CREDIT: From http://www.businessgross.com
Out of every 20 businesses, 15 of them fail no sooner than they start out. Have you taken time to ask the question of why that is?
The truth is that as the saying goes, ‘if you fail to plan, you plan to fail’, period!
It is time for you to look into these facts and try as hard as you can to work on the areas where you fall short.
1. No Clear Cut Vision
The easiest way to fail as a business person is to set out to do business without a clear cut vision. Your vision and mission helps you stay focused and on-track at all times.
2. Improper Management Of Finance
Entrepreneurs fail when they divert the money for their business to personal use. Adequate financial knowledge is necessary to effectively manage and run your business. When you start out with little or no knowledge in this regard, you are bound to fail.
3. Lack of Time Management Skills
If you do not manage your time well, you are sure headed for failure. Time management skill is important if you want to be successful as an entrepreneur. Forming a habit around keeping and maximizing time is highly needful.
4. Allowing Family & Friends To Interfere
When you consistently allow family and friends to interfere in your business decision, it might likely ruin your business. As much as lies within your power, you must keep family and friends at bay.
5. Not Keeping Your Business Secret
Every business owner must keep his business secret to himself and if possible with some few selected trusted partners. When you make your business secret common place, other people may likely copy it and in no time you will be thrown out of your industry.
6. Lack of Management Skills
Lack of managerial skills can ruin any business. Every entrepreneur must seek to always upgrade and refresh their management skills if they indeed run their venture well.
7. Not Hiring The Right People
When you hire the wrong people for the job, it spells doom. There is a whole lot of calamity that could befall your brand. Make it a point of duty to hire the best hands.
8. Disregard For Business Etiquette
When you disrespect business etiquette, you are heading for failure. You must obey the ethics of the profession you belong to. There is no ‘rob Peter to pay Paul’ style when adhering strictly to business ethics comes to play.
9. Not Focusing on Your Core Products
It is good to have an idea of a lot of things, but it pays to master a few things. One of the recipe for failure as an entrepreneur is to be a Jack of all trades and Master of none. You have to ‘take the bull by the horn’, and carve a niche in your particular area of interest.
10. Wrong Business Decision
Wrong business decision is one of the major reasons why entrepreneurs fail. To be successful as an entrepreneur, you must master the art of making right decision promptly. If the decisions you make constantly bring in positive results, then you’re on the right track.
Click here to find the remaining for reasons… http://www.businessgross.com/2013/04/03/why-entrepreneurs-fail/