learn in many ways, especially with now increasingly sophisticated technology making everything easy to access, if they really want to value a business of course they can learn from the internet, and from the internet there must be a lot that can be made into lessons for the business they are going to run. if they have a good mindset they will take advantage of current technological developments, and this is what they should be able to use to find additional knowledge related to the business they are going to run. despite that, before starting a business they have to prepare everything well, from the management of goods or products, also with marketing later that must be done well, because the products they produce must be marketed well, and with this not all of them have a good mindset.

apart from that, before starting a business they have to prepare everything well, from the management of goods or products, also with marketing later that must be done well, because the products they produce must be marketed well, and with this not everyone has skills in marketing, if they really want to learn to market their products they must look for sources that have good marketing techniques, because marketing is also important, because as far as I know usually a business that has difficulties in its business is due to poor marketing, so this also needs attention.

"the blessing of struggle"

There are many great entrepreneurs today who have managed to rise from adversity, this is all because they were able to find a way out of every business difficulty they faced. I have also experienced it myself where it is difficult to build a more stable business, we are often forced to look for new ideas for increase the interest of potential buyers of our products, as an entrepreneur, if you only use ordinary ideas then don't expect your business to develop, innovation in every business is important, without good ideas - innovation - resilience it is difficult to survive as an entrepreneur in the current era, don't be tired because being an entrepreneur is not easy, if we are tired then just close the business and work with someone else lol

If we can learn from the mistakes we make, it is very good, we can correct them and not repeat them in the future, when we know the signs of failure, it will be better for us to think about how to solve the problem because if we have experienced failure Just learning it, of course we will incur more losses.
For those who have experienced failure in their business, of course they have to be able to fix it so that the business they run continues to run well and if they experience several failures, of course there are mistakes that they haven't corrected, it would be better for them to change their business idea if they still want to do business.

In addition to everyone's contribution,I think there's a need to consider your business location including visibility,nearby competition and even customer's convenience,the image you want to create or project and your budget should be laid into consideration.

 It's not easy to start a business and switch locations in a short period of time.So a bad location choice can be a business crasher at large.its okay to be aware of the common hazards involved and try to avoid them.

All these reasons we've listed here  for the failure of a business can be addressed if you identify which ones affects us in one way or the other and create a plan for removing them so we can have a convenient and satisfactory business experience.

Any business owner must have long-term targets and plans for his business if the business he runs has been used as the main foundation for making a profit by serving satisfied customers and not lacking anything. Managing stock of goods or food is a basic technique in running a business, while another is being able to increase the attraction of everyone to visit the place where the business is located to see the inventory of goods and feel the service provided by the business owner.

In the name of building a business, we must prioritize customer satisfaction so that old customers can always feel at home stopping by our place and this can also have an impact on the arrival of new customers to our place of business. Because the end result of wise and simple management is to be able to attract lots of customers so that there will be an increase in sales in the business that we run. Meanwhile, the other thing is in the form of polishing to make our place of business more comfortable when seen from the outside by everyone.

for someone who already has the idea of running a business, of course considering the budget and location is the most important thing, because the budget is the clearest way to determine whether everything can run,  by considering the budget you can determine the location for running a business, because at this time of course we must have enough money to set up a business, because there is no free place  of course nowadays everyone associates many things with money so this becomes more of a consideration, there are rarely free locations, therefore of course the budget is something The main thing you have to think about before doing any business.

Of course in a business you have to consider this, but if it's a business that doesn't require a permanent place, it doesn't need to be considered in depth, because we can do the business in a place where there are lots of people and lots of people do activities there, but if Indeed, the business you run requires a permanent place, such as a product manufacturing factory or something else. Of course this needs to be considered carefully because it is impossible for us to always move places if it is for product manufacturing or what is called a dirty kitchen for a business. and you really need good experience if you really want to run a business, no experience is not a problem because you can still learn what you can do, also the experience you get must of course happen first, there is no experience that we haven't experienced before.

You are exactly right, I think that's one of the factors that causes some businesses to fail, not only by targeting the number of people but by having the best place to establish your business. The thing is most of the best places to open a business are already owned and you would need to think of the permits and papers before opening up a business so it would take time. Buying the whole area lot would cost a lot so some people are renting it which is also expensive for the long term, if they haven't managed to profit or have sales for a good run they would already lose a lot of funds by just simply paying the rent. Considering the place, rent, competition, customer's easy access like nearby town, etc. there's a lot of listed need to assess and build up a plan before you start establishing a business. You also have to check if the place would be a good place to run a business for the long term.

It would really be always needed to be strategic and this is something that should people would really be that minding on, they cant really just that make a business without having proper plans because it isnt really just that something that you do put up a business and wait for some passive income already because thats not how business do works and how it should be handled. It would really be just that normal that you should really be putting up some planning and other things like marketing and other factors on which it would really be that contributing in overall success of a business. Failure and errors are really that normal on a business and this is why as a business owner then it would really be just that right that you should really be that mindful or knowledgeable into those things.

You cant really just that hover yourself when it comes to business but having no proper plans and other things which you do really have in mind. Its hard but its not something
impossible for someone to take on. Success will really be determining on how well you do handle up yourself on such venture and of course it would
be needing a little bit mix of luck.

