Know your strength, and weaknesses before engaging in a business.

[Jubilee58]

Engaging oneself in a business is a good thing because is a medium through which one can grow, and make financial fortune. Also, it is important to know that the success of any business is not entirely determined by how much you have invested in that very business but your ability to withstand the pressure that comes from doing such business.
One cannot be good in every business, therefore if you want to go into any business, you have to consider the things you should do or what that business requires to be successful, and know if you can be able to do it. Some persons will see someone running a successful business, and would like to venture into it without considering what is involved, those zeal that the business requires to be successful. For instance, some persons can withstand staying in a shop from morning till evening selling their products, but not everyone can do that. Some other persons might like the business of moving from one point to another. Also, in a business there are some people who have high risk tolerance, while some persons are afraid of taking risk in their business. So it is very important to know what you can do, and what you can not do while choosing the kind of business you want to go into, and this will help in making your business a successful one.

Many businesses are failing today, not because reasonable amount of money was not invested, not even because they are not located in a good site, but they lack the strength that will make such business a successful one.

[yudi09]

-snip-

Many businesses are failing today, not because reasonable amount of money was not invested, not even because they are not located in a good site, but they lack the strength that will make such business a successful one.

The power of patience and self-improvement—achieved by evaluating what has already been done—is also a crucial component of business success. Understanding one’s strengths and weaknesses in business is essential as the business operates.
Generally, this applies not only in the business world but also outside of business—it can serve as a foundation. SWOT analysis has explained this for a very long time. The SWOT theory teaches us about strengths and weaknesses, as well as opportunities and threats.

[safar1980]

As a co-owner of a small computer and other equipment repair service, I can say that finding money for a business isn't that hard. Finding a location isn't hard either, but if you're not mentally strong enough to work with clients 8-10 hours a day and listen to all their complaints, it will be difficult to run a business. Business takes a lot out of your health.

[adultcrypto]

"No man build a house without first counting the cost', this statememt from the good book summarises most of the points you have raised. One must understand he business and what it takes to succeed in it before ever getting started because looking at the profits alone without consider what it takes to keep the business profitable is counter-productive.  Finally, matching the business with one's skill, dream and passion helps the entrepreneur endure the downtime of the business, something that is inevitable.  

[Solodoski]

I think before anyone ventures into any business, you should make sure you have an idea of the kind of business you are venturing into, because I believe that this is one of the reasons most businesses fails. Some people venture into businesses without having any idea of the business, rather they venture into it, because they see other people doing well in it. Another thing you need to consider is your passion,  because I believe that when you have passion for something, you tend to do well.  It's like people venturing into farming,  because they feel it's profitable,  but they never bother to learn what it take to make your farm productive or profitable,  so they invest a lot of money in it and it still fails. So in my opinion I think we should take out time to learn any business we want to invest in.

[Fortify]

The media love to glamorize the idea that everyone should be an entrepreneur and creating businesses, but it's really not easy. Most businesses will fail in their first two years for all kinds of different reasons, but the owner not being cut out for the constant multi tasking is usually a key one. Launching one by yourself means you have to be able to wear 100 different hats - handyman, advertiser, security, customer service, accountant and many others. If you don't you'll probably just be hemorrhaging money and you need to economize on that as much as possible in the early years. Especially when you're younger, if you can get into any kind of job, then it's a good idea to pick up and train yourself on as many skills as possible in that position. Look around and see what the most useful people are doing, then try to emulate their approach to work. Often letting other people do all the hard work in constructing a business can actually lead to a much less stressful life but you might still make plenty of money in the right positions.

[Obari]

Engaging oneself in a business is a good thing because is a medium through which one can grow, and make financial fortune. Also, it is important to know that the success of any business is not entirely determined by how much you have invested in that very business but your ability to withstand the pressure that comes from doing such business.
One cannot be good in every business, therefore if you want to go into any business, you have to consider the things you should do or what that business requires to be successful, and know if you can be able to do it. Some persons will see someone running a successful business, and would like to venture into it without considering what is involved, those zeal that the business requires to be successful. For instance, some persons can withstand staying in a shop from morning till evening selling their products, but not everyone can do that. Some other persons might like the business of moving from one point to another. Also, in a business there are some people who have high risk tolerance, while some persons are afraid of taking risk in their business. So it is very important to know what you can do, and what you can not do while choosing the kind of business you want to go into, and this will help in making your business a successful one.

Many businesses are failing today, not because reasonable amount of money was not invested, not even because they are not located in a good site, but they lack the strength that will make such business a successful one.

I agree with you that a lot of business are failing because of poor management and in most cases, businesses don't just collapse simply because there wasn't enough funding but rather the more cases we see are that of poor management and that is why is it prefer to do what we love and love what we do and by so doing, we derive pleasure in doing our job and it then becomes easier for us.
I also agree with you that, it is always best that we do a proper review and assessment of the job and business we intend to do because I think this would safe us from investing wrongly and even if is always seems slow, it is still far better than "had I known"

[Mrbluntzy]

Engaging oneself in a business is a good thing because is a medium through which one can grow, and make financial fortune.

