Business failure among small-scale entrepreneurs - page 10.

Cling18

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Quote from: imamusma on June 04, 2023, 09:51:31 AM

Quote from: wahyuagung26 on June 04, 2023, 09:04:26 AM

Capital, determination, experience, knowledge and perseverance in my opinion cannot be separated, and this is an important thing in business and I think what happens among those who always fail in their business may be lacking in terms of that aspect, actually the business world requires skill and also optimism to spice it up, as well as playing strategy is very important in business, and we say prepare a backup plan when the main strategy is a bit deviated from the business later, but the name of the business must be persistent.

Having a backup plan may be necessary to continue your business after it collapses, but in some cases you have to be wise enough not to fall into the same hole. There are times when you have to be brave enough to get out of the previous circle that made you fail to grow the business, so the backup plan that you have to think about is not about running the same business, but maybe you should try new business idea.

During Covid 19 and inflation, there were many businesses that had to go out of business because they failed to develop and did not have worth it turnover. Business owners are unable to make profit because their sales figures are not worth it with the capital they use. So some of them have to develop new ideas and even try new businesses so that profits can be expected.

Business challenges could happen even in the most unexpected times just like what happened last pandemic. No one have thought that pandemic would get that worst that even huge businesses have to close down. It should be a lesson learned for business owners to be always ready and prepared for the possibilities.
I agree that having a back up plan would be an effective idea so in case our business fail at some point, we will still have other options to pursue. It is also important that we'll monitor the profit flow as well as the financial development of our business to check if we're making profit or if there will be developments and strategies to do to help it grow better.

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Quote from: wahyuagung26 on June 04, 2023, 09:04:26 AM

Capital, determination, experience, knowledge and perseverance in my opinion cannot be separated, and this is an important thing in business and I think what happens among those who always fail in their business may be lacking in terms of that aspect, actually the business world requires skill and also optimism to spice it up, as well as playing strategy is very important in business, and we say prepare a backup plan when the main strategy is a bit deviated from the business later, but the name of the business must be persistent.

Having a backup plan may be necessary to continue your business after it collapses, but in some cases you have to be wise enough not to fall into the same hole. There are times when you have to be brave enough to get out of the previous circle that made you fail to grow the business, so the backup plan that you have to think about is not about running the same business, but maybe you should try new business idea.

During Covid 19 and inflation, there were many businesses that had to go out of business because they failed to develop and did not have worth it turnover. Business owners are unable to make profit because their sales figures are not worth it with the capital they use. So some of them have to develop new ideas and even try new businesses so that profits can be expected.

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Quote from: Bitcoin2009 on June 04, 2023, 08:26:45 AM

The most difficult thing in business is that in the first 3 years, there is no business that is immediately successful, especially if we are still new and have no experience in the business, patience and of course capital is important so that we can succeed in business.

Capital, determination, experience, knowledge and perseverance in my opinion cannot be separated, and this is an important thing in business and I think what happens among those who always fail in their business may be lacking in terms of that aspect, actually the business world requires skill and also optimism to spice it up, as well as playing strategy is very important in business, and we say prepare a backup plan when the main strategy is a bit deviated from the business later, but the name of the business must be persistent.

Bitcoin2009

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The most difficult thing in business is that in the first 3 years, there is no business that is immediately successful, especially if we are still new and have no experience in the business, patience and of course capital is important so that we can succeed in business.

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Quote from: odunybiz on September 27, 2022, 02:41:00 PM

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 provided some brilliant point. I want to add that personal factor that causes business to fail. And one of it to that a business that is just start should know when to compete and when to collaborate. Sometimes you thrive and succeed better when you choose to collaborate with other businesses than compete with them. You may have all the money as a new business to go head to head against an old business but then an old business will beat to it in experience of the market because the market is dynamic and what you may have on paper during the planning phase may be totally different when you hit the ground running.

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In my opinion, small businesses can fail due to various reasons, including insufficient planning and strategy, inadequate market research, poor financial management, intense competition, and failure to adapt to changing market trends. Additionally, a lack of effective marketing and customer engagement, inability to attract and retain talented employees, and limited access to capital can contribute to failure. Overcoming these challenges requires careful planning, market analysis, financial discipline, adaptability, strong marketing efforts, customer-centric approaches, attracting skilled personnel, and seeking financial support through various channels.

