The #1 reason most businesses fail! PART I
Everybody wants to own a business! Everyone wants to become an entrepreneur, but no one really understands what it takes to be one and more specifically a successful one!
Being an entrepreneur or starting a business requires doing research and building strategies. Your first few strategies will fail, if you haven't properly educated yourself on the things you should or shouldn't do. However, even after tedious research and consultation from experts, the speed with which trends change today is unbeatable. So, what worked for someone else may not work for you and vice versa.
Therefore, keeping a wide vision when learning and a narrow approach when making business decisions is key. Some of you are 9-5 workers, mothers, fathers, artists, athletes, students or freelancing. No matter what you do, this article is for you. We have gathered the number one reason for business failure from numerous entrepreneurs and share them with you below!
- Individuals think they have failed, before even trying yet!
- Individuals give up too soon!
- Poor market research!
- Not reaching out!
- Unrealistic strategies, goals, and expectations!
- Poor planning and unclear strategy! Undefined customer segments, weak marketing, and overspending!
- Lack of professionalism.
- Lack of capital. Not budgeting and managing finances properly. Inadequate initial capital.
- Not putting in the hours and sweat, sitting back waiting for it to happen for you!
- Not believing in yourself.
- Not understanding that business is simply a mental game. Not understanding that they don’t need people. People need the information they have.
- Lack of support.Negative mindset.
- Lack of exposure and poor advertisements.
- Lack of knowledge and research.
- People don’t follow up with people that showed interest.
- No profits.
- Not able to consistently acquire new clients leading to revenue.
- Time management.
- Not knowing how to properly brand and falling for the Instagram Illusion. Lack of originality and authenticity.
We chose to keep this article very informal and straight to the point! We didn’t prioritize the opinions of our entrepreneurs based on statistics because everyone’s reason varies. However, we do want to emphasize that mindset, self-love, and believing in yourself was a reasoning we saw over and over. Your business starts with you. What do you think? Drop your comments and questions below! Make sure to subscribe to stay tuned for Part II of our research. Until then, F.U N’ Slay!
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