Why do a lot of newbies failed in business
- Thread starter cherry123
- Start date
Il speak on wht I have seen in my country. They push to makenquick money so that they drink alcohol on the Weeknd, buy fancy cars and live extravagant lives. You will find that somebody will be selling food as a street vendor, he will make great profit, once the Weeknd hits he drinks away all his profit.
There are so many reasons as to why most new business owners fail, some of these reasons could include lack of proper planning, little to no capital or in most cases it could be due to the fact that they have little to no idea about how the business really works. They see a business plan and they just go for it simply cause they see others making profit from it. What they fail to understand is that a business might work for you but might not work for the next.
Most newbies venture into new businesses with so many expectations not knowing that business needs time a lot of time in deed for you to start seeing some results. After realising that things are not moving on as in profits are not coming during the early stages of the business they just close down the business.
Exactly, many failed business was as a result of rushing in without having those two
Sometimes they cannot get it why they failed. Being in denial is feeding their troubled souls.Exactly, many failed business was as a result of rushing in without having those two
Correct âś”, I would say greed made them target the impossible with their current status. Greed goes before a fall
Yes it makes one build castles in the sky. Giving ourselves unrealistic goals can sometimes make us feel we've arrived when we still have a long way to go.Correct âś”, I would say greed made them target the impossible with their current status. Greed goes before a fall
It has wreck a lot of business before they could even think of running a mile.
What is required in business is endurance, patience, and longevity. You need focus and good at computation You must know how to balance your business and possibly know the pros and cons if not a newbie surely lands in disgrace of losses.
Many business has collapsed not because the idea isn't bright but they lack those
.Yeah, every change in market trends should be observed
Newbies fail in business mainly for 2 reasons:
~ They don't have a business plan; neither short-term or long-term; and they need both.
~ They don't have enough funds to keep them afloat, i.e. money to pay bills when there are no profits.
~ They have employees who are not trustworthy, i.e. who steal from them and/or don't do a good job.
Some people have great business ideas. But they don't know what it takes to bring those ideas to fruition.
~ They don't have a business plan; neither short-term or long-term; and they need both.
~ They don't have enough funds to keep them afloat, i.e. money to pay bills when there are no profits.
~ They have employees who are not trustworthy, i.e. who steal from them and/or don't do a good job.
Some people have great business ideas. But they don't know what it takes to bring those ideas to fruition.