And sometimes among the many failures that happen to small entrepreneurs is that they don't have a backup plan and reserve funds when they fail with the initial plan or they experience losses in the initial trial. So that the strength of capital sometimes also becomes a very, very important thing. Mind capital such as insight and careful planning as well as financial capital to start and run a business and restart a business when it fails. Currently, even to make a product known more quickly, of course, we must first spend money on promotion costs. And now even a promotion can be done practically and easily through social media. The point is that small business owners also have to be able to adapt to the current situation. one of them must be familiar with every technological development and customer demands who always want to try new things that are practical and easy.

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Quote from: Wong Gendheng on June 03, 2023, 04:30:48 AM

Business failure is common, as long as we can think positive and always optimistic, success soon comes, unfortunately when someone experiences a failure once he will always remember and does not want to try again, we must understand that successful people experience many failures and things that distinguish It is they immediately rose and continue to maintain positive thoughts.

What needs to be underlined here is that success will never come immediately without any effort behind it. This means that what must be strengthened here is that his efforts are not just positive and optimistic thoughts, because that will absolutely not be enough to be successful. Even though it really hurts when someone feels they have failed through their business, they really need to get up again in more effective and new ways, because getting up after falling down will not always be easy for everyone, especially if everyone's way of thinking is always different.

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Business failure is common, as long as we can think positive and always optimistic, success soon comes, unfortunately when someone experiences a failure once he will always remember and does not want to try again, we must understand that successful people experience many failures and things that distinguish It is they immediately rose and continue to maintain positive thoughts.

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Small scale entrepreneurs may experience business failure is because I think there is lack of proper planning and preparation in starting up their business. Many entrepreneurs fail to conduct thorough market research, develop solid business plan or establish realistic financial projections before starting the business. It can lead to a poor decision making and financial mismanagement which can result to failure. Luck of funding could also result to business failure. It is difficult to market your products if the capital of the business is not sufficient to sustain the daily operation of the business. Another one is the competition if there are entrepreneurs within the same area with the same products it would cause also business failure especially if the customers preferred the other store than your own store it could result as well to business failure.

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Quote from: ?? on ??

In my opinion, small businesses can fail due to various reasons, including insufficient planning and strategy, inadequate market research, poor financial management, intense competition, and failure to adapt to changing market trends. Additionally, a lack of effective marketing and customer engagement, inability to attract and retain talented employees, and limited access to capital can contribute to failure. Overcoming these challenges requires careful planning, market analysis, financial discipline, adaptability, strong marketing efforts, customer-centric approaches, attracting skilled personnel, and seeking financial support through various channels.

First, you should really be avoiding on necrombumping up some old threads which it doesnt really have any response or replies for how many months just like one, because its really one of the common against
rules here on this forum or something not that recommendable thing to be done. So you wouldnt really be facing up some problem or post would be deleted.

Going back on topic about failure then there's no exemptions to this because no matter how small or big the business would be, there's always the chance for it to fail because we know that there are
several factors which could really affect out success rate.This is why on the time that you would really be making out a business then you should be wary about those risks. Do your best on trying
to avoid as much as you could. Even though its hard but its actually part of the process on this way.

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Quote from: BigBos on November 13, 2022, 05:43:55 AM

I guess, for a small business that hires or has a coach, that's too special in my opinion.
the biggest thing that makes a small business go bankrupt or destroyed, from the results of my survey in the field it is usually done by people who mix business finances with expenses for daily living needs and do not have records of incoming and outgoing financial statements, this is a fatal mistake and cannot be known by small entrepreneurs. Financial reports are one of the important things that must be in every business that aims to control and manage business finances properly.

it seems you are a little experienced in business. Because it is as you said that a financial record / report is an important thing that must be owned by business people. even for non-business people this is necessary in managing finances in the family. and Financial management is the first thing that must be mastered by people who will enter the business world. because how is it possible for a business to run and survive if the manager is not good at managing finances. and a financial report must exist so that we can review the flow of money in and out. and determine and view the advantages and disadvantages of the report/record.

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Quote from: Questat on October 27, 2022, 06:18:14 AM

Quote from: Crypto Legend on October 26, 2022, 03:35:03 AM

I think the biggest problem that makes a small -scale business fail is ineffective coaching, many small entrepreneurs who do not care to make the business effective, they only rely on experiences that have been seen or felt so that when there is a change there will be difficulty competing with other entrepreneurs.

