Topic: Business failure among small-scale entrepreneurs - page 12. (Read 3156 times)

Currently, the fierce competition in the business world is also what makes small businesses prone to failure. because of the many competitors in the business, forcing business people to always be able to innovate and adapt quickly. and business people who adapt slowly, they are usually the first to fail. so to be able to survive in business today, of course what is needed is to continue to innovate, adapt to the environment, be it market trends or the like. skill and careful planning are also definitely a must-have. and many other factors.

That's right in business. There's an unstoppable growth and it's limitless if you're willing and open to hear more idea on how to make it a better running business.

You just have to listen to some ideas if there are some experienced business owners giving you advice. Don't get heated if a more experienced person giving tips and advices, just take them and it's up to you if you will apply it after listening to them.

You have to keep on learning because the market is also changing whether you're the best business right now, time will come that people and other entrepreneurs will copy your idea and will be your rival.

I agree.

Running a business is also like growing yourself, you need to grow by accepting new ideas, accepting other's opinion, and accepting the fact that you need to continue improving your business in order to make it alive and competitive to other businesses. It's all about getting out of your comfort zone, thinking out of the box, because a business that has no goals will never be a successful one.

The most basic factor that triggers business failure among small entrepreneurs is their inability to understand the business environment or lack of enthusiasm for doing business.

The main risk lies in the company's ability to survive when external pressures are applied eg location selection, insufficient capital investment, or asset appreciation. This is because small businesses are generally founded by individual businesses, for example at home or otherwise.

The key to success in entrepreneurship does not entirely lie in one's business skills but also requires a positive attitude towards life and effective planning in maintaining business facilities where skills, solid market strategies, having good/creative ideas, and innovation in operating the business to keep it running.

I would like to add following things to the list

1 -  Wrong timing of the Product:
 Even though your product is excellent, sometimes business fails because market is not ready to buy or understand your product

2 - Poor Marketing:
Marketing is crucial for any business. If you do marketing at wrong section of people, your marketing fails and so your business.

To this you are right, but more than learning from failed businesses and enterprises, Aspiring entrepreneurs should take a page out of the book of successful projects and businesses, their trade secrets, behaviors and practices that they are actively using and abusing to ensure success. It also must be noted that it's not enough that you are industrious, you must also be intelligent and wise in making decisions especially ones that will affect the scalability of your project. True, OLX is pretty much still up and running although the company is as far as I know already absorbed by a much larger project that dabbles in the same sector OLX used to be in. They also underwent a bit of a rebranding if I'm not mistaken. Although when summed up, OP's statement regarding businesses should still hold true.

Maybe we can not say failed, because until now it is still running. Like OLX. OLX is still officially trading goods, both new and used. We can sell goods by meeting directly with buyers. However these companies operate independently in each country. Although in one country it is no longer used, in other countries it runs smoothly. I think it depends on the competition within a country.

When you do build a business then you shouldnt really make yourself be that positive or believing that it would really be definitely succeed out because chance or risk of failure do always lying on side.
Neither succeed or fail, there's only two outcomes which the business of yours would be going thats why its better not to expect because it would really frustrate you out if you do see different results.
Nothing is assured on business or investment world because it would all come or depends on the demand as always.Neither small scale or huge scale there wont be no exemptions
for this one.

We must also recognize that to create a successful business right now is very hard since inflation is out of control, so many people which perhaps could be interested in doing something like this are not creating new businesses and they are not generating economic growth or jobs, this is slowing down the economy and making the crisis even worse, but I understand them as it is clear that if things get worse, and all the indicators seem to point to this possibility, then most likely they will lose money.

I agree with you and disagree
I use a "hackneyed phrase", but well applicable to the real situation with Nokia - "this is a bit not the case"
In what I agree - yes, Nokia ignored Android, focusing on Symbian. By the way, Symbian is a very good system, the first in which real multitasking appeared, good stability, not very demanding on resources, and not bad at all ... for ITS TIME. But they did not appreciate the "risks" of Android's luck.
Although even Steve Jobs, who I respect, said "... that he was ready to spend a lot of money and effort to destroy the Android operating system." True, this was presented under the sauce "Google stole my ideas", but I think this is some kind of lie, because to. Steve was well aware that this is a real competitor to iOS. But that's a completely different story.....
Back to Nokia! At the same time, Nokia still had a good trump card - MeeGo, but he was deliberately "killed". I’m not ready to say that MeeGo would kill iOS or Android, but MeeGo would definitely get its niche! And instead of objectively assessing and ACCEPTING the trend set by Android, developing MeeGo in parallel, they not only did not adapt, but also KILLED Symbian and MeeGo by changing the head, and began to poke Windows Phone everywhere, which was really not competitive and unpromising, at least on the basis of that this system was aimed primarily at the corporate sector.

there are a few skill which doesn't need much investment
For example - photographers don't need much investment they would need to have good gadgets and they can rock the floor. Graphic designer would only need a computer and nothing more.

