Topic: Business failure among small-scale entrepreneurs (Read 3236 times)

Small businesses fail due to many causes, some because their business politics are too narrow minded.
Why do you think mobile prices in some countries are so low that they beat fixed line telephony?

 The difference is long term thinking. Management in the 3rd world thinks in short terms.
Once they overcome that the world is theirs.

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In the name of building a business, we must prioritize customer satisfaction so that old customers can always feel at home stopping by our place and this can also have an impact on the arrival of new customers to our place of business. Because the end result of wise and simple management is to be able to attract lots of customers so that there will be an increase in sales in the business that we run. Meanwhile, the other thing is in the form of polishing to make our place of business more comfortable when seen from the outside by everyone.

All these still buttress on the attention that the business can garner. This is so important in every business no matter the scale and the settings. This is why you see companies marketing so well so that people's attention can be directed to it, and through that, they can get the conversion needed. This is peculiar to both offline and online businesses as it might be the location for the offline as it could be better discovered at some places than another and from there it will be able to attract the targetted audience. But the online business has nothing to do with location but marketing, which is why I will say that it depends on the business we are talking about. Even if it is situated in the best places, marketing and awareness will still do a huge good to let it be known as though it was just reliant on the location alone.

These days, people who have the best choice places as their business location are now going online. They would create groups online to be more engaging, and with the results I have heard from people, it sells multiple times rather than leaving it to a location to market itself alone. Every business needs quality marketing, and good skills and resources are needed as well. But sadly, these small-scale businesses could lack the needed resources to achieve this which might be a reason for the failure or less patronage in some cases.

You are exactly right, I think that's one of the factors that causes some businesses to fail, not only by targeting the number of people but by having the best place to establish your business. The thing is most of the best places to open a business are already owned and you would need to think of the permits and papers before opening up a business so it would take time. Buying the whole area lot would cost a lot so some people are renting it which is also expensive for the long term, if they haven't managed to profit or have sales for a good run they would already lose a lot of funds by just simply paying the rent. Considering the place, rent, competition, customer's easy access like nearby town, etc. there's a lot of listed need to assess and build up a plan before you start establishing a business. You also have to check if the place would be a good place to run a business for the long term.

Of course, what the business will sell or how it will provide services is important, but where it will do all this is an even more important issue. The location of the business determines many things. The location of the business determines its customer portfolio, the number of people who pass by your business every day and can potentially become your customers. These are very important statistics for a business.

Many large companies specifically look for this situation and ask for all the details when you apply for franchising. This is an important element for the continuity of a business. If you want to start your own business, pay special attention to the location of the business and plan accordingly.

You are exactly right, I think that's one of the factors that causes some businesses to fail, not only by targeting the number of people but by having the best place to establish your business. The thing is most of the best places to open a business are already owned and you would need to think of the permits and papers before opening up a business so it would take time. Buying the whole area lot would cost a lot so some people are renting it which is also expensive for the long term, if they haven't managed to profit or have sales for a good run they would already lose a lot of funds by just simply paying the rent. Considering the place, rent, competition, customer's easy access like nearby town, etc. there's a lot of listed need to assess and build up a plan before you start establishing a business. You also have to check if the place would be a good place to run a business for the long term.

"the blessing of struggle"

There are many great entrepreneurs today who have managed to rise from adversity, this is all because they were able to find a way out of every business difficulty they faced. I have also experienced it myself where it is difficult to build a more stable business, we are often forced to look for new ideas for increase the interest of potential buyers of our products, as an entrepreneur, if you only use ordinary ideas then don't expect your business to develop, innovation in every business is important, without good ideas - innovation - resilience it is difficult to survive as an entrepreneur in the current era, don't be tired because being an entrepreneur is not easy, if we are tired then just close the business and work with someone else lol

You are exactly right, I think that's one of the factors that causes some businesses to fail, not only by targeting the number of people but by having the best place to establish your business. The thing is most of the best places to open a business are already owned and you would need to think of the permits and papers before opening up a business so it would take time. Buying the whole area lot would cost a lot so some people are renting it which is also expensive for the long term, if they haven't managed to profit or have sales for a good run they would already lose a lot of funds by just simply paying the rent. Considering the place, rent, competition, customer's easy access like nearby town, etc. there's a lot of listed need to assess and build up a plan before you start establishing a business. You also have to check if the place would be a good place to run a business for the long term.

In addition to everyone's contribution,I think there's a need to consider your business location including visibility,nearby competition and even customer's convenience,the image you want to create or project and your budget should be laid into consideration.

 It's not easy to start a business and switch locations in a short period of time.So a bad location choice can be a business crasher at large.its okay to be aware of the common hazards involved and try to avoid them.