Fight...!! If we are still given the opportunity as well as the ability and health to keep trying, then keep fighting to try to achieve what we have dreamed of for a long time. And never hesitate in dreaming, dream as high as possible, so that one day you fall, you fall among the sparkling stars. But don't dream for too long, start making and formulating plans, do what you really have to do. Welcome your days with enthusiasm, because there are still many more complicated problems waiting for you that you have to solve.
And there is no such thing as giving up in life...!!! Unless you know that tomorrow you will die. When starting a business, if you are tired, take a break, don't run away from problems. In starting a business, we must have strong self-confidence in the ideas and concepts you put forward and in the abilities you have. because if you yourself don't believe in the ideas and ideas and abilities that you have, how can other people believe in you and how can you possibly convince other people that the business you are currently starting has the potential for extraordinary profits. If you are quite pessimistic about this business... If you are not confident enough in the ideas and abilities that you have, it is better for you to just stay at home... because your life is of no use at all.

Of course, what the business will sell or how it will provide services is important, but where it will do all this is an even more important issue. The location of the business determines many things. The location of the business determines its customer portfolio, the number of people who pass by your business every day and can potentially become your customers. These are very important statistics for a business.

Many large companies specifically look for this situation and ask for all the details when you apply for franchising. This is an important element for the continuity of a business. If you want to start your own business, pay special attention to the location of the business and plan accordingly.

All these still buttress on the attention that the business can garner. This is so important in every business no matter the scale and the settings. This is why you see companies marketing so well so that people's attention can be directed to it, and through that, they can get the conversion needed. This is peculiar to both offline and online businesses as it might be the location for the offline as it could be better discovered at some places than another and from there it will be able to attract the targetted audience. But the online business has nothing to do with location but marketing, which is why I will say that it depends on the business we are talking about. Even if it is situated in the best places, marketing and awareness will still do a huge good to let it be known as though it was just reliant on the location alone.

These days, people who have the best choice places as their business location are now going online. They would create groups online to be more engaging, and with the results I have heard from people, it sells multiple times rather than leaving it to a location to market itself alone. Every business needs quality marketing, and good skills and resources are needed as well. But sadly, these small-scale businesses could lack the needed resources to achieve this which might be a reason for the failure or less patronage in some cases.

A strategic place is one of the things that is very important and should not be missed when we are going to start a business, because from my experience it is the strategic place that I am most interested in, and I think it will be in line with the thoughts of many people.
If the business that we will start is a culinary business, then now almost all food or drinks already exist, it is quite difficult actually if you want to make a breakthrough and of course we will compete with those who already have a name and credibility.
Careful planning is a must-have, including in situations when we experience losses. I heard a lot from some people I know when they built a business engaged in the culinary business. They say the early years are the real test for them, if they don't have spare capital to keep their business alive then their business will go bankrupt at that time.

Today, being seen in the right way, at the right places (physically and digitally) is important to business. Truth bomb: location important, but it's not the only player. Marketing steals the show in this business drama. Magic makes ordinary things spectacular. Online businesses depend on marketing. It distinguishes hidden gems from digital ghosts. What about real stores going online? Jumping into the unknown can be risky yet profitable. They're expanding their fleet, not abandoning. However, not everyone possesses the necessary resources to traverse these challenges. Small businesses may struggle with marketing's financial and talent requirements. Ingenuity helps here. The challenge of achieving more with less can inspire some of our most inventive ideas. Today, adaptation is essential

Maybe from the conversation we discussed is one of increasing customer trust (trust) and there are many more things related to this, such as improving product quality, service, promotions such as free shipping and many more, but I think all of that is very necessary for small business owners and large businesses. The sense of trust from them will determine the results of the business we are running. So it is very important to increase their trust because otherwise it will be very very detrimental to the business owner itself.

Many businesses surviving , survives on consistency and management.

Recent times inflation and competition has kicked many businesses out of track. COVID 19 and inflation in the running cost killed many businesses.

Patronage became low die to inflation in royalty to the businesses or cost of services.

Many advertising businesses failed because, customer fell victim to scammers. Especially Oxl would have had branches in all the states to receive items and send them to buys. The sellers -buyers channel only made the company a useless platform and not an active participant in the transaction and distribution channel.

Companies providing adverts provides promotion options as part of the advertisement process. Jiji. Com start before if not the same time with Oxl. Managing the promotion option has kept the company going.

Small businesses fail due to many causes, some because their business politics are too narrow minded.
Why do you think mobile prices in some countries are so low that they beat fixed line telephony?

 The difference is long term thinking. Management in the 3rd world thinks in short terms.
Once they overcome that the world is theirs.

Every business do starts on being small on which no one starts on being big and become that successful and big. All of businesses do really start on being small or start from scratch. Success talks or concern would really be that depending on how well they do able to handle their business and on how they do manage it out and of course the most important thing is about recognition of the masses or the public or into those consumers or clients because marketing and other stuffs would be useless if you arent that recognized or something that do talks about being having the demand but it doesnt mean that you wont be trying out.
In business, the known risks would really be pertaining about success and failure on which its always been that a part.

If you are someone who are planning to have a business then it would be always best that you should really know on what are those probabilities because you cant assure it out that it would become big directly
in a short span of time. It would really be that needing up some time and tons of effort and good management but put up into your mind
that success isnt guaranteed but we are here to do our very best to make it big and successful.