Business failure among small-scale entrepreneurs

[ringgo96]

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.

[CageMabok]

Many people dont admit that inflation is actually happening - this is true then the people around the world  are going through the most difficult times
Many small businesses are failing and people are unable to figure out where are the things going wrong.

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.

[virasisog]

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.

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.

[odunybiz]

~snip~

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 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. 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, 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.

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.

[Cryptomultiplier]

~snip~

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 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. 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, 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.

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.

[Jatiluhung]

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.

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.

[tygeade]

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.

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.

[Jody.Drummer]

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.

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.

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.

[Lanatsa]

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.

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.

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.

[uchegod-21]

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.

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.

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.

[Crypto Legend]

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.

[worldofcoins]

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.

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.

[Jatiluhung]

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 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.

[Jody.Drummer]

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.

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.

[uchegod-21]

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 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.

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.

[Quidat]

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.

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.

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.

[Joshapat]

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.

[Questat]

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.

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.

[BigBos]

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.

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.

[BRINIRHA]

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.