Business failure among small-scale entrepreneurs - page 13.

Cookdata

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Quote from: bestcoins1 on October 07, 2022, 10:47:12 AM

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To become a successful entrepreneur, of course, requires a process and has failed a lot, the big entrepreneur we see today is successful when he tells it, he will say that he has experienced many failures and is almost desperate because of bankruptcy and so on, but with enthusiasm and learning from mistakes they can success.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

You can still work your ass up but you fail as an entrepreneur! Do you know what kills any business faster than others, it is the government and policy. I have seen so many micro, small and medium enterprises get shut down due to government change in their policy, it is not favouring business people and they are also not helping them, I'm even surprised that there is a fund allocated to support these MSME and the rate at which they are all closing down seem to be unappealing.

Among the top business listed by OP, the Gomyway reasons mentioned may not be the main reason why it was shut down, the government could also be among them because a similar business like Gokada has been shut down in the country and even OPay that are into transportation, and what pains me the most is that they don't take quick decisions on their launch, it is always when it has become successful.

_BlackStar

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Quote

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.

Don't forget that you also need the support of others to build your business and support it to succeed.

Starting small, will become big if managed properly. A business will develop and advance to compete in the market if the business is supported by many things. You can't just rely on hard work and patience to keep your business competitive without adequate financial backing. I think good capital is the most needed support besides working hard for it. Nothing is easy, hhmm right.

Eternad

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Starting a business has its own risks too, because you are investing into something that has still uncertain future. That is why it takes a knowledgeable and business minded individual to build and start a business as he has the potentials to grow and prosper what he has started. If you are seeing your business is not developing, then make some more innovations and change your market strategies that will work on the customers. And if you’re seeing it’s already growing, just continue your marketing techniques and even improve it for more positive achievements.

There should be a continuous plan for improvement as well knowing what the market trends. It's not always the same there will be time you will sell alot and days with low sale , so identify how will you manahe the expenses with these 2 scenarios. Keep track of all the expenses,sales as well things you do for business to identify whether your right track or need a change plan.

yudi09

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Quote from: odunybiz on September 27, 2022, 03:41:00 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.

Business is an inherent job with two sides, namely losses and profits. Like black eyes with white eyes. That's the parable.
There are two types of business people that I know so far. The first is business because of talent and the second is because of heredity.
Ranging from mismanagement of funds, planning, poor management, inadequate financing to false expectations, for me it's just a theory. All of that is summed up in four words namely POAC, which is easy to learn but difficult to practice.

Want to be successful, depends on each of us. Not just in business.

Fortify

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Quote from: odunybiz on September 27, 2022, 03:41:00 PM

Any business can fail if not well manage. It is one thing to start a business and it another thing for the your business to stand firm for life. These are examples of Nigerian Businesses that Failed Within 5 Years:

Reason why businesses may fail
👉 Poor Customer Care/Support
Customers need proper attention for a business to survive. Without them, your product will fail to exist. When customers are not well treated or appreciated, they often become dissatisfied, leave bad reviews and patronize others.

👉 Mismanagement of Funds
Some small businesses fail because the owners mismanaged the business funds and there was no accountability.

👉 Inadequate Financing
Huge number of entrepreneurs make a common mistake of starting a business with no adequate operating funds. Most small business owner start their business without having enough that can finance the budget of their business. Some start the business with loan with heavy interested.

👉 Poor Business Management
The management play a key role to sustain a business. It comprises of activities such as planning, organizing, staffing, directing, motivating, controlling, co-coordinating and communicating. When a business is poorly managed, its death is imminent. Management

👉 Inability to Communicate Value
Communication is highly important in businesses. This is the only language your customers here. Some small businesses fail because of their inability to clearly define their value propositions — that is, they fail to understand and communicate their products or services to consumers effectively.

👉 Wrong Expectations
Some startup and small business owners expect money to start rolling into their business account immediately with doing little or nothing.
The idea of starting a business with the wrong expectations and impatience has made many businesses to collapse within a short period of time.

👉 No Planning
Most small scale businesses start the business without a concrete plan. They rush into business because they see people make ways from it. To start a business, one need to make proper findings about the business. Failure to plan may lead to the downfall of the business.

