Topic: Business failure among small-scale entrepreneurs - page 10. (Read 3156 times)

it's normal, in fact they didn't completely fail because a new generation of better ones came to replace them. on the one hand they could not survive against the currents of the industrial world that they held, in the end it ended about their company sinking into a new generation that was much better. platforms.

Without much thoughts and as someone within the business field, I think all business operates similar schemes to make them work. On the top of that list is that;

1. Your providing a much needed service or product.
This is where it all comes down to. What you have to give or offer. It doesn't have to be the best out there but then, you would get the patronage things that aren't the best do get. You just have to try drawing your lines with the best and ensure that your putting in your best work or quality everytime, never holding back, never allowing the finance you don't have make you relax the quality and people will definitely seek you out.

2. Customer care support.
Customers like seeking what the other service doesn't offer and what better way to keep old and intending customers than using a good customer support. Customers likes being treated right, as though each of them where your bosses, like being pre-informed before anything happens, likes being told what's going on and be treated like they matter because in the end, they do. You need them to patronise you.

3. Management
It's very vital as this is how you run the business, this is how and where every decision making is crafted and maintained. Getting steps wrong as this point would be disastrous to the business, something you can't afford.

4. Active Advertising.
Of course you want old and new customers to know about you, keep hearing about you and the new packages you offer. You've got to reach them somehow and so, an active group to handle this is how.


Do these rights in a circle and you could find business flowing just as much for you.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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, an 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. Also if you have an offline business, like for example a clothing store, you should pay attention to the interior design of it and the way your employees look at their uniform. I have a beauty salon and care about such things, so I recently ordered embroidered workwear in champagne color, which looks stylish and modern. You may think it does nothing for your business but these details attract customers.

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.

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 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.

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.

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.

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.

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.