Topic: Business failure among small-scale entrepreneurs - page 3. (Read 3236 times)

being transparent is indeed one of the thing many people sought after these days, i remember back then being reseller was quiteeasy thing to do basically just set up some amazon account and we're set, nowadays people like to make some research about the price of their product even go as far as researching the price of certain goods from aliexpress, the behaviour of customers nowadays are definitely changing and a businessman we should be well versed in these things and kept on adapting towards the changing of customer behaviour.
there's also reason why so many companies out there collecting data about their customer because they want to know whats best for their customer and the thing that piqued their interests.
everything is based on customer these day even go as far as creating personalized recommendation for the customers.

People who when starting out and creating a new business encounter problems as it’s likely to and fail. When such people fall and rise again multiple times aren’t necessarily born into wealthy families to have enough capital to continue to bankroll the business even when it has failed to succeed multiple times.
There are people who put in the work to make the startup a success. Capital is important, no doubt about that. But the physical work is also needed that would take up a whole lot of your time. People who fall and rise again when starting a business have determination and perseverance. Traits that can help one when starting out and without it, all the capital in the world could be sunk into the business and it still wouldn’t succeed.

I want to add the 'not setting the right goal - short and long term goal. I started to think of opening a small business, and it has been running to my mind ever since. What's the goal of my business? what if something is going off? what's the plan A? B? C? what is the realistic roadmap for my business? I've been overthinking lately that frights me in starting.

This is why management shouldn't be handled by any of our relatives, unless and until they have a degree or experience on SUCCESS management of business. Even the business owners, if you don't know how to find someone who can manage for you.

Basically, it is the crippling problem of every business, expectations should be set in monthly or quarterly, we cannot expect something to happen in a year from the first day of the business.

That's a good percentage, I think entrepreneurs should master what you say, and if not, maybe the opposite will happen because I see a lot of entrepreneurs who can't maintain their business any longer, for that reason now customers are smarter in sorting and choosing the right products. They want it, especially in this modern era, to be more transparent, even regarding prices.

For anyone to run a business you have to know much about the business very well in other not to be a victim of circumstance, most people fall into business because of the failure to adhere to rules that govern such business and the strategies involved, let's take for example a commodity that has only 10 bucks profit, you can decide to sail such item for 8bucks to fasten your sell in other to restock, some persons can decide to come from far to get such item from you since there is a little reduction of price, for you to excel in this kind of business you have to unleash all the necessary strategy you get to outsmart your competitors.
Don't go into a business with learning how to bit your opponents if not you ain't last long in such establishment.

I agree with that, don't rush to take action, because something that is done in a hurry may not consider it well then it will produce something less than optimal too. and indeed if you want to succeed, of course, there must be a process that is passed. there are no people who are instantly rich, maybe there are but they only inherit property from their parents. starting investment with small capital is also not a problem because if it is run well, it is likely that it will develop and of course it will generate its own benefits. financial freedom that must be achieved so that we can enjoy everything.

everyone can do it if they have good consistency even with small capital it can be done, success will be created if we ourselves want to try to run it well, it takes a good understanding to invest in bitcoin because if it is done with no good understanding it will produce something that is not good, therefore before investing in bitcoin of course there must be a good understanding as well as must be willing to learn to take examples from the experiences of many people who have long invested in bitcoin, and the same is true with other businesses or investments.

The option of becoming richer is just a hope and if someone doesn't have support then I don't think it can ever be achieved. Both doing business and being involved in investment require money and talking about profits will definitely adjust and unfortunately there are many people who are starting to get caught up in promises of big returns and they have no knowledge at all to get involved in these two methods. Forget about wealth when we don't have the knowledge to run it and don't expect to be richer when we don't have the money to make it happen.

Take small steps to prepare for greater financial freedom and if you have an understanding of bitcoin then invest responsibly using existing capital. There is no need to be too hasty to reach the rich stage because there are no instant steps to achieve it, but when we start preparing in a measured and good manner then I am sure that slowly we will benefit from financial freedom through this scheme.

