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

[YOSHIE]

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.

Running a company or a business is not an easy matter, maybe the illustration is easy but when internal factors do not exist within us or in the business to overcome our weaknesses in measuring our ability to compete, That's where it appears that we don't have the strength to develop the business more advanced in the future.

In running a business, the assessment of strengths lies in employees who are experts in the field, have unique products and also neat and healthy financial management, I think that is an absolute strength in running a business to be successful in the future.

[Gozie51]

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.

There are factors to consider before going into business. Majorly, apart from the basic factors of proximity to targetted customers, availability of raw material, availability of your product etc, there is also uniqueness and customer care relationship. Uniqueness is important because of competition. This is certainly going to be a major consideration. If you are running a business that you are not creative, then you are surely going to lose your customer base because the competition is high in business space and that is why customer service that is top notch is required to keep customers coming.

What I have found out in most businesses that have collapsed is that they lack creativity to adapt in the constantly changing world. Take for instance, the customer base of business is now leaving the physical space to internet and digital. Therefore, any business that doesn't find it space on the internet world is likely to collapse. People now order for product from another state to the ohder and receive it in good condition. Not only inter state delivery but country and everything thing runs smoothly. So adapting to the changing business world is key to servicing customers and staying in the business of your choice.

[Anthony Bill]

This is the reason some investors or business men keep losing profit in their investment or business because they don't want to learn  before they can start earning profit that will motivate them to increase their capital. I think this advise is general, invest what you can afford to lose in your business or investment because a lot of people have lose their life just because they feel they can't recover the losses anymore.

[trendcoin]

We are in a time when doing business is particularly challenging. Interest rates are very high all over the world. Inflation remains a major problem, and even though it appears to be subsiding, it lingers like a specter. Doing business in times like these is more difficult than in normal periods...

During such times, it is necessary to be more cautious and prioritize stability over growth. Rather than expanding operations by purchasing new equipment and machinery, the goal should be to weather the storm...

[Wind_FURY]

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.

Plus you have to LOVE the business that you got into to be MOTIVATED to keep running it through all the challenges and the difficulties. If a person went into "starting a business" because mainly for money/profit, then I'm very confident that that business will close within five years especially if it goes through major challenges.

[Ummeettaa]

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.

This is exactly the same thing that happened to me when I saw one of my cousin doing wonderfully well, in his business where he sales phone accessories and provide a Point of sales (POS) service.

I was moved with how he was doing and making sales of his product and spoke to him to enlighten me more about the business, of course the first thing he told me was the location and if i had the zeal to do it.

He also told me some does and don't of the business like charging everyone that comes to buy products, and not minding the personal relationship with the person. I felt he was being harsh and hard towards this particular decision but just told him I have heard.

He also told me to start the sales myself for some years with full consistency and concentration before planning on employing someone else to stay for me, which I thought was not going to be the problem.

I later found a suitable location and started the business with of course his assistant in the set up, and linking me to his vendor where he buys his goods from.

The business was growing gradually until I was tired sitting in one place from morning till evening, because I am a type that don't usually stay in one place, and the constant debts by some close relatives and decided to employ a foreigner to stay at the shop in my place.

That was when I understood what i was told by my cousin before I started the business, and that was also how the business starts failing with money loss claim by my sales boy.

I finally close down the shop when the goods was almost finish and no money to restock.

[nara1892]

This is the importance of doing research first before starting, because by doing research you will know about what kind of business is feasible to run in the sense that it has good potential to be profitable and can also compete with competitors with similar types of businesses, by doing research you will also know about what things should be highlighted from your business, competitor weaknesses will be an advantage for you if you can see the opportunity.
Perseverance, accuracy, patience, management and consistency are also some of the factors that can drive success.

[ASloveapg]

Who would start anything without knowing what he is capable of and what he cant do? A person with great amount of money and bunch of assistants who will everything in his place. Otherwise a person without access to all of that can be called as dumb. But do we really need to discuss such obvious things? Because it is enough to open any business related book and read first chapters or ask any person whos business went bankrupt. Imo it is not smart to do anything if you dont have any idea how to do that.

