[exitmenu]

How many started a business and failed? Why did you fail? What type of business?

[radreality]

Audio company: profitable, but was no longer interested in developing it further.

Dating Website: lacked funds to market correctly

Business Opportunity: decided to exit due to negative mindset about industry and thought my time was better spent elsewhere

Custom Blanket Company: didn't pass business feasibility study


I think thats all of the failed businesses. I've kind of lost track over the years, lol.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

[aleish]

I think first timers do fail in their business and the major reason is lack in planning.

[radreality]

Originally Posted by aleish

I think first timers do fail in their business and the major reason is lack in planning.

it has nothing to do with first timers. Its a matter of those who try various things. If you have never failed, then you haven't tried very hard.

I'm reminded of a recent article that touches on this subject: Raise The Bar

But I do agree with you that it mainly has to do with lack of planning and business knowledge. But you also won't know if something is possible without starting the planning process.

Most of my failed businesses were still in the planning stages. So many wouldn't consider those businesses yet, but I'm secure enough to say that they were failures, just because there is nothing wrong with failing (as long as you learned something from it).

But you also didn't pay attention to what the thread starter was asking. They weren't asking for your opinion about others, he was asking for your experiences.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

[richkid]

Online golf reservation website: lack of funding and planning. And a dodgy indian development company.

[ltressel]

a beeper service/retail company. failed because cellular phones killed the technology and lack of subscribers.

[schumi]

100RMB,lost interesting and lack of time,web marketing.

[Creadiv]

None yet, my current company is something that is simply a part time venture for me. I plan on making it more later in my life, but for now I need the stability of a full time job.

I have another venture that I plan to launch by January, 1 2009. I am building it now and plan to spend the next year completing the rest of my business plan to get it up and running succesfully.

But failing is a part of success, I am sure that in order for my ventures to succeed I will fail to accomplish goals along the way. But unless I do I will not be able to adapt my plans and work harder to accomplish what I set out to do and that is to make a succesful business.

[dfveteran]

My first try at drop shipping failed, because I used a company similar to Doba. It was a lesson well learned a long time ago.

Some important ways people can make sure they don't fail is;

"Lots of research"
&
"Listen to someone that has, been there, done that, already. Especially what they did wrong."

One of the best ways you can avoid failure is to learn what not to do.

[dreamer4ever]

My team and I failed at RediRipe, because our visions weren't aligned especially with the inventor. He needed us we needed him but in the end he just didn't trust us enough. I suggest if you are ever in a similar situation prove you are trust worthy through continuous communication and updates because engineers are many time weary of business men.

Do you think a business plan is the best way to avoid failing because the lack of planning?

[radreality]

Originally Posted by dreamer4ever

Do you think a business plan is the best way to avoid failing because the lack of planning?

a business plan won't eliminate a lack of planning, but it will help. One thing a lot of people over look is a