👉 Lack of Focus
Investing in many things almost at the same time is not healthy fora business. Engaging in so much things at a time may make them run out of cash. This on the long run will affect the financial aspect of the initial business. At the long run, they end up closing down the business.

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.

Many people will not necessarily be lucky enough to experiment with different business ideas because they get trapped by the complexities of day to day life or simply do not have the resources to dedicate to it. The internet has been a great equalizer for people across the world and opened up a whole realm of possibilities for trying new things. The most important thing that an entrepreneur is likely to pick up is failure and perseverance, which means testing lots of different things until you find a profitable recipe for yourself. It also teaches you constant adaptability as the world is often changing and you will need to change along with it.

rby

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Apart from the above-mentioned factors, there are some other factors that could lead to business failure, among these factors are ;
1. little or no knowledge of the business owner about the business. When you don't know how the business is run , yoy don't know the secret of the business and you don't hire the right people to run the business there is every possibility that the business will fail prematurely.

2. Another factor is unfavorable government policies, and also some of the environmental factors that were not considered during the business research stage. For instance, establishing a business in a flood place during the winter coming to meet the reality during the summer.

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Quote from: Gyfts on October 09, 2022, 01:30:23 AM

Quote from: Vaskiy on October 02, 2022, 06:58:07 PM

In my country a big number of startups got into existence as a result of some schemes initiated by the government. Later this turned to be mere schemes and the government failed to provide consistent support in all levels, particularly in finance. This have caused a big percentage of startups end and very few are sustaining. The governments have got big responsibility in the development of the people through entrepreneurship. Most of the time government work for the corporate that are once a strat-up.

Exactly. A business isn't a true business if it requires government subsidies in order to remain operational. I'm not oppose to government propping up businesses with subsidies if they meet the public need. A lot of farming operations receive government subsidies for the obvious reason it's within the public interest for there to be a surplus of food. More recently I'm seeing tech start ups in the green sector receive government loans/subsidies. These business wouldn't last a second without these low interest loans. And of course, when the business goes up in flames, the public is left with debt burden.

Subsidies are fine as long as they are given to a sector of the economy which is solid and not speculative on its nature, and a clear example of this as you mention is the food industry, as everyone needs food in order to survive and the more food we have the cheaper it is and it becomes affordable for everyone regardless of social class, and while I think we all recognize the need to have greener sources of energy, at the same time we also recognize the technology is not there yet and that fossil fuels are the more efficient way to produce energy, so if anything I will prefer those subsidies to go towards creating a more efficient engine or something like that.

Bazzu

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Quote from: Ahli38 on September 27, 2022, 10:25:09 PM

Please note that the business world is a world full of challenges, sometimes bringing in troublesome competitors.
This is where our expertise is tested in business.

but the cause of the failure of a business is sometimes not because our business is bad or our marketing is not good. but the overall economic condition of the economy can be the real obstacle. when people's purchasing power decreases. and the price of goods continues to soar. At such times it is very difficult to maintain a business. it is not surprising that as a result of an economic crisis, many shops and companies were able to close, even factories that had been around for a long time had closed because they were unable to pay employee salaries due to the products produced there had been a decline in interest in the market so that they were not selling well.
There are many factors that can make a business fail. both internal and external factors.

usually to maintain a business when we have many employees and at the same time income decreases. then the reduction of employees is the solution. despite the fact that the effectiveness is still 50:50 but it can minimize expenses. reduction of employees and reduction of production if it is a factory.
and today the global economic conditions are really worrying so that it is increasingly difficult for small businesses to survive.

Yes, indeed because now business competition is getting stronger, so small entrepreneurs will find it increasingly difficult to grow, because they lose competition with big companies, such as starting from food products and so on. and usually lose competitiveness in terms of price,, usually if large companies offer very cheap prices to the public,, because they have large capital,, so small entrepreneurs, with small capital will surely lose to big companies. but of course not all small entrepreneurs go bankrupt because many companies that were originally small turned into big companies.

