Business failure among small-scale entrepreneurs

[Out of mind]

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.

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[Ahli38]

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.

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.

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.

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.

[Peanutswar]

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.

[sompitonov]

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.

[nara1892]

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.

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.

[|MINER|]

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.

[Dobabe]

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,

[boty]

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.

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.

[Y3shot]

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

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

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

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

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.

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.

[hafiztalha]

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.

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 .

[MarjorieZimmermanGinger]

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:

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.

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 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.

[Winterfrost]

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:

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.

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 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

[junder]

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 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.

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.

[Balmain]

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.

[erep]

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.

[harapan]

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"

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.

[dediadi]

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.

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

[Dewiana]

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.

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.

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.

[btc78]

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,

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

[AnonBitCoiner]

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.

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.