It is not because they don't care too much for their business but it was because of the lack of strategies and knowledge.
of course, having a coach is a great idea and I know many of the starters did this and went successful. But this is not only the thing we need to acquire but have the commitment to do this as well. Coaching is somewhat useless if we are not following them. A person will only succeed If they are also willing to change their attitude and mindset.

I guess, for a small business that hires or has a coach, that's too special in my opinion.
the biggest thing that makes a small business go bankrupt or destroyed, from the results of my survey in the field it is usually done by people who mix business finances with expenses for daily living needs and do not have records of incoming and outgoing financial statements, this is a fatal mistake and cannot be known by small entrepreneurs. Financial reports are one of the important things that must be in every business that aims to control and manage business finances properly.

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Quote from: Crypto Legend on October 26, 2022, 03:35:03 AM

I think the biggest problem that makes a small -scale business fail is ineffective coaching, many small entrepreneurs who do not care to make the business effective, they only rely on experiences that have been seen or felt so that when there is a change there will be difficulty competing with other entrepreneurs.

It is not because they don't care too much for their business but it was because of the lack of strategies and knowledge.
of course, having a coach is a great idea and I know many of the starters did this and went successful. But this is not only the thing we need to acquire but have the commitment to do this as well. Coaching is somewhat useless if we are not following them. A person will only succeed If they are also willing to change their attitude and mindset.

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People who fail are people who stop and do not want to continue what is planned, most people will stop the business when they lose money, even though many things must be improved to be able to develop and things that must be done immediately are training our skills.

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Quote from: Jody.Drummer on October 26, 2022, 12:33:55 PM

Quote from: Lanatsa on October 25, 2022, 04:26:54 PM

Quote from: Jody.Drummer on October 25, 2022, 12:23:10 PM

All businessmen must have experienced many failures before they finally tasted success. Most of us only see when they are successful and never know what they went through before. Ups and downs for a businessman are normal, but they never give up in finding solutions to solve the problems they face in their business. I think failure is the key to our success, because then we will know what went wrong in our strategy.
I prefer to say it's not a failure, because if it says failed it means we have stopped trying, because failure is only for people who stop trying.

Its not necessary on making yourself to test up failures but it is an inevitable thing.The best thing to be done is to make those mistakes or errors as minimal as possible.Come to think that big businesses doesnt

start on being big which they do start up on scratch too but it did really end up on getting recognized and getting some demands and this is why they do reach out this kind of situation.

There are lots or soo much things that you would be encountering along the way on which you would really be making yourself believe that this is really the end or tough thing to engage on.
Failures is common but as much as possible you should minimize it if you are really that having those goals or targets in business success.

Indeed, in this case minimizing so that failure does not occur is something that is very good to do but as you said, we will encounter many things that are not even predictable from the start and of course that is something that you should only meet when you decide to do business. so indeed we must be ready in any case here because of course I am still quite sure when all business people must have felt failure and mistakes at the beginning but that does not mean I suggest failing but in this case (in doing business) we will definitely feel something like this at least very.

Failure is standard but you should really be doing your best on being versatile on these conditions and make up something better off from those mistakes or errors.
Demand would be always the key because no matter how generous you do spend in terms of marketing but your produce or company does offer something that not needed then
it would eventually fail and die later on.Unlike into those small scale but gradually establishing up their names then this is where success do comes from.
Its not a short and easy process and it does takes time.

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Quote from: Jatiluhung on October 26, 2022, 07:54:21 AM

Quote from: uchegod-21 on October 25, 2022, 06:11:02 PM

Failure is what businesses face especially in their early age. When a business fails, it is either the product failed or the idea failed. In some rare cases both fail. But if product fails, you can change product and continue with your idea in another product. We see this when people do rebranding. But when Idea fails, you strategize another idea. Which is why it is advisable to always start small and grow in the business. Instead of starting big and have problems in the system. When you start small and the busines is successful, you can add more fund. But if you start with all your funds and the business fails, it is worrisome to know.

