There have so many reasons as to why most business fail after startups, but there have also been cases when a business fails even before startup. One common reason for this is low self esteem. Most young entrepreneurs are plagued with low self esteem that they fail to see their good traits and qualities. They assume they are not good enough hence no need trying.
Why most entrepreneurs fail even before they start
- Thread starter eldavis
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In such case, that means the person is not yet confident that his/her business idea works. He/she may find it out while doing a feasibility study. To start a business, one must have the passion, skills and knowledge as well as confidence in running the business.
The very first point of failure for most entrepreneurs is poor feasibility. That would lead to setting up the business based on a wrong plan. That is automatically a lose for the business before it starts.
Procrastination is the main problem why many entrepreneurs fail before they start. Once you have a business idea, the next effort should be geared on how to start from the scratch. You don't have to wait ubt when you have all the cost necessary for the hauling of the projects. Start small is better.
I must say that many of them fail because of many reasons. They do not invest the minimum required amount of capital in the first place and they do not have enough experience as well.
The thing we all new entrepreneurs made some mistake when we think about having our own business and running a business all we think about is getting a huge profit and becoming wealthy and having a lots of workers under us but we don't consider the challenges we face when we run the business so we fail to run the business we starts.
This is very true because most entrepreneurs would just make a copycat of what other businessmen are doing.
They tend to fail because of the lack of technical know-how on operational and managerial functions of the business.
They tend to fail because of the lack of technical know-how on operational and managerial functions of the business.
Entrepreneurs fail before they start when they have a faulty business plan. A weak business plan is hard to build a business on.