I am not saying that business is not good but business is not the only source or chanel through which financial fortune can be gotten from, perhaps it's not everyone that can be capable of doing business, not every has entrepreneurial ability nor the ability to be a trader that's into one business or another, therefore I would say only people that really have the skill of running a business should engage themselves in any business that they can do, if someone that is not business oriented or does not have passion for business goes into business simply because they want to make a fortune, there's a 99% probability that they won't achieve the goal.

Investment is another source to make money as long as you invest in solid assets like Bitcoin, gold, reasonable stocks or you can even invest in people's business and sign an agreement of your return on investment per annum. In a general sense, business is not for everyone, some people do well in collar jobs and from their earnings, they start to invest in assets that will make then more money, it's only those that have entrepreneurial ability that goes into setting up a business or start a company.

[Wiwo]

There was a time, inevitable of my friend went into real estate business because he see some other friends of ours doing well in that sector of the economy.

He was a successful bitcoin investor I mean those that have capital to play around during the altcoins craze of 2017 to 2020, and instead he pay close attention to the business he want to go into, he started off without any of that knowledge, and in no time he lost his motivation in the business.

Now most of his properties are having mentainance issues from wrong construction resulting from his lack of experience on the business.

[Cryptoprincess101]

Many businesses are failing today, not because reasonable amount of money was not invested, not even because they are not located in a good site, but they lack the strength that will make such business a successful one.

Business does not require strength to be successful, you just need to be smart and apply wisdom to it. What business requires is consistency, though strength can come in the area of always showing up for your business everyday. But that area can be taken care of when you have employees who can manage the business in your absence. I observed that what is killing most big businesses is inability to restock their goods when they finish. Some big businesses do wait until most of their goods have been sold out before they restock which means that those ones that finished earlier will have to wait while people will be coming to demand for it all the time and they can get tired and stop coming since you are unable to restock.

The media love to glamorize the idea that everyone should be an entrepreneur and creating businesses, but it's really not easy. Most businesses will fail in their first two years for all kinds of different reasons, but the owner not being cut out for the constant multi tasking is usually a key one. Launching one by yourself means you have to be able to wear 100 different hats - handyman, advertiser, security, customer service, accountant and many others. If you don't you'll probably just be hemorrhaging money and you need to economize on that as much as possible in the early years. Especially when you're younger, if you can get into any kind of job, then it's a good idea to pick up and train yourself on as many skills as possible in that position. Look around and see what the most useful people are doing, then try to emulate their approach to work. Often letting other people do all the hard work in constructing a business can actually lead to a much less stressful life but you might still make plenty of money in the right positions.

The truth is that the reason why the media focuses on Entrepreneurship skills is because that is where many people believes that wealth can be generated from. A lot of billionaires in the world are business men, they own many businesses to their name so everyone is working with the mentality of doing what others are doing that they are making it big. It's not that people do not like to acquire skills and trainings but everyone wants that path that will guarantee them a lot of money if they're successful in it that is why you see everyone is now becoming entrepreneurs. Skills are good but the earnings cannot give you what you want and the kind of lifestyle that you want to live.

[Cryptomultiplier]

Going into business should come out if a place of passion. You can't love a business and expect it to fail, so if your business must grow, there must be the element of passion in it, even if you don't like the stress involved, the intrinsic motivation that got you started should be enough to keep you going.

Those who go into business by copying others often stumble and fail along the way because they always think it's easy, but it really isn't because you as a business owner has to out-work every other person in your organization or you have to do things on your own most of the times if you want to get the results you desire.

That's why having a mapped out plan before venturing into any business is important. Also knowing the why and how and when is important because this gives you a direction to follow even when things are tough.

[DPHOR]

It is ideal that an individual becomes business oriented before venturing into any business of their choice.
Reason is: businesses sometimes require one with mental intelligence and strength in other to succeed in its growth.
For example, An individual who intends running a restaurant, the following could be his/her strength; preparation of good meal, tolerance, activeness, etc while lack of capital, lateness, location, etc could be his/her weakness.
With this in check, the individual may now choose to run sales of food during the day or at night because it'll help balance not just his strength but his weakness to an extent too.

Conclusively, it is only advisable that one knows where and how he/she can function effectively in any business line before going into it to prevent loss. Also, not everyone is meant to do business due to strategies and mode of how to keep it running and successful for a very long time (except being a risk taker).

[Dareo]

Hard work is definitely needed, but before starting a business I think it is even more important to understand whether there is demand in that place. Because if you open a food shop in a lane where there is little people's traffic, it will be difficult to get customers even if the food is good. On the other hand if you open a similar food shop near a busy road or office area, the chances of getting customers are much higher. So the location and who the customers will be are two things that need to be considered at the beginning. However finding a good location does not mean that the business will be successful.  Because most of successful businessmen did not succeed in their first business. They learn from mistakes, and then gradually find the right business model for themselves.