I found new knowledge from your writing. about a failure which is divided into 2 things, namely business failure due to a failed product and business failure due to a failed idea. and this is quite reasonable. I also want to add related to the failure due to a failed promotional idea, namely that sometimes a good product can also fail due to lack of expertise in making promotions in the market. in terms of marketing failure. because marketing is the most important thing besides a good product and a good idea. marketing must also run well. because to introduce a good product and idea it takes a good marketing plan and action.
even if you are good at marketing then a product that is not good can sell well in the market. but of course a product that is not good will not last long in the market and will soon be forgotten. so basically the power of a marketing is also an important element in building a business so as not to fail. because we must be able to attract the attention of consumers to be interested in the products or services that we offer.

That is a nice contribution from you, you are very correct from your perspective of reasoning and addition to what I have said earlier. Promotion is very important for every business especially new business with very new idea which is not Known to the society. It is not easy to pass a very new idea to a group of people who has known a particular thing for a long time, that is why it is advisable to hire competent hands which will promote your new idea to the society.

Nobody should underrate the power of a good promoter. That is why in marketing, it is said that a good promoter with a bad product is better than a good product with a bad promoter.

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Quote from: Lanatsa on October 25, 2022, 04:26:54 PM

Quote from: Jody.Drummer on October 25, 2022, 12:23:10 PM

All businessmen must have experienced many failures before they finally tasted success. Most of us only see when they are successful and never know what they went through before. Ups and downs for a businessman are normal, but they never give up in finding solutions to solve the problems they face in their business. I think failure is the key to our success, because then we will know what went wrong in our strategy.
I prefer to say it's not a failure, because if it says failed it means we have stopped trying, because failure is only for people who stop trying.

Its not necessary on making yourself to test up failures but it is an inevitable thing.The best thing to be done is to make those mistakes or errors as minimal as possible.Come to think that big businesses doesnt

start on being big which they do start up on scratch too but it did really end up on getting recognized and getting some demands and this is why they do reach out this kind of situation.

There are lots or soo much things that you would be encountering along the way on which you would really be making yourself believe that this is really the end or tough thing to engage on.
Failures is common but as much as possible you should minimize it if you are really that having those goals or targets in business success.

Indeed, in this case minimizing so that failure does not occur is something that is very good to do but as you said, we will encounter many things that are not even predictable from the start and of course that is something that you should only meet when you decide to do business. so indeed we must be ready in any case here because of course I am still quite sure when all business people must have felt failure and mistakes at the beginning but that does not mean I suggest failing but in this case (in doing business) we will definitely feel something like this at least very.

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Quote from: uchegod-21 on October 25, 2022, 06:11:02 PM

Failure is what businesses face especially in their early age. When a business fails, it is either the product failed or the idea failed. In some rare cases both fail. But if product fails, you can change product and continue with your idea in another product. We see this when people do rebranding. But when Idea fails, you strategize another idea. Which is why it is advisable to always start small and grow in the business. Instead of starting big and have problems in the system. When you start small and the busines is successful, you can add more fund. But if you start with all your funds and the business fails, it is worrisome to know.

I found new knowledge from your writing. about a failure which is divided into 2 things, namely business failure due to a failed product and business failure due to a failed idea. and this is quite reasonable. I also want to add related to the failure due to a failed promotional idea, namely that sometimes a good product can also fail due to lack of expertise in making promotions in the market. in terms of marketing failure. because marketing is the most important thing besides a good product and a good idea. marketing must also run well. because to introduce a good product and idea it takes a good marketing plan and action.
even if you are good at marketing then a product that is not good can sell well in the market. but of course a product that is not good will not last long in the market and will soon be forgotten. so basically the power of a marketing is also an important element in building a business so as not to fail. because we must be able to attract the attention of consumers to be interested in the products or services that we offer.

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Quote from: sunsilk on September 27, 2022, 04:05:51 PM

It is true that maintaining a business isn't easy and that's why a business that's already seeing its peak should maintain its consistency. That's all that matters in most businesses because even if you're the best right now.

But, you're not consistent in what you do like marketing, customer support and innovation then you're going to be the last someday if you're not able to maintain that. Especially for these businesses that requires continuous upgrade and innovation, they'll be left behind if they don't accept that fact.

You are correct that constant attention and proper management are necessary for any new startup. There are a bunch of examples of startups that fall due to not being adequately managed. You must possess adequate management skills and an appropriately trained and eligible team to run your startup and lead it towards a profitable business.

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I think the biggest problem that makes a small -scale business fail is ineffective coaching, many small entrepreneurs who do not care to make the business effective, they only rely on experiences that have been seen or felt so that when there is a change there will be difficulty competing with other entrepreneurs.

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