Topic: Business failure among small-scale entrepreneurs - page 9. (Read 3236 times)

Most business start out with high quality products or best in service quality delivery but I er time it has been noted that they begin to drop the quality by 1% at first the customers don't notice but the. It cannot be hidden for ever. Some factors are to blame though like if the economy of that country hits inflation and the business takes a hit but need to keep running so they sacrifice quality for longevity or profit in the business.

Business location is highly important as he has said. Alot of businesses has failed due to a bad location. In siting a location one have to conclude on the precise audience he/she is targeting. You can't decide to target the rich and go and site your business in a poor environment. Your target audience has a longer way to determine your business location.

I agree with you. Small scale entrepreneurs faced business failures because of several reasons. Lack of planning, many small business owners fail to develop a comprehensive business plans. Insufficient capital, small businesses often struggle to secure the necessary funding. Poor management, inexperienced or ineffective management can lead to poor decision making. Without effective marketing strategies, small business may struggle to attract customers and build a loyal customer base. Small businesses that fail to keep up with the changing market trends and consumer preferences may quickly become irrelevant and lose market share. Competition is another factor because small businesses may struggle to compete with larger and more established companies.

I perceive you in that manner, and I wholeheartedly agree with the emphasized statement: Consistency.

Business commences with initiation, proceeds with consistency, and culminates in success. The beginning and end are not overly challenging; rather, it is consistency that poses the true difficulty.

Consistency engenders trust and credibility for entrepreneurs. When a business consistently upholds its initial promises from inception, it cultivates a reputation and credibility that serve as tangible evidence of its commitment to the business endeavor.

Through consistency, every business can adapt to current market conditions and seize opportunities for innovation. Novel ideas spontaneously emerge from the depths of the mind as business owners unconsciously adjust to market changes.

Considering that business is a long-term endeavor, it takes considerable time for a brand to become mainstream and resonate with the public.

Regarding failure in a business, we must dare to run a new idea that we can take an experience in failure, and all have failures when running a business but they continue to rise to achieve glory even though there are many challenges they must miss but without any failure we will not foam to achieve success, and we can learn from large companies that have developed today they have gone through many challenges to be able to  Standing firm, then failure is the most valuable lesson in running a business.

Many fail due to banking, management, and communication.
Banking: being your own bank won't do much in a global business.
Management failing to control, overestimating your own abilities.
Communication not getting the message thru. 

Failure is the biggest motivation in doing business, as you said a business that has grown today they have failed several times but they continue to correct the mistakes they have gone through and finally everything can run according to the procedures that have been set, for location problems I think there is no big influence on a business if the products we offer are in accordance with consumer desires then wherever we are they will definitely look for our place, Although nowadays it is easier because you can get a product online, then all businesses that are lived today all have twists and turns of life.

This is why I always suggest working in the business you want to start in at first. That means you are going to end up with something much better understanding of the business before you do it. Doesn't matter how big or small scale you are thinking, from a simple cafe to some industrial machinery, it doesn't matter what you want to do, and the position obviously matters because if you are working for a cafe, then being a barista is better because you get to see it all of it, but when you are working at a factory then being in charge of just one machine means you are not going to learn more about rest of the business.

So all in all I am guessing that it is going to be a tough business to start but you need to first get a job in the field so you learn the mistakes of the industry a lot earlier on.

Agree as you say Failure in business exists, but it's the beginning of success and the learning process dares to fail and continues to maintain positive thoughts. The words that I always keep in my heart are like this:

Right now you are a failure. Enjoy it because tomorrow you will be a much better person.

You want to succeed? You yourself choose whether to succeed or not!

You are not them you are special, you are the one who inspires them.

If you are consistent with what you are doing, you will definitely succeed.

From this second you have to change.

There is no smooth road to success.

You will fall tens of thousands of times but failure is not permanent.

Rise and try again.

Most people don't achieve their dreams because they stop trying.

This is my dream and I will achieve it no matter what, I will learn from my mistakes, I will keep trying, I will fight harder, I will work smart and I will not give up until my dream comes true.

Failing is part of success.

Failure makes you wiser, gets valuable lessons.

Yeah right. Even a giant company whose name is very famous like CocaCola also started its business with several failures. But the owner didn't give up and kept going and correcting what was wrong with the business method they had done earlier. So that in the next trial he was getting closer to success and he kept on trying and finally became successful.

The point is very rare who can start a business and immediately succeed. because most businesses always experience problems at the start. it's just that those who continue to learn from mistakes and never give up on their business are the ones who will eventually meet with success.

never be afraid to fail before starting and if you fail after starting then learn from these mistakes and fix them in the next trial.

The most successful business we see today has had its share of past failures, some successful entrepreneurs have embarked on two to three businesses before now thriving in the new business. When one encounters failure in life you will avoid the type of mistake you did during the first business and try another mechanism another day. Also, one other factor for business is location because if your target audience is not located where you are the business will most times fail though this has been reduced with online business and logistics company.

Effort, perseverance, and effective action are the essential components of the journey towards success. When faced with failure, getting up and trying again can really be a challenge. It requires resilience, determination and a willingness to adapt and learn from past experiences. Each failure can provide valuable lessons that can be applied to future efforts, allowing for growth and improvement. So even though it can be difficult to overcome failure, you must acknowledge your need for personal growth and development. Every failure can be seen as an opportunity to hone skills, build resilience, and gain valuable experience. This can increase your chances of achieving your goals and building a successful business.

Also, some businesses are more capital intensive than others, and surely there may well be needs to identify how capital intense any business might be and then to reassess if there might be needs for more capital or there might be ways to carry out a business without as much capital by restructuring it in order to build capital prior to embarking on more capital intensive aspects of the business.

Business small or large can fail without proper planning, management and good entrepreneurship.
For a successful business you need a good plan and strategy to carry out the task ,planning and management.

that's true, but there are also several other things that cause business failure among small businesses, in my opinion, the main or biggest factor is the lack of capital, making it very difficult for them to compete and improve their business.
besides that Management is also very important, there are even some of the small entrepreneurs who are able to get up and grow their business bigger but the percentage is very small.

Just because it is common, we need to think of it and prepare less? Hell no but we must do our best like equipping ourselves with knowledge first about the business that we are about to venture. Also, we must prepare a good budget so that we can be able to do different things at their fullest.

We can still think positively and stay to be optimistic. It's just that their level have now increased dramatically because we know that our business is growing as on what we have planned. For those who fail and never try again. They might be a reason for this. Maybe they realize that they don't have a passion for it. Sometimes it's better to move on than being stuck in a rut.

Poor customer care is a strong factor that scares customers away from a business, but business also fail because they expand faster than they should. Most small scale businesses employ lots of staffs than they can handle, which is bad for their growth. It's been long I heard of olx and surprised that it failed, that was a promising business with lots of clients. These small businesses pay higher rents in the offices they occupy, knowing that their income wouldn't stay strong after such expenses. Management is key, that's why the managerial role in every business should be strong and firm, if not it won't progress.

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.