In this modern day where unemployment rate is high, it's important to think outside the box. There are a lot of graduates out there all looking for white collar jobs. It's quite unfortunate that our system has made it this way. Employment these days usually depends on who you know and not what you know.
As a result of this entrepreneurship is highly recommended and promoted. Yes it reduces unemployment, but some entrepreneurs fail to maintain their business. Enumerated below are but a few reasons why businesses fail.
1. Ineffective marketing or sales. You can have the best products or services, but if people don't know about, I don't know who will patronize you. Entrepreneurs usually fail because of their inability to sell to the right clients at the right price at the right time.
2. Grandiose expectations. You start the business and expect to start making a lot of profit from the word go. You don't want little drops to make a mighty ocean you just want to have the ocean from the start. To succeed as a start up entrepreneur you can dream big but just know it takes time.
3. Not knowing your market. It's important to know your customers, their your taste and your competitors. You're able to strategise better and you're more likely to keep your business alive.
4. Wanting to do everything by yourself. Call it the ' I've to do it all' syndrome. No human being is an island. We're social beings who depend on each other to survive. Entrepreneurship is about bringing others on board to empower them as well.
5. Poor management. Inability to listen to both your workers and customers. Remember they're your backbone and without them your business will collapse. When the management is poor, it weakens the very foundation of your business as proper management is required to keep any business alive.
6. Lack of trust between management and workers is a major risk factor to business collapse. There should be a cordial relationship between management and workers. There should be trust. Proper communication is essential as problems will be attended to and solved. Trust becomes an issue when you continually promise and fail them.
7. Ignoring customer needs. Your customers are the life for every business. Treating your customers right and attending to their needs only attracts more customers as they'd willingly spread the gospel of your excellent customer care. Getting feedback and working on them is also very helpful.
Which other reason wasn't aforementioned? Do let me know in the comments. Kindly like and share. Do follow me as well. Thank you for reading. Till next time, be safe and mask up. Bye!
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