Jatiluhung

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Quote from: Kadal Ijo on October 08, 2022, 11:41:45 AM

Small businesses are easy to fail, very limited funding support makes the opportunity to fail is very large, moreover small businesses only rely on feeling and not good skills, just other skills and financial factors are the characters of small entrepreneurs who do not want to add abilities.

a business built on a feeling is a speculative business. then it is true that such a business is very prone to failure. because the right business is a business that has been prepared and planned carefully. both in terms of capital funds and also capital expertise or knowledge or skills. even have to have gone through research first. and indeed sometimes with limited capital funds can make small businesses prone to failure. because they do not have spare funds in case of losses. even though an important element in a business is that there is always a reserve fund. Even careful planning always requires a backup plan. because a business or business sometimes always finds things that we did not expect before.

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Quote from: Rockstarguy on October 07, 2022, 12:17:34 PM

Quote from: bestcoins1 on October 07, 2022, 10:47:12 AM

Quote from: ?? on ??

To become a successful entrepreneur, of course, requires a process and has failed a lot, the big entrepreneur we see today is successful when he tells it, he will say that he has experienced many failures and is almost desperate because of bankruptcy and so on, but with enthusiasm and learning from mistakes they can success.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

Their is no successful business without failures, but as far as one is doing the right thing in business and putting good attention to the business it definitely be successful. Reasons why most businesses don't do well is because people fail to give attention to their business.
Failure in business will always take place but when one is comfortable with the falure and not trying to make some adjustment to correct certain mistakes that means the business won't survive.

It is true that the key to success in business is how we take lessons from every failure we experience in building a business. Because all
successful businesses always start from failure, because it is failure that usually teaches to be able to achieve success in business.
After we experience several failures, usually we will begin to realize how to build a good business. Therefore, people who never give up,
who can always rise from failure, usually that person in the future will become a successful entrepreneur.

So if we want to build a business but are afraid to fail, that means we don't have an entrepreneur mentality and are more suited to office jobs.
Because all the big companies in the world, usually they all fail first and they can fix every failure. That's what ultimately makes the business
bigger, because they know how to fix every failure that occurs. So when we experience failure when business, it's not the end of everything,
but indeed to be successful we do need to experience the process of how we can overcome every failure that occurs.

Gyfts

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Quote from: Vaskiy on October 02, 2022, 06:58:07 PM

In my country a big number of startups got into existence as a result of some schemes initiated by the government. Later this turned to be mere schemes and the government failed to provide consistent support in all levels, particularly in finance. This have caused a big percentage of startups end and very few are sustaining. The governments have got big responsibility in the development of the people through entrepreneurship. Most of the time government work for the corporate that are once a strat-up.

Exactly. A business isn't a true business if it requires government subsidies in order to remain operational. I'm not oppose to government propping up businesses with subsidies if they meet the public need. A lot of farming operations receive government subsidies for the obvious reason it's within the public interest for there to be a surplus of food. More recently I'm seeing tech start ups in the green sector receive government loans/subsidies. These business wouldn't last a second without these low interest loans. And of course, when the business goes up in flames, the public is left with debt burden.

erep

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Quote from: milewilda on October 07, 2022, 03:27:58 PM

Any business does really experience failures but we know that failures could really be having different extent on which there are some who could able to recover and there are some who do totally die.
It would really be just that normal that you would really be needing up on making adjustments for you to correct on what you had done wrong.Although there's really no assurance when it comes to success.
You wouldnt really be able to stop things whether it could really be the end of your business or you could really still able to recover it.Mistakes and errors are common
but as a business owner then you would really be striving your best on standing on your feet.

Some businesspeople will identify the issue and reevaluate to restore business conditions to normal mode, but that decision will not be passed easily until some companies decide to close because there is no other way to grow the business. But I suggest the best final decision is to fix the various weaknesses in the internal business and establish partnerships with other companies for mutual benefit, then the recovery of the company's graph will gradually improve in the next few months.

Kadal Ijo

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Small businesses are easy to fail, very limited funding support makes the opportunity to fail is very large, moreover small businesses only rely on feeling and not good skills, just other skills and financial factors are the characters of small entrepreneurs who do not want to add abilities.

