WELCOME to the Thursday edition of the Chilanga College premium entrepreneurship mentorship program.
On Monday, we introduced a subject in which we promised to share with you the 10 reasons that might cause your business to fail. We also promised to provide the possible solutions— just to make sure that you get through those tribulations alive and kicking!
The first seven reasons were…
Not Seeking Professional Advice
Lack of Good Customer Care
Lack of Experience
Lack of Personal Growth
Here are the rest of the reasons:
- LACK OF FOCUS
Entrepreneurs can easily be distracted with too many minor tasks. Everyday that their focus tends to shift, their thinking shrinks. A good entrepreneur or business person will never lose focus on what’s important and where their priorities are. The weakness is when they get caught up in trivial perfectionism in the tasks which can and should be left to others. Entrepreneurs should learn to delegate tasks. The short-sightedness become obvious when DOING rather than BECOMING becomes an obsession.
Solution: Being busy does not mean being productive
- WRONG EXPECTATIONS
Some startups were being sold the idea that all they need to do is get into business and the money starts rolling in without doing anything. Sometimes it is the person’s fault because they only hear what they want to hear or they think they know better. Bottom line, building a successful business is not a 60-yard dash but a marathon. If you don’t want to die in poverty or see your business collapse, then you must be diligent.
Solution: Do Not Expect What You Didn’t Work For
- QUITTING TOO SOON
This is the biggest reason why many businesses fail. If you do not persevere, enquire, research, fail and try and try again, you might not be successful in business. First, you should know that any business done half way can never be a success. You must strive against all odds to make a business stand. Another problem that has closed many businesses almost as soon as they start is inadequate funding or paucity of fund. Many entrepreneurs make the fatal mistake of commencing on business with inadequate operating funds. Such businesses don’t last as the initiators will easily be discouraged especially when there are big competitors.
We advice, before you start any business, have the mindset of I will do whatever (Positive) it will take to succeed, that alone is the beginning of your success. See why startups need to develop a positive mindset. That mindset will help you broaden your business scope.
SOLUTION: Try and Try and Try until you Succeed, Never Give Up
There are other factors or reasons an entrepreneur might experience business failure but the above 10 from our years of experience in business as Mirror Publishers/ Chilanga College are the major causes of business failure. If you can overcome the listed causes, you are not far from being a success in any chosen field in business.