In business, if you start relying only on interest or confidence, the risk increases a lot. You should also understand where the potential risks are and what kind of impact it can have on your financial situation if you fail. Starting a business by investing a large sum of money without any idea is certainly not a responsible decision. In reality, it is not possible for a person to gain complete knowledge about every situation before starting a new business or job. Just as acquiring the necessary basic knowledge before starting is important, starting on a small scale and learning through practical experience can also be an effective method in many cases.

To understand why someone's business failed, you need to consider the type of business, management, and decisions. Similarly it cannot be assumed that everyone will succeed by following the same method just by looking at someone's success. A good decision is to move forward slowly with a  awareness of one's limitations and a learning mindset. In this the decision is based not only on confidence but also on knowledge and practical experience.

[Pearl_20]

I always tell people who wants to venture into new business that they should learn, ask questions and possibly get trained or skilled before doing that, you can't just see someone who is successful in his/her business then decides to do same business it will crash completely. Have seen people who just wakes up and start business because they have a friend or neighbour who's doing same business and at the end of the day they stay from morning till night without sales, engaging in any business requires planning, have a knowledge of the business you intend to do, be passionate about it because there are day's you'll be overwhelmed but then you'll have to tell yourself that there's no stopping at all

Knowing your weaknesses and your strength will help you to choose the right kind of business to do and also the rate of failure, there are good businesses that failed not because the idea behind the business isn't good, but the person who has the business lacks skills required for that particular business.

It is important to know your weaknesses as it helps to to avoid some mistakes and failures while the strength can be of great advantage to you as it helps you to grow more in that particular business. A good cook who is poor in record keeping knows that from day one he/she needs to hire someone to help with managing the business financially.

[SOKO-DEKE]

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.

Those are just some of the things that people involved in business often get wrong. Some people don’t make enough inquiries about the business they want to start. After getting involved in the business, they find it difficult to succeed because they don’t have the tactics or knowledge required to run it successfully. Every successful business has its own strategies, so someone should understand how to run the business smoothly.Another important thing is location. The business that someone wants to get involved in must be located where there is demand for it. In other words, it should be in a place where the people living around that area will regularly need or want the products or services.There are some people who, once they see someone making money from a particular business, will also want to start the same business. However, they often fail to consider the location, which should be one of the most important factors to think about before starting a business.

[Cheema02]

Who would start anything without knowing what he is capable of and what he cant do? A person with great amount of money and bunch of assistants who will everything in his place. Otherwise a person without access to all of that can be called as dumb. But do we really need to discuss such obvious things? Because it is enough to open any business related book and read first chapters or ask any person whos business went bankrupt. Imo it is not smart to do anything if you dont have any idea how to do that.

Business is not an easy pitch and not every individual has the skills to perform in it. So, before we start a business, we should know the strengths and weaknesses of our personality. If we have knowledge of our weaknesses in business, then can we start a business?  Weakness does not mean you don't deserve to run a business but's actually an indicator, so we should identify it and then work on it to improve ourselves and the business.

A lot of people have huge investments. It means that they run a business with just money. The reason is that to run a business, proper research is required and then, during the business, proper management is essential when you take your business for the long term. In the same community, we have a lot of examples of many individuals who started with nothing and now they have proper assets. The reason is very simple that for business, proper risk assessment and money management are compulsory.

[Mrbluntzy]

before starting a business I think it is even more important to understand whether there is demand in that place.

No, it is more important to have a good knowledge about business before venturing in, when you do not have enough knowledge of managing a business, it doesn't matter whether you start the business where the demand for your products is high, you might likely fail because you don't know how to manage a business.  Knowledge is very important in terms of starting a business and the next important thing is the capital, some people have the knowledge but lacks capital while some people could have capital but without the knowledge, the business is likely to fold.

[Muba20]

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.

