Businesses fail to succeed for many reasons. It is important to understand those reasons so that you can decide whether or not you are up to the challenge. The reasons below x-ray some critical issues to consider when venturing into any business. They are key points:
1. Fear of Uncertainty: This may be the fear of success or the fear of failure, fear of stepping out of one's comfort zone to try something new, or the fear of trial and error.
2. Failure to plan: When you fail to plan, then you are planning to fail.
3. Lack of funding
4. Procrastination: The mind of "I will do it Tomorrow or Later" .This is a thief of time.
5. Excuses! Especially making an excuse for any and everything that causes you to stumble... Be determined! Irrespective of any obstacles in your environment.
6. Engage yourself positively: Doing busy work. Keeping busy doing unimportant tasks.
7. Inability to delegate tasks. Sometimes delegation saves your business. If you have a weakness, hire someone who could turn that weakness into strength. Use others to complete simple time consuming tasks so that you can do other things.
8. Failure to Research: Lack of adequate feasibility studies may leads to failure.
9. Failure to Market: Voice out your product or service in all ways you could. Don't be shy!
10. An inconsistent advertising campaign: It is better to have a ton of small ads on a regular basis than one large ad on a monthly or yearly basis.
11. Be considerate with your price. Do you calculation very well. Your pricing is too low, thus resulting in a negative cash flow.
12. Bad accounting practices: Seek professional advice.
13. Choosing quantity over quality
14. Dishonesty
15. Not fixing mistakes.
16. Not completing tasks in a timely manner. NB: Timeliness is an essential tool.
17. Inability to follow-up: You should always follow-up by email, mail, or phone.
18. Not listening to client or customer. Clients or customers are the reasons for business existence. They should be seen as kings and listened to.
19. Spending too little: It takes money to make money.
20. Spending too much: Purchasing items when you don't need them, upgrading when the older version will do, letting suppliers talk you into things you cannot afford, and not budgeting.
21. Being unprepared for fluctuations in business: Boom times when demands are high as well as slow times when you are struggling to get by. (Put money away during boom times to prepare for slow times.)
22. Lack of diversification: If you only offer one product or service, losing it can destroy your business. Inability to think of how to create new business from your existing one (Keyword is 'Innovation').
23. Reputation: While a good reputation will gain you tons of business, a bad reputation could close your business.
24. Cockiness: There is nothing wrong with feeling great about your products, services, or accomplishments. Just don't let pride and arrogance destroy your customer relations.
25. Discouragement: Giving in to your feelings of discouragement, when things do not work out the way you planned or succeeds as fast as you thought. Also allowing others to feed on any discouragement you may already feel. Do not see failure at instance discourage you. It should serve as a stimulus to drive you ahead!
Please be conscious of these reasons to be successful in business adventure!