[Joeboy]

Even if a business is what folks cannot do at that very time, I still very well believe in learning more about it before completely writing it off and then tagging it as what they should let go..There are some businesses that are quite lucrative and just because you cannot do it at the moment, dosen't mean that you cannot learn about it and them make improvements just as you are about to venture into that business...Cos the honest truth is that it is not everyone that will have the temperament for every business, but with experience they could very well improve as just as they go...Take for example, an individual who at the start finds it difficult to stay in a shop for long hours due to that individual being an extrovert, but that dosen't mean that the same individual cannot still get good at it on the long run... It is all a matter of time, and before you know it, that individual will learn and even be comfortable staying in one place while dealing and attending to customers..
Then again if after assessment of oneself and the individual discover that a business is very well beyond their ability, then there is no point forcing yourself into it, to avoid regrets later on...

[Marykeller]

By right, not everyone is meant to be a business person. Some people understand and accept that as reality, and they don't think of bothering themselves with anything business, as something they will start, due to they can't take care of and handle what comes with business.

Business as we may have it, is time-consuming and filled with stress, and some people can't handle that for long. They prefer to go into something that won't stress them or have them thinking about how to run the day to day activities of their business

[lombok]

Even if a business is what folks cannot do at that very time, I still very well believe in learning more about it before completely writing it off and then tagging it as what they should let go..There are some businesses that are quite lucrative and just because you cannot do it at the moment, dosen't mean that you cannot learn about it and them make improvements just as you are about to venture into that business...Cos the honest truth is that it is not everyone that will have the temperament for every business, but with experience they could very well improve as just as they go...Take for example, an individual who at the start finds it difficult to stay in a shop for long hours due to that individual being an extrovert, but that dosen't mean that the same individual cannot still get good at it on the long run... It is all a matter of time, and before you know it, that individual will learn and even be comfortable staying in one place while dealing and attending to customers..
Then again if after assessment of oneself and the individual discover that a business is very well beyond their ability, then there is no point forcing yourself into it, to avoid regrets later on...

Rapid rejection of possible business ventures is an obstacle towards achieving economic independence. Through a slow learning process, new skills can be acquired, and natural abilities conquered, turning the initial awkwardness into a market-savvy ability through business experience.

The assessment of one's own ability to cope with the venture forms the basis for deciding on going ahead. It is futile and wasteful to impose money in a venture that turns out to be unmasterable.

[Cookdata]

Many businesses are failing today, not because reasonable amount of money was not invested, not even because they are not located in a good site, but they lack the strength that will make such business a successful one.

This is not true. The richest man in Africa that launched IPO sales recently on his refinery did a textile industry and he sold it after 20 years and you know why, it's not about his strength, that's the least of his problems, it was never about finance, it was not about weakness but because the government doesn't protect the textile business in his country and no matter how he tried, nothing was done that's why till date, there is high importation of fabric from other countries than the ones produced in the country

Okay, let me burst your bubbles again. Before this refinery completion, he faced a lot of challenges, the state governments never wanted to give him land to build his refinery, in fact a state government made him relocate the factory to Lagos, initially it was supposed to be in ogun state and he fought hard before he was able to get a land, heard they sold for him for $100m, can you imagine?

As if that was not dn, they almost killed the factory after the structural completion. Time for production, they didn't want him to have access to crude oil and he has to start importing to a country that is exporting crude and he had no choice than to use media to fight and he didn't even send his deligate, he did it himself to show how corrupt officials wanted to crumble his business.

Somethings in business are just unexplainable until you start it. Some businesses collapse is not because the owners are weak or lack self strength, somethings are better left than stay doing it and struggling.

[Donk1]

Well the truth is that most persons lack the idea of what they want to do, and in a case of venturing into a business because you see it is progressing for others is wrong. Like they always say success is categorized by individuals, and as long as each individual differs then you can't always expect what worked for others to work for you. Even if you put in everything you have, you will still be lacking one thing, which is the will the purpose of you opening the business. Like was it out of your own ideal or the idea of someone else Though the chances are always 50/50 when it comes to opening the same business because you see others doing it, so yeah it's more of a gamble. Personally what people don't understand is that a successful business doesn't start from how much profit you want to make no. It starts from how you present your products, and all this has to do with having an idea, a plan in place before you start a business. And that's all.....

[Felicity_Tide]

There's an element of truth to this, but don't you think it might not entirely be a general thing even though it makes up a decent number of all related cases?. Like, I have seen people who opt to doing what they saw others doing, and ended up doing it well. Sometimes,.the human mind can be very tricky. People sometimes don't know what can do until they make attempts. Let's not forget that fear can also be the biggest enemy of a man... And that's where the "what ifs" questions starts coming up from.

I still believe that your points are valid, but sometimes, our strongest weakness might just be our minds or fears. But not withstanding, it's very important for people to go after business they can sustain for a long period of time.

[Questat]

Your weaknesses in business will be a barrier in making your business works and succeed, so if you can turn your weakness into a strength by changing your perspective and focus into new positive habits, and maximize them in the process, I don't think your business will still fail in the long run.

Being in business isn't really easy but there are a lot of challenges coming your way, but if you focus on your strengths and turn them as your assets, navigating a business and be able to reach the height of success is highly possible.