Skill and experience are just useless if you don't have enough money to start a business. Because some have that stuff already but unfortunately, they are just sitting and drinking beers as they can't pursue their goal due to financial capabilities. Success in business doesn't just rely on our skill and knowledge but on our mindset as well on how to drive and run the business. Many entrepreneurs got failed because lack of managing skills which I see is also a vital tool in this field.

Actually the main capital in building a business itself is a skill and experience that we already have in the business field that will build our business.
because experience is needed so that we can minimize failure before we go any further. like if we want to build a culinary business such as a restaurant or cafe. then we should look for an experience first by working as an employee in one of the restaurants and cafes. we worked there while studying the business system. so that when the experience we get is judged to be sufficient. then we can venture to build our own restaurant business. but of course this only applies to people who already have capital money. because still even though our experience is enough but if we do not have enough capital money then we will not be able to start a business.

To talk about building a business and maintaining it is an extremely difficult thing, not everyone can afford to do it, whether small or large scale. I also failed once with my business so I know what it feels like, but I find it not a waste of my money and time, I think neither should you, although the feeling of losing a large amount of money is not pleasant at all. Thanks to that failure, we felt weak, and not as good as we imagined, from those failures, I have learned lessons that no one or school can teach me. Although I have no intention of reopening my business because I currently have a fairly stable freelance job, those lessons can be applied a lot in life, not just at work.

I disagree about providing subsidies for more efficient forms of energy (or a more efficient engine, for that matter).

The purpose for a subsidy is if the assistance of the person or enterprise benefits the public good in some fashion, and if the person/entity is in specific need of financial assistance. The energy companies are sitting on record amounts of cash according to some media reports. That's fine, I don't attribute it to greed, but rather operating a successful business. It's within these energy companies to invest in the R&D for alternative energy sources or taking the existing products they have and making them more energy efficient. Why? Innovation drives consumers to be gravitated towards their products, so the incentive already exists.

When companies get free government money, it drives complacency. If it turns out that for some reason, market forces do not meet the public's best interest, then fine, I'm good with subsidies for whatever industry.

The history of the collapse of Nokia is somewhat different. I will not now retell "the last years of the life of a dying patient", but I will suggest that you familiarize yourself with this period, familiarize yourself with the "transformation in Nokia" arranged by Stephen Elop. I also highly recommend reading The Impossible Success, the autobiography of Jorma Ollila, the former Nokia CEO who led the company to the height of fame we all know or have heard of.
PS. Ollila joined Nokia in 1985 and soon became Vice President of Finance and then CEO of Nokia. He held the high position for more than a decade, building Nokia into the world's largest smartphone maker.

It is understandable to fail when you are trying to build a new startup. I personally tried a few myself, and spend a useless amount of time and money on them too, and never took off, it didn't even reach the levels of the companies OP talked about, all of them failed to take off to a point, just one of them made me a decent chunk of money back in 2017 bull period, and I was happy to sell it off and it crashed after I sold as well due to bear market of 2018 as well so I am glad I sold it, but all the other times I tried it failed miserably.

This is why I understand people who try to build something and fail, it's not an easy task at all, it is definitely very difficult.

Sometimes some people also misinterpret failure as a spice to be successful. Because there are so many people who when they fail several times have to build everything from scratch again. Even though from the several failures that have been experienced, it is clear that this can be a very valuable experience and lesson for someone who wants to rebuild his business to become better and more advanced.

Big business do start on being small but it is really just it did turn out that there are lots of people had seen their relevance and demand which ends up on being big in the years had passed.
It is really just on what kind of business you are building on and on what are the things that you are offering.Sometimes it does really require up some luck for you to succeed on any
venture.Not everything is guaranteed on success just because you had done everything.It will always vary on the demand and on how the community or people
would be seeing the relevance of your business.If they do saw it to be useful then its good but if its not then you would definitely fail.

Do most entrepreneurs always think about where to find capital? Thinking like that is a very fatal thought if done by a novice businessman, in fact in the field we can apply for loans from friends, family, and even banks. Healthy? Maybe you often read or hear why entrepreneurs or rich people always owe a lot to the bank.
the most important thing in my opinion is the mindset of managing money from time to time to keep your financial turnover.
no matter how much money you put into your business if you can't manage it, it will be like a plane crash.