Bitcoin is a solution because it doesn't require large capital to run it and all that is needed is consistency to keep trying to collect regularly. There is a method for some people who don't have a lot of money and maybe there has been a lot of discussion that has been explained in the forum, just follow these steps and increase your ability to get involved in it, then I am sure that in the future we will reach a better stage of financial freedom.

Sales definitely play important role in determining an investor's success. It's important for businesses to generate sales because it not only indicates the demand for their products or services but also provides them with the necessary funds to sustain and grow their operations. Without sales, even the most trusted business plans can fall flat.

Is true that sales are one of the factors of an investor's success, that is where the business basis if they should continue their business, cause some businesses despite having a plan it doesn't have any sales then it would be hard to recover resources as you get the capital from your funds again. Even starter businesses take advantage of using sales to have enough funds to upgrade their business, which the customer likes as they can see the improvement from the start of their product. People should not be afraid to risk on their first product as they can gather reviews for them to improve, remember that every business starts from scratch having a small fund and small sales as well. Plus there are already many ways to improve sales with the help of the internet, just take advantage of every resource you have.

For those who are just totally noob or new into this venture on trying out to make some business then they would really be sharing up with the same perceptions and beliefs that they do have in mind which is actually not that right or simply being wrong. They would normally be thinking or having these impressions on the ff;

1. Easy success
2. Easy to manage
3. Easy to control
4. Easy positive results
5. Easy progress
6. Easy problem handling
7. Easy profits

Once you do able to step your foot into this market then it would really be just that too damn hard to make yourself even getting with your first costumer specially if you are making a business.
You would really be able to realize it along the way considering that competition is high and handling out business related problems like management and fund planning would really be
that pain in the ass and not something simple that you could really be able to deal with.

mismanagement of funds and wrong expectations are two things that i think often kill businesses.

when a business mismanages their money and tends to burn their money on things that are not really important, they have dug their own grave. because managing money is related to business sustainability and when companies mismanage their money it will threaten their operational activities and reduce the trust of their investors.

and when companies cannot predict market expectations when they have poured a lot of money into the plan, it means they are counting the time to go bankrupt. capturing what potential customers expect is the most important thing for a business, so that when they launch a product or service it will immediately be captured by potential customers which can improve their brand in the market.

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.

These are all good points in the OP and coupable also makes a very valid point:


It takes meticulous planning and dedicated execution to be able to make a business succeed. The economic environment also plays a role in the initial acceptance from the target market. If it's not a good time to by anything, it's hard for a new product be tried without any kind of backing or review, people and businesses take less risks.

I am yet to find a forum or a place where people can discuss what takes successful business execution. I think the major problem here is that there isn't an active forum that cultivated a community quick enough. Someone should compile resources into a thread in this board.

a business's success heavily relies on its sales performance. New businesses often struggle with generating sales, which can be detrimental to their survival. In addition to sales, proper investment is equally crucial for a business to thrive. Many entrepreneurs underestimate the importance of investing in their business, which can hinder growth and sustainability. Prioritizing sales strategies and allocating sufficient resources to enhance product/service offerings are vital steps for ensuring a new business's success. It's essential to understand the significance of both sales and investment in building a thriving and profitable business.

You are right, all people are born with different abilities and of course with different fates too but if with  success they can achieve with their own effort You are right in saying that there are many things that can be done to make money not only with business and investment, judging from the current development of technology  in my neighborhood many young people are doing online sales and this generates profits for those  who run it well but I see this tends to be more dominant in women, although there are some men who also do this but I think more women are doing this,  because women usually tend to be smarter to speak in front of many people and they are able to market their sales well so that they generate their own profits. most young people today,  especially men who are like you mentioned, "only want to see success but don't try to go through the process". in my neighborhood young men who are adults, many of them don't work and don't seem  to think about their future, they just spend time playing online games, until some don't sleep to play games, and I see them like they don't have a burden on their mind. but some of them also make money from playing games like my one friend, he makes money by playing games, I dont know how but he is definitely not a youtuber or streamer.