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I'm sure that those failed companies have came to a time that there's a bigger company that wants to acquire them. But, as they think that they're at the top of the world, they declined those acquisition offers. Everyone should learn who's into this type of business and endeavor that when a bigger company offers such acquisition, they'll just have to grab it and work for something else. It will make give them connections and will open more opportunities upon doing so.

milewilda

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Quote from: Rockstarguy on October 07, 2022, 12:17:34 PM

Quote from: bestcoins1 on October 07, 2022, 10:47:12 AM

Quote from: ?? on ??

To become a successful entrepreneur, of course, requires a process and has failed a lot, the big entrepreneur we see today is successful when he tells it, he will say that he has experienced many failures and is almost desperate because of bankruptcy and so on, but with enthusiasm and learning from mistakes they can success.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

Their is no successful business without failures, but as far as one is doing the right thing in business and putting good attention to the business it definitely be successful. Reasons why most businesses don't do well is because people fail to give attention to their business.
Failure in business will always take place but when one is comfortable with the falure and not trying to make some adjustment to correct certain mistakes that means the business won't survive.

Any business does really experience failures but we know that failures could really be having different extent on which there are some who could able to recover and there are some who do totally die.
It would really be just that normal that you would really be needing up on making adjustments for you to correct on what you had done wrong.Although there's really no assurance when it comes to success.
You wouldnt really be able to stop things whether it could really be the end of your business or you could really still able to recover it.Mistakes and errors are common
but as a business owner then you would really be striving your best on standing on your feet.

iv4n

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All these reasons show how bad the team behind the project actually is! The team leader didn't choose the right people, they didn't manage to connect and that's why the job went bad! The most important part is how the people behind the business do their job, from the boss to the doorman... if the doorman is scary he will push people away!

People who start from scratch have to give up free time, in most cases even time for the family! Until the business starts bringing something back it's work day and night, literally! Some of my closest people have businesses, they started from scratch, and only after 5+ years they have a bit more free time. Simply, some people don't have the dedication and courage to risk (to risk much more than money in some moments) in order to create a business, and that's why they fall into the water as soon as the first storm arrives!

Bottom line is that if you don't try you will not know! If you try you need to think about many things and be brave to take some risks, nothing comes without that.

Rockstarguy

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Quote from: bestcoins1 on October 07, 2022, 10:47:12 AM

Quote from: ?? on ??

To become a successful entrepreneur, of course, requires a process and has failed a lot, the big entrepreneur we see today is successful when he tells it, he will say that he has experienced many failures and is almost desperate because of bankruptcy and so on, but with enthusiasm and learning from mistakes they can success.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

Their is no successful business without failures, but as far as one is doing the right thing in business and putting good attention to the business it definitely be successful. Reasons why most businesses don't do well is because people fail to give attention to their business.
Failure in business will always take place but when one is comfortable with the falure and not trying to make some adjustment to correct certain mistakes that means the business won't survive.

bestcoins1

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Quote from: ?? on ??

To become a successful entrepreneur, of course, requires a process and has failed a lot, the big entrepreneur we see today is successful when he tells it, he will say that he has experienced many failures and is almost desperate because of bankruptcy and so on, but with enthusiasm and learning from mistakes they can success.

Those who are successful now have failed in the past, but I don't think there is a need for too many failures, because when there are more failures in an entrepreneur, he will get worse and take longer to get back up. The success of an entrepreneur is also due to long hard work and never give up and what don't forget is his experience in the field he is in.
Because when he had failed once or twice in his attempts, the third time would definitely not fail again because he already knew where the fault lies in the past which caused him to fail.

Punakawan

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In my opinion the hardest thing that makes the business fail is not to know the market so that the results of production cannot be marketed, we must understand the market strategy, namely things that are necessary, most business people have not mastered effective marketing strategies.

suzanne5223

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I believe the number one reason that causes the failure of any scale business is the location and I think a lot of people don't notice this because I have seen many people doing the exact mistake and believe that having a business concept with capital is what is needed for a business to be successful.
But in the e-commerce business which the OP used as an example what is needed to prevent failure is to welcome innovative concepts and do the needed marketing.

Topic: Business failure among small-scale entrepreneurs - page 13. (Read 3156 times)