42% OF SMALL BUSINESS FAIL BECAUSE THERE IS NO MARKET FOR THEIR PRODUCT OR SERVICE...
One of the reason businesses fail is the lost of the market for their product maybe because of technology or an upgrade of the product example in africa post offices have had problems since the introduction of phones, people do not send no more letters again, they either use email or they scan them....the market of yahoo has gone down after google decided to buy gmail...gmail is an upgrade of yahoo and it is miles better than yahoo then alot of people move to gmail and things started to go south for yahoo.
14% OF SMALL BUSINESS FAIL BECAUSE THEY IGNORE THEIR CUSTOMERS...
one of the things to consider in your business is what customers want, many small businesses fail because of the owners tend to ignore customers' preferences, as a bisinessman you should not sell anything you would not buy yourself, ask yourself if the product is good for you and your family, dont just put it on the street and wait for the return, that is gambling with your money also some businessmen don't pick scaleable business, their ideas are too big that they cannot even handle...also maybe they do not invest much in the skill they are selling, they acquired it so lightly and they did not wait untill they are good to the point were they cannot make their customers leave, believe me if you are selling shit with good advertisement and your customers find out, it is like you have used that adversiment to tell them not to come again, all the company they started struggling to find customers but their product were the best or nearly the best at the time.
23% OF SMALL BUSINESS RAN OUT OF CASH IN THEIR FIRST YEAR OF RUNNING BUSINESS...
This is either due to amount of capital they have started with are smaller compare to the business they are running or failing to follow their financial plans which put them in turmoil, or they got gready in a process and trying to get so much than they can handle, or they took loan and the return of the business gives them hard time to pay it back, or the return become so small since they ignored constomers preferences, 23% is not so small so check out what you are starting with.
29% OF THE SMALL BUSINESS FAIL BECAUSE THEY DO NOT HAVE RIGHT TEAM...
Most of start up do not have the right team to take them through the beggining period, it is either because many people do not believe in them or they did not appoint their mentors correctly.. we all need mentors to guide us, someone who inspire us or we respect to the point that we belive the road their taking us is far better than what we would have chosen when we were alone, so small business fail because of either they have bad mentor or they do not have at all, so they probably do so much mistakes that they would not have done when they had a good mentor. even the best and masters hire coaches to keep them good, lebron james trains and hire coaches despite being a master
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