All these reasons we've listed here  for the failure of a business can be addressed if you identify which ones affects us in one way or the other and create a plan for removing them so we can have a convenient and satisfactory business experience.

In addition to everyone's contribution,I think there's a need to consider your business location including visibility,nearby competition and even customer's convenience,the image you want to create or project and your budget should be laid into consideration.

 It's not easy to start a business and switch locations in a short period of time.So a bad location choice can be a business crasher at large.its okay to be aware of the common hazards involved and try to avoid them.

All these reasons we've listed here  for the failure of a business can be addressed if you identify which ones affects us in one way or the other and create a plan for removing them so we can have a convenient and satisfactory business experience.

It seems that you really understand the needs of this community, steps such as stock management that you describe are very helpful in the sustainability of a business. Because I think if everything is not managed well 90% of undesirable things can happen such as customer loss and so on.

So I think this must be managed well and wisely for consumer satisfaction. In this way, there will definitely be the best things for a business, such as generous buyers who will make a significant contribution to business growth.

And from these failures, that's how businessmen learn. No one's going to tell them when they will fail but they can see the signs of it.
And with these experiences, if they're going to continue their business, they know how to avoid failure when they see the signs since they're able to experience it before.

Yes, I agree. A true businessman is when he falls he can get back up. Every human being has a different mindset. Because mindset plays a very important role in achieving our goal, namely success. If we have experienced failure before, don't give up easily, because everything can still be tried again.

It is indeed difficult for those who do not have capital to get up, unlike those who are rich, when they go bankrupt they can easily rebuild a new business. but each of us must keep trying and not give up easily. Because everything has a way if we have the will. Therefore, continue to think positively, think optimistically, stay enthusiastic, we can definitely get through everything.

That's the problem because building a thriving business is not an easy job and we are required to be able to keep up with the times. Business must also be seen through consumer suitability, for example when we want to open a certain business, the first step we must take is to look at opportunities, whether the business we want to develop has a market that we can target. If not, the business will be quite difficult for us to develop into a more advanced one. I believe that building a business is not easy because it requires patience in the process.

We will definitely experience the risk of failure and loss of basic capital when building a business, but how can we survive when we first start building it? Businesspeople have reserve capital as a form of development and this capital is used when initially building it and when everything runs stable, that's where we can take advantage.

Its never been easy to build up a business on which there's no assurance in speaking about success and other stuffs on which it would really be that not that simple because of other factors which would really affect out when it comes to success. Failure is one of the risks involved once you do hover yourself or step your foot into this industry. Small-scale on which this is where everything is starting because no business would really be starting on being big, unless if its been inherited or being sold to someone then you could start up directly to be big but of course the cost wont really be that cheap and also people would really be preferring on starting up on scratch because they do really know on how to make things to handle since from the start.

That's right, if you also have a position as a trader, you will also do this to look after consumers and provide the best service for them. Now talking about sales target analysis as stated by @Davian144, in my opinion, you will also do the same thing, of course apart from analyzing what items you need every day, don't run out of them, you will also monitor the items that are selling the most and the highest What is the demand now and is trending and is being popular with buyers, automatically you as a shop owner will stock the requested goods in sufficient quantities because it is based on calculating the quantity demanded of the goods themselves.

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Many things are helping businesses these days and it is irrespective of whether it is a big or small business when it is well planned and actualized, it will work fine. For example, marketing is very vital for the success of any business and the more you market, the better, but it must be marketed at the right places so that it reaches the right targeted audiences. This takes me to the customer data, it is good to have it, for example, having an email list or social media list of customers is a very good one, this is what will help the business to propagate new products/services, advertise promos and all that. While some will create their own group where interested people will be able to subscribe for new information about products and services.

All these help businesses grow so well these days. But one must be able to have a good relationship with their customers as well, and on top of that, a top-notch service is important. The last point is so crucial because it is a different thing you know or attract customers, but it is another thing to keep the customer with you. So, a very good customer relationship and quality service delivery are very important. If a customer is so satisfied with you, I wonder why they will not think of you next time and even tell people about you as well. Because of this, the business keeps running fine and growing as well. Also, capital is very good here, money is so needed for many things, which includes, for the products and service delivery, raw materials in some cases and even human power to say the least. Sadly, small businesses often die due to lack of this.

Just as a boat without a purpose cannot reach its destination, without proper planning no success to work achieved. If a small entrepreneur wants to start a business, if there is a mistake in his planning and decision, he may end up in failure. Again, this can be the case for bad behavior with customers. In the case of offline busines, misplacing the business location can also result in failure  your business. If an entrepreneur is not focused on the business and has no patience, it is not uncommon for his to business fail. I think small entrepreneurs, if they can use their hard work, brainpower and planning properly. Only then business failure of small traders can be avoided.