that's right, bitcoin investment in the long run, the benefits gained from long-term bitcoin investment can be enormous because as far as I know it is promising, but this is only done by people who really have high patience and strong consistency, because even though this is easy to do but in my opinion it is not easy to run it, the consistency that is owned must be really strong because if it is not like that it is likely that they will fail in the middle of the road either pulling it or selling it when it is not time to do that, this happened to my friend where he invested in bitcoin but not long ago he sold it back and cashed it out because he was tempted by gadgets that are currently busy among the people. So in my opinion, we must have a strong sense of consistency so that we are not easily tempted by the things that are around us.

It's about self-assessment, not merely character or unique characteristics. People avoid serious reflection because it's difficult. They desire success without considering their skills. Our society values hustle culture yet overlooks matching labor to talent. Everyone copies someone else's success formula, unaware that their secret sauce may be different. Knowledge is lifesaving, not just power. Cryptocurrencies are the future. People hear about instant billionaires and want in, but they don't see the countless others who lost everything due to ignorance. As dumb as jumping into the ocean without knowing how to swim, investing without knowledge is foolish. Instead of promoting financial shortcuts, we should promote careful risks. People should stop treating investment like a lottery ticket and more like an art form that needs strategy, patience, and a lot of study

Maintaining a business is always an Herculean task. Most of the reasons why many businesses fail is competition because in fairness you have to be on your toes to deliver whatever you are delivering for your business to stand the test of time.
Everybody sells values either goods or service and the way you present it matters. Competitions is not only in pricing but in every facet of the business because companies compete in terms of of pricing, after sales, money management, customer service, accessibility and host of other renderings and you must know how to compete in all fronts.

Need to also mentioned that some businesses are not meant to last long they are just in for the money and move on to next project. They create them to raise funds for something bigger. Right from start they already know number of years they want to be in operation.

Some business fails due to bad management of money & staff because they make the money but fail to hold up to their part of loan repayment as many of these businesses were financed by loan. They also forget to retain their biggest assets which are staff by not treating them well and losing them to competition.

We have lots of reasons why businesses fails but all these can be controlled if things are done rightly and I always say whatever business you do make sure you insure most especially against government policies that can crumble business operations.

  In this era, if you build a business the traditional way, it will be very difficult to keep up because the battle is really very competitive. A marketing strategy will enhance the battle to attract target customers; this is the battle in reality.

  That's why business requires intense determination and dedication, as others have said, apart from being patient and, above all, having passion. It's not possible that you are not ready to start a business because if you only started a business because you thought that you didn't have the character of a real entrepreneur, the result of this for sure will not be good; in short, your business will not succeed in the end.

Find your own character and look at individual abilities for matches that can be done responsibly because not everyone has the same abilities, including even in developing a business and people are usually born with different abilities. There are many ways to reach the stage of being able to earn income and money, not only limited to the business or investment sector, some people can even make money just sitting and working from home. The question is why not many people are willing to explore their identity before forcing themselves to do something that is much more responsible and the answer is because people just like to see success but they don't put in the effort to go through the process.

Investment also has a big impact on financial freedom, especially if we use Bitcoin in the long term. But you also need knowledge so that the investment you undertake does not result in the risk of loss caused by weak knowledge. All the work we do requires knowledge because nothing can be obtained easily or instantly.

One of the common reasons that startup businesses fail is because of poor management. It takes money to actually build the brand or company but then it takes an adequate manager to make sure that everything is going right. I’ve seen brands that have really bad managers and merely seeing how they run the business, you can tell that it’s a matter of time before they put the business to the ground. CEOs should really be careful who they employ for this role (if they aren’t the ones handling it) because it’s like the future of the business.