Business failure among small-scale entrepreneurs

[Ahli38]

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.

[1714511095]

1714511095

[1714511095]

1714511095

[1714511095]

1714511095

[1714511095]

1714511095

[Mame89]

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.

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.

[justdimin]

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.

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.

[ringgo96]

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.

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.

[WillyAp]

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. 

[Wildwest]

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.

[bayu7adi]

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.

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.

[axxo]

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.

[slapper]

~snip~

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.

[odunybiz]

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.

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.

[mvdheuvel1983]

Reason why businesses may fail

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.

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.

[usekevin]

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.

[Emmanuelex]

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.

[WillyAp]

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.

[Ahli38]

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.

[WillyAp]

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.

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.

[Jody.Drummer]

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.

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.

[bestcoins1]

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.

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.

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.

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.

[poodle63]

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.

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.

[bitzizzix]

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.