To start a business, money is must needed. There is no opportunity to do business without money. Only money does not help in conducting a business successfully. In order to sustain a business, one has to acquire skills in various areas of business besides money. There are many ordinary people who, when they see a business, think that they have money and will also succeed in that business, but in reality, that is not the case. Even if several businessmen do business in the same place, not all of them do well in business. Some want to quit the business, while others plan to grow the business further. That is why one should not start a business by giving priority only to money.

Before starting any business, an entrepreneur should definitely ask himself some questions and if he thinks that he is able to give the right answers to those questions, then he can start that business.

Entrepreneur can spend enough time that is required before starting a business? Moreover, one should also know whether he is able to do physical labor before starting a business?

To start a business, one should know whether one has the ability to be patient as much as a business person needs to be. Every business has risks. Before starting a business, one should also know whether one has the ability to bear that risk.

It is also important to know whether one is starting a business just by seeing the success of others or for one's own needs. Those who start a business without knowing these things will have a much lower chance of succeeding in that business.

[Findingnemo]

FYI, things can go wrong at any situation, I knew people who are successful in doing a particular business and the same bankrupted them when they opened multiple branches or just expanded their operation that increased their operation cost with not much of a revenue increase. To be honest we also need to be lucky to get success or we will face many failures and hard lessons that will surely put an end to their business journey on most of the occasions.

[lionheart78]

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.

In addition, some business owner lacks right contacts and fail to hire the right people.  In the business world, it is not personal strength alone that makes one successful.  Aside from funds, they should also know the right people that can increase the business sphere of influence.  Hiring right people is also very crucial.  If we intend to make our business to run 24/7, we need to find people who can honestly take charge if we are not around.  Having skillful, trusted people around will maximize the output with half the effort.

[Odogwu-Blockchain]

I love this topic, it's what I've been preaching to myself long time ago.

I started hustling for money through the digital means and so when friends asked me to join, they couldn't meet up. Not that I didn't teach them well, or they aren't good enough, but the digital hunting is not their strength, it's their weakness.

I can't do physical business, even if I do I'll not get the best results, I'm not downgrading myself but that's my weakness. It's the reason some apprentice in the Igbo culture in my country usually spends 5-8 years learning a business, not that they can't understand the business within 6 months but building tolerance, strength is the main aim.

[CryptopreneurBrainboss]

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.

Most businesses fails because the owners were just moved by emotions to own a business and not because they have taken their time to study the business they want to get into and have do their due diligence before investing/starting that business. Most businesses don't make it past 3 to 5 years of launching and this because we don't have business man/woman anymore but just pretenders.

Something the economy does is that, with time it exposes the pretenders. Why will you start a business that you haven't understood the strength in the business and also know the weakness so you can prepare for when to either lay back or capitalized on your strength and grow your business into an empire.

In business, you learn and  you keep growing as the moment you stop, you'll be taken out of the market that's why you don't relax when you're still building or you won't become successful. Don't start if you know you can't keep up with the pressure of running a business.

[r_victory]

Your weaknesses can be complemented by a partner or hired collaborators. It's rare for an entrepreneur to know everything, and I've heard that knowing a little about everything is like knowing nothing. Focus on what you're good at and delegate what you're not. Intelligent people surround themselves with people more intelligent than themselves.

[Miles2006]

In short a good knowledge about the business will determine the business growth, strength is also one factor every business owner should consider. In terms of strength, op definition might be different from others while I view this as the ability to withstand competition within the business area like the common example using market areas, such high traffic environment you’ll find different traders selling same product but, each buyer has a choice knowing they all sell same thing.
Strength to succeed can be interpreted in a different way but, the common point we all are trying to make is being able to keep the business going, this also involves consistency and dedication because the quality time given determines business success.

[batang_bitcoin]

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.

One mistake a businessman think is that they need to have huge money to start. But you see those who start with the little they have, they know how to grow it and used the resources they have without asking any help to anybody. The journey isn't easy but you get to love the process of growing your own business, you may have some weak points but don't look at it. Those who don't like to talk to others and are introverts have overcome that weakness because there's no excuse for someone who's got mouths to